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1-min read

Market Rises for 7th Session Amid Easing Crude Prices, Firm Rupee

Besides, the Reserve Bank's decision on Tuesday to increase liquidity infusion by Rs 10,000 crore to Rs 50,000 crore in December buoyed sentiment.


Updated:December 19, 2018, 4:12 PM IST
Bombay Stock Exchange
File photo of the Bombay Stock Exchange. (REUTERS)

Mumbai: Continuing its rising streak for the seventh session, market benchmark BSE Sensex rose over 100 points, driven by gains in index majors like, Asian Paints, Axis Bank, SBI, Maruti Suzuki, ITC and Bajaj Auto amid strengthening rupee and falling global crude prices.

Besides, the Reserve Bank's decision on Tuesday to increase liquidity infusion by Rs 10,000 crore to Rs 50,000 crore in December buoyed sentiment.

The central bank had earlier announced to infuse liquidity amounting to Rs 40,000 crore through the purchase of government securities under open market operations (OMOs) during December.

In global markets, Asian stocks traded mixed as investors await Federal Reserve policy decision later in the day.

The 30-share index started off on a strong footing at 36,441.46 and hit the session's high of 36,554.99 before settling 137.25 points, or 0.38 per cent, higher at 36,484.33.

The barometer had rallied over 1,387 points in the previous six sessions.

The NSE Nifty too ended 58.60 points, or 0.54 per cent, higher at 10,967.30 after shuttling between 10,985.15 and 10,928 during the session.

Domestic trading sentiment remained bullish backed by persistent fall in crude oil prices, which dropped to over 15-month low, strengthening rupee against the dollar and fresh capital inflows by foreign funds, brokers said.

After breaching the 70 mark against the US dollar by hitting a high of 69.87 in early trade, the rupee slipped to 70.40 against the dollar in late afternoon session at the interbank forex market.

Meanwhile, foreign institutional investors (FIIs) bought shares to the tune of Rs 144.76 crore Tuesday, while domestic institutional investors (DIIs) sold shares worth a net of Rs 182.60, provisional data showed.

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