Millennium Post

Sensex above 35k as crude slips, rupee recovers

Mumbai: Stock market continued its winning run for a third straight session, with the BSE Sensex soaring about 241 points to close above the 35,000-mark as sentiments improved after a sharp correction in global crude prices and a continuous recovery in the rupee.
Also, the broader NSE Nifty gained some 84 points after breaching the psychological 10,700-level.
Traders said widening of positions by retail investors amid continued buying by domestic institutional investors (DIIs) kept the bullish sentiment intact.
In yet another positive sign, prices of Brent crude -- an international benchmark for crude oil -- fell further by 1.88 per cent to USD 75 per barrel in global markets.
Further lifting investors' mood, the rupee today strengthened by 49 paise to 67.29 (intra-day) against the dollar at the interbank forex market today.
In the Asian markets too, a firming trend was seen today as geopolitical worries eased after the US and North Korean officials met to resume preparations for a summit between the leaders of the two countries.
On Friday, Brent sank 3 per cent and WTI fell 4 per cent, and in early Asia business they were both down a further 2 per cent.
Meanwhile, DIIs bought shares worth a net of Rs 887.76 crore on Friday, while foreign portfolio investors (FPIs) sold shares worth a net Rs 768.29 crore, provisional data showed.
The gains on domestic bourses were led by oil and gas, PSU, healthcare and capital goods stocks as investors indulged in widening their exposure ahead of earnings from few more companies.
Driven by capital goods, oil and gas, PSU and healthare, the flagship Sensex reclaimed the 35,000-mark at the outset to hit a high of 35,240.96 before settling at 35,165.48, up 240.61 points, or 0.69 per cent. It also touched a low of 35,006.50
The gauge had climbed 579.96 points in the previous two days.
For the 50-share NSE Nifty, the closing came in at 10,688.65, higher by 83.50 points, or 0.79 per cent, after hovering between 10,709.80 and 10,640.55.

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