PJ:Sensex surges over 700 points as rupee gains against dollar
The BSE benchmark Sensex maintained its rising trend for the fourth straight day on Tuesday, surging over 700 points at midsession on brisk buying by foreign funds led by telecom and auto stocks on firming rupee and a better global trend.
After climbing 1,030 points in the last three sessions, the Sensex spurted by 713 points to 19,983 on heavy capital inflow.
The rupee was at 64.44 to the dollar at 10:45 a.m. versus its Friday close of 65.24/25. It rose to as much as 64.15 in early trade, its highest since August 28.
Brokers said foreign investors remained net buyers in fundamentally strong stocks as the rupee continued its rising streak against the dollar.
They said telecom stocks climbed after the regulator TRAI suggested lowering prices for auctioning airwaves and auto stocks rose on higher car and scooter sales in August. '
The broad-based National Stock Exchange index Nifty jumped up by 186.20 points, or 3.28 percent, to 5,866.60 at the same time.
The rally was backed by stocks of Bharti Airtel, Tata Motors, Infosys, Bajaj Auto, Maruti Suzuki, Reliance Industries, ONGC, State Bank of India, ICICI Bank, Hero MotoCorp and ITC.
