Market posted strong gains, most of Adani Group stocks recover
At close, the Sensex was up 1,961.32 points or 2.54% at 79,117.11, and the Nifty was up 557.35 points or 2.39% at 23,907.25.
Lower Goods and Services Tax rates on more consumer products, along with broadly positive global cues, pushed the key Indian equity indices higher during the morning trade session on Monday.
Around 9.45 am, the broader Nifty50 of the National Stock Exchange (NSE) traded at 11,044.20 points — up 34 points or 0.31 per cent — from its previous close.
The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,501.05 points, traded at 36,599.62 points — higher by 103.25 points or 0.28 per cent — from its previous session’s close of 36,496.37 points.
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Sensex has so far touched a high of 36,623.65 points and a low of 36,491.83 points during the intra-day trade.
READ | Inflation rate, no-turst vote keep equity indices subdued
Meanwhile, the rupee surged by 19 paise to 68.65 against the US currency in early trade at the Interbank Foreign Exchange on Monday as the dollar weakened globally, amid foreign fund inflows.
Increased selling of the American currency by exporters and banks amid a higher opening in the domestic equity market lifted the domestic currency, dealers said.
The dollar extended losses against world currencies overseas after US President Donald Trump doubled down on his criticism of global monetary policy and the Federal Reserve last week.
Further, a higher opening in the domestic equity market boosted the rupee, they added.
On Friday, the rupee staged an impressive rebound from life-time low levels, surging 21 paise to end at 68.84 against the dollar on suspected the central bank’s intervention to check volatility in currency markets.
Meanwhile, the benchmark BSE Sensex rose further by 79.40 points, or 0.21 per cent to trade at 36,575.77 in early trade.
Foreign portfolio investors (FPIs) bought shares worth Rs 310.27 crore on Friday, as per provisional data.
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