Sensex recovers 116 points on mixed global cues; Rupee sheds 8 paise

The rupee fell 8 paise to trade at 69.03 against the US dollar in early trade on Friday on appreciation of the American currency overseas and sustained foreign capital outflows.

The BSE Sensex turned positive after opening 42 points lower in the early trade on Friday as fresh buying seen on select counters led by oils & gas, realty, auto and IT sectors amid mixed global cues.

The 30-share index recovered by 116.29 points, or 0.32 per cent, to 35,690.84 in early session.

The gauge had lost 70.85 points in a range-bound trade on Thursday.

The NSE index Nifty also rose 33.65 points or 0.31 per cent to 10,783.40.

According to traders, fresh buying by participants and mixed trend in overseas gave investors the confidence.

Among the major gainers are Tata Motors, Bajaj Auto, RIL, Yes Bank, Hero Motocorp, TCS, Infosys, Axis Bank, ONGC, Kotak Bank, Adani Ports, SBI, Maruti Suzuki, L&T and Bharti Airtel, rising up to 2.87 per cent.

Barring FMCG, all the sectoral indices were trading in green.

Overseas, Asian stocks mixed, with investors bracing for developments on the trade front as markets awaited tariffs from the US and China to take effect later today.

The US is set to impose a 25 per cent tariff on USD 34 billion worth of Chinese goods from more than 800 product categories. China has also announced that it will retaliate with duties of the same value on US products.

On Thursday, the US stocks closed higher overnight following rally in technology sector.

Meanwhile, the minutes of the US Federal Reserve June policy meeting came out on the lines of market expectations.

In Asian regions, Japan’s Nikkei was trading higher by 0.67 per cent, while Hong Kong’s Hang Seng was down 0.30 per cent and Shanghai Composite slipped 0.68 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.75

Rupee crosses 69-mark against US dollar in early trade, sheds 8 paise

The rupee fell 8 paise to trade at 69.03 against the US dollar in early trade on Friday on appreciation of the American currency overseas and sustained foreign capital outflows.

This is the rupee’s third straight slide, which dealers say is mostly due to demand for the US currency and a lower opening in the domestic equity market.

With the US set to impose tariffs on Chinese goods today, investors feared it could trigger a full-scale global trade war.

On Thursday, the rupee had tumbled 21 paise to fresh closing low of 68.95, following a panic demand for the US dollar coupled with savage capital flight worries.

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