BSE sensex: Sensex, Nifty show gains amid recovery in rupee

NEW DELHI: Markets open on a higher note on Wednesday amid recovery in the rupee against the US dollar after crude oil prices fell to a one-year low. The benchmark BSE Sensex gained 156 points or 0.44 per cent to 35,301 in the early trade, while the broader NSE Nifty surged 52 points or 0.50 per cent to 10,635.

After opening over 150 points up, Sensex soon turned choppy and lost most of its gains to trade just 14 points up at 35,158, Nifty plunged below the 10,600-mark.

Asian Paints, Tata Steel, Hindustan Unilever, ONGC and Maruti Suzuki were among the top performers on the BSE platform, rising as much as 3.72 per cent. On NSE, Nifty PSU Bank and Metal were the outperforming sub-indices, gaining as much as 0.80 per cent.

The rupee appreciated 67 paise to 72 against the US dollar at the interbank foreign exchange on Wednesday after crude prices fell to a one-year low in the global market, easing concerns over expanding current account deficit and inflation. The rise in the rupee was also supported by dollar-selling by exporters and banks and the US unit’s weakness against some currencies overseas, traders said.

On the global front, oil prices struggled for traction after sinking on worries about weakening world demand and oversupply, while global shares sagged with slowing growth concerns overshadowing potential positives such as progress in the Brexit saga.

(With inputs from agencies)

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