Sensex rises 54 points on hopes of normal monsoon; Rupee recoups 8 paise after dollar stumbles

The TCS stock opened 1 per cent lower a day after the firm reported 2.51 per cent quarter-on-quarter (QoQ) drop in bottom line at Rs 6,608 crore for the quarter ended March 31, 2017.

Buoyed by forecast of a normal monsoon and shrugging off weak trend in global markets, the benchmark BSE Sensex rose over 54 points in opening trade today after investors took to select stock-picking.

Buoyed by forecast of a normal monsoon and shrugging off weak trend in global markets, the benchmark BSE Sensex rose over 54 points in opening trade today after investors took to select stock-picking.

The 30-share barometer was trading higher by 54.45 points, or 0.18 per cent, at 29,373.55 with IT, power, technology, healthcare and FMCG sector stocks leading the recovery. The gauge had lost 469.25 points in the previous four sessions, largely in tandem with a weak trend overseas on continued geo-political concerns. On similar lines, the NSE Nifty rose 15.35 points, or 0.16 per cent, at 9,120.50.

Rupee
The rupee made a mild comeback as it recovered 8 paise to 64.55 against the dollar today after fresh selling of the US currency amid a higher opening in domestic equities. A weak dollar overseas supported the rupee, forex dealers said.

Meanwhile, the dollar index fell to a near three-week low on disappointing US housing starts data. Yesterday,  the rupee had lost 11 paise to close at 64.63 on dollar demand from importers as growing geopolitical unrest hastened the flight to safety.

Source: financialexpress.com