Continuing its broad-based recovery, the domestic equity market on Friday jumped amid positive global cues. The BSE Sensex on Friday climbed 376.26 points to close at 72,426.64, while the Nifty rose 129.95 points to 22,040.70. Meanwhile, the rupee rose 4 paise to settle at 83.01 (provisional) against the US dollar.
Among the 30 shares of the Sensex, 22 companies closed in the green. The top gainers were Wipro, Mahindra & Mahindra, Larsen & Toubro, Tata Motors and Maruti rising up to 4.79 per cent. Top losers were Power Grid, SBI, Reliance, NTPC, and Axis Bank falling up to 2.36 per cent.
Vinod Nair, head (research) of Geojit Financial Services, said, “The Indian market continued its broad-based recovery, aided by positive global cues. Further, narrowing India’s trade deficit, led by softening commodity prices and a manufacturing push by the government, attracted investors to capital goods, metals, and industrial stocks. On the global front, an expectation of a pickup in consumption demand in China after the New Year holidays supported the global market sentiment.”
The Rupee
The rupee rose 4 paise to settle at 83.01 (provisional) against the US dollar on Friday, amid positive sentiment in the domestic equity markets and softening crude oil prices.
Forex traders said a strong American currency and outflow of foreign funds, however, capped a sharp gain in the domestic currency. At the interbank foreign exchange market, the local unit opened at 83.03 and touched the intraday high of 83.00 against the greenback.
The local unit finally settled at 83.01 (provisional) against the dollar, registering a gain of 4 paise from its previous close.
On Thursday, the rupee settled 3 paise lower at 83.05 against the US dollar. According to Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, the Indian rupee appreciated on positive domestic markets.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.07 per cent higher at 104.36.
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