Rupee and Sensex Gain; Nifty Hits All Time High on FII Inflows

The Indian rupee and Stock indices opened higher on Wednesday, following huge foreign inflows and higher Asian stocks. 

Overseas investors bought Indian shares worth ₹4.12 billion ($68.6 million) on Tuesday that recorded huge inflows of $620.86 million over five consecutive days.

The broader index surged as much as 0.5 percent to hit a record high at 7,809.20, breaching its previous all-time high of 7,808.85 hit on 8 July.

Sensex opened 104.46 points higher at 26130.26 points against its previous closing of 26025.80 points and the Nifty opened 27.05 points higher at 7794.90 points versus its last closing of 7767.85 points on Tuesday.

The rupee recorded gain of 12 paise at 60.13 per dollar against its previous closing of 60.25 a dollar on Tuesday. Rupee on Tuesday ended 6 paise higher on the back of dollar sales by banks. But oil traders opined that dollar demand is capping gains in rupee.

"Foreign exchange market continues to remain in a range. Some participants believe geo-political tensions can change the trend, but I don't see much of a change in the domestic market situation in the near-term," Reuters quoted Hari Chandramgethen, head of foreign exchange trading at South Indian Bank.

"I expect the rupee to remain in a 59.80 to 60.80 range over the next month," he added.

At 11.15 am, among 12 Indian stock indices, six were recording plunging, while Sensex, Nifty, BSE IT, Metals, Capital Goods and Banking Stocks recorded higher.

In the mean time, Sensex recorded 102.01 points or 0.39 percent higher at 26127.81 points, whereas, the broader Nifty recorded 22.90 points or 0.29 percent higher at 7790.75 points.

Top gainers from BSE at 11.20 am:

Top losers from BSE:

Top gainers from NSE were Ruby Mills, VKS projects, Blue Chip India, Financial Technologies and Almondz Global Securities, while top losers were Birla Cotsyn India, Pan India Corp Ltd, Dynacons Technologies Ltd, Raj rayon Industries and Nakoda limited. However, the position of the companies shifted frequently during trading hours on Wednesday.