Sensex recovers and Rupee gains in early trade

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Sensex recovers and Rupee gains in early trade

#1 Postby Biyatris » Thu Aug 08, 2013 11:04 am

The Sensex and the Nifty fell about 0.5 per cent at the closing session on Wednesday on heavy selling in IT, FMCG, TECk and auto stocks amid weak global cues.Snapping a two-day losing streak, the BSE benchmark Sensex recovered by over 27 points in early trade on Thursday on emergence of buying by funds and retail investors in select stocks.Whereas Rupee gains by 12 paise to 61.18 against the dollar in early trade at the Interbank Foreign Exchange.Still, traders say the currency is at risk of hitting a record low as early as this week, given continued concerns about the efficacy of the Reserve Bank of India's (RBI) measures to protect the rupee by tightening the domestic cash conditions launched in mid-July.The prospect of further rupee falls is leading traders to expect additional measures from the RBI. European stocks fell for a third day as investors awaited guidance from central bankers in Japan to the UK on prospects for future stimulus.Asian stocks fell to their lowest since mid-July early on Wednesday following a second day of losses.

A higher opening in the domestic equity market and a weak dollar against some currencies overseas also supported the gain in rupee.The wide-based National Stock Exchange index Nifty rose by 38.90 points, or 0.67 per cent, to trade higher at 5,850.45.Brokers said fresh buying by funds and retail investors, tracking a firming trend on other Asian bourses, following overnight gains in the US markets.Besides, recovery in the rupee to 60.13 against the dollar also triggered buying activity.Dollar sales from foreign banks also helped the rupee, although some of the impact was absorbed by green back demand from importers and oil firms, especially late in the trading session.The US Dow Jones Industrial Average also ended 0.31 per cent lower in Wednesday's trade.

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