Sensex soars over 700 points as rupee jumps to 64.10 Vs dollar
Mumbai: The BSE benchmark Sensex maintained its rising trend for the fourth straight day on Tuesday, surging over 700 points at closing hour of trade on brisk buying by foreign funds led by telecom and auto stocks on firming rupee and a better global trend.
After climbing 1,030 points in the last three sessions, the Sensex spurted by 713 points to 19,983 at on heavy capital inflow.
Brokers said foreign investors remained net buyers in fundamentally strong stocks as the rupee continued its rising streak against the dollar.
The rupee resumed higher at 64.40 against the last weekend’s level of 65.24 per dollar at the Interbank Foreign Exchange Market and moved up further to 64.10.
They said telecom stocks climbed after the regulator TRAI suggested lowering prices for auctioning airwaves and auto stocks rose on higher car and scooter sales in August. ‘
The broad-based National Stock Exchange index Nifty jumped up by 213 points to 5,894 at the same time.
The rally was backed by stocks of Bharti Airtel, Tata Motors, Infosys, Bajaj Auto, Maruti Suzuki, Reliance Industries, ONGC, State Bank of India, ICICI Bank, Hero MotoCorp and ITC.