Indian rupee (INR) regains strength by strong foreign fund inflows. Domestic equity benchmarks sensex and Nifty are also surged. The Nifty 50 index reclaimed its crucial psychological level of 11,500 as both the indexes continue to trade at over six month highs.
The foreign institutional investors have been buying shares since the start of this month, the foreign portfolio investors have so far purchased shares worth Rs. 17,919 crore, according to data compiled by National Securities Depository Limited (NSDL).
The S&P BSE Sensex rose as much as 345.27 points or 0.90 per cent to 38,369.59 and the NSE Nifty 50 Index climbed as much as 103 points or 0.90 per cent to 11,530.15.
As of now the Sensex traded 306 points higher at 38,330 and the NSE Nifty 50 Index was up 92 points at 11,519.
Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Private Bank Index’s 1.4 per cent gain. Nifty Bank, Realty and Financial Service Indexes also climbed over a per cent each. On the flipside, Nifty Pharma Index was top loser, down 0.69 per cent.
Indian Oil was top gainer in the Nifty 50 basket of shares, the stock rose 3.72 per cent to Rs. 163.20. Axis Bank, Hindustan Petroleum, Adani Ports, Tata Motors, Kotak Mahindra Bank, Reliance Industries and Asian Paints were also among the gainers up between around 2 per cent each.
The highlight of the market is the strengthening momentum of Indian rupee. The rupee rose as much as 0.25 per cent or 18 paise to hit over seven-month high of 68.92 versus US dollar.