Sensex jumps 425 pts but Rupee falls 8 paise

sENSEXFor the second day, the Sensex broke free today, shooting up nearly 425 points to 28,726.26 in early session. The Nifty wrested back control of the 8,800-mark in early session on substantial gains across the spectrum, driven by increased foreign capital inflows.

The 30-share barometer zoomed 424.99 points, or 1.50 per cent, to 28,726.26. The gauge had gained 145.71 points in the previous session.

In the rest of Asia, Japan’s Nikkei fell 0.57 per cent while Hong Kong’s Hang Seng slumped 0.46 per cent in early trade today. Shanghai Composite was trading 0.24 per cent down.

The rupee came down by a further 8 paise to 67.15 against the US currency in early trade today after importers chased the dollar.

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Dealers attributed the rupee’s fall to increased demand for the US currency, but the solid opening of the domestic equities coupled with the dollar’s losing ground against some currencies overseas put a lid on the losses.

Yesterday, the rupee had dropped 17 paise to close at 67.07 on fresh dollar demand from banks and importers despite weakness in the greenback globally.

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