Wednesday , October 12 2016
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Sensex builds on gains, surges 159 points in early trade


Mumbai :The benchmark BSE Sensex climbed over 159 points in early trade today, extending its weekend rally on continued buying amid a firming trend at other Asian bourses on indications of additional central bank stimulus.

Besides, covering-up of short positions in view of an approaching January expiry in the derivatives segment on Thursday influenced mood.

The 30-share index rose 159.47 points, or 0.65 per cent, to 24,595.13, with all sectoral indices led by auto, healthcare, capital goods, metal and banking trading higher by up to 1.12 per cent.

The gauge had rallied 473.45 points in the previous session.

The NSE index Nifty too edged higher by 60.40 points, or 0.81 per cent, to 7,482.85.

Brokers said investors speculated over the possibility that central banks will unleash more stimulus measures to bolster financial markets, which led to a firm trend at other Asian markets, lifting spirits here.

Stock markets will remain closed tomorrow for the Republic Day.

Among other Asian markets, Hong Kong’s Hang Seng was up 2.47 per cent and Japan’s Nikkei gained 0.67 per cent while the Shanghai Composite index was trading higher 0.60 per cent in early trade today.

The US Dow Jones Industrial Average ended 1.33 per cent higher in Friday’s trade.

The rupee appreciated 10 paise to 67.53 against the dollar at the Interbank Foreign Exchange in early trade today on increased selling of the US currency by banks and exporters.

Forex dealers said that apart from increased selling of the American unit by exporters and banks, dollar’s weakness against other currencies overseas supported the domestic currency.

A higher opening in domestic stock markets also helped the rupee strengthen against the dollar, they added.
The rupee had recovered from its 29-month lows by rising 39 paise to close at 67.63 in Friday’s trade on fresh selling of dollars on the back of recovery in equities.

Meanwhile, the benchmark BSE Sensex surged 159.47 points, or 0.65 per cent, to trade at 24,595.13 in early session.


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