Sensex up over 200 points in early trade

Mumbai, July 7 (PTI) The Bombay Stock Exchange benchmark
Sensex surged by over 200 points in early trade on heavy
buying and short-covering by speculators Tuesday, a day after
the index saw this year's biggest one-session drop as the
Budget fell short of market expectations.

The 30-share index was quoted at 14,251.88 points, a gain
of 208.48 points, or 1.48 per cent, over the previous close.

The wide-based National Stock Exchange's Nifty gained
66.10 points, or 1.58 per cent, at 4,231.80 points.

Marketmen said emergence of buying at prevailing lower
levels by funds along with covering-up of pending short
positions by speculators, led to a sharp recovery in stocks.

The BSE barometer had plunged by nearly 870 points in the
previous trading after the Budget presented by Finance
Minister Pranab Mukherjee disappointed the markets due to
absence of big-bang reforms.

The major gainers which supported the Sensex were ITC Ltd
by 4.04 per cent to Rs 205.80, ICICI Bank by 3.39 per cent to
Rs 701, Larsen and Toubbro 3.70 per cent to Rs 1,518.20,
Maruti Suzuki by 4.15 per cent to Rs 1,078, Reliance Infra by
3.20 per cent to Rs 1,167.25 and Tata Steel by 1.12 per cent
to Rs 400.90.

The Japan's Nikkei was up 0.14 per cent, while Hong
Kong's Hang Seng index gained 0.60 per cent in the morning
trade today. PTI SUN
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Rupee rises by 15 paise to 48.39 a dollar in early trade

Mumbai, July 7 (PTI) The Indian rupee appreciated by 15
paise against the dollar in early trade Tuesday on
expectations of capital inflows after firm domestic stock
markets.

At the Interbank Foreign Exchange (Forex) market, the
domestic currency was quoted at 48.39 a dollar, a gain of
15 paise over the previous close of 48.54/55.

The rupee lost 65 paise against the greenback on Monday.

Dealers said hopes of fresh capital inflows by foreign
funds and dollar selling by banks helped rise against the US
currency.

However, dollar's gains against other major currencies,
capped the rupee surge to some extent.

The Bombay Stock Exchange today opened higher by 130
points. PTI SUN
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