INSUBCONTINENT EXCLUSIVE:
MUMBAI: The stock market rose for the second straight day on Friday, taking cues from the rebound in the rupee amid expectations that the
government will soon announce measures to stem the slide in rupee and stocks.
The Sensex closed above 38,000 and the Nifty edged past 11,500
The Sensex rose 372.68 points or 0.99 per cent to close at 38,090.64 while the Nifty climbed 145.30 points or 1.28 per cent to end at
Vedanta, PowerGrid, Asian Paints and NTPC gained 3-6 per cent
Foreign portfolio investors bought shares worth 1,090.56 crore, reversing their recent selling spree.
The rupee gained 0.45 per cent to
close at 71.86 after recovering from a record low of 72.92 on Wednesday
Financial markets were shut on Thursday
interest rates.
The rupee has fallen 11.1 per cent so far this year, sparking panic in the government and the market over the pace of the
traders expect authorities to come up with a NRI-bond investment programme, which would boost the dollar reserves and prop up the rupee
Dealers are now expecting the rupee to trade in the broad range of 71-73 in next few weeks
The direction of the stock market will depend on the moves in the rupee and crude oil prices
rose 1.2 per cent on Friday after the US and China looked set to initiate fresh talks on trade after months of escalating dispute
Brent crude was up 5 cents at $78.23 a barrel after falling 2 per cent on Thursday
