Stocks and the rupee moved in different directions with the benchmark index rising 156 points following gains in metal, IT and capital goods shares, while the rupee plunged 37 paise to 81.89against the dollar weighed by firm crude oil prices.
The gains in benchmark stock market indices came amid foreign portfolio investors (FPIs) resuming their purchases albeit in a small manner even as investors prepared for the upcoming results season that will kick off next week.
Rising for the second straight session, the 30-share Sensex advanced 156.63 points or 0.27 per cent to settle at58222.10. The index opened higher at 58314.05 and later jumped 513.29 points to a day’s high of 58578.76.
Profit booking in select banking and tech stocks in the closing session saw the index giving up some of its gains to close higher by 156.63 points at 58222.10. On the NSE, the broader Nifty gained 57.50points or 0.33 per cent to end at17331.80.
Among Sensex shares, Tata Steel, Larsen & Toubro, ICICI Bank, HCL Technologies, Infosys and Axis Bank were among the winners gaining up to 2.27 per cent. However, Bharti Airtel, Hindustan Unilever, IndusInd Bank, HDFC and Bajaj Finance lost up to 2.53 per cent.
“The Indian market is maintaining its resilience despite mixed cues from global equities and surging oil prices. Both domestic and foreign investors are supporting the rally. The market was also bolstered by expectations on second quarter results session, with improvement in sectors such as metal, IT, and realty,’’ Vinod Nair, head of research at Geojit Financial Services, said.
It was a different story at the forex markets where the rupee opened flat at 81.51to the greenback and came under pressure due to firm crude oil prices as Opec+mulled an output cut to support the commodity.
The domestic unit then fell to an record intra-day low of 81.94 against the dollar and closed at 81.89, a loss of37 paise over the last close of81.52.
Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at KotakSecurities, said that the rupee could hover in the range of81.60-82.50 in the near term.
