BSE up 100 points on global cues; eyes on rupee

The BSE Sensex and National Stock Exchange (NSE) Nifty opened on a positive note on Friday, tracking strength in the global markets.

According to a report by Angel Broking, the "Indian market was expected to open on a positive note tracking the SGX Nifty."

In early trade, the BSE Sensex opened 100 points above the green line, trading at 25,960.24, up 100.07 points or 0.39% from previous close. The broader 50-share Nifty was trading at 7994.20 , up 28.70 or 0.36% from Thursday's. In the Asian markets, "...stocks advanced on Friday as the Thanksgiving break in the United States helped slow a relentless surge in the dollar that has sucked capital out of most emerging markets. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3%. It is poised to end the week 1.4% higher, its biggest weekly gain in two months," a Reuters market report said.

On Thursday, the domestic equity market closed in the red "on both a weak rupee as well as the expiry of the November derivative contracts," the Angel Broking said.

The rupee touched an all-time low of 68.86 to a dollar on unabated strength in the dollar on Thursday. On Friday, however, the dollar retreated slightly, which is likely to lend strength to the Indian currency but a near $18 billion outflow upon maturing of the Foreign Currency Non-Resident (FCNR) account deposits on November 25, may pressurise the rupee.

On Thursday, the Reserve Bank of India allegedly intervened with $500 million to stop the rupee's fall, according to forex dealers, after the dollar soared to multiple-month highs. Any further weakness in the rupee may cap the gains on the domestic markets on Friday.

The top gainers on the BSE were National Aluminium up 7,84%, Hindustan Copper up 5.19%, NMDC up 4.47%, Tata Steel up 3.33%. The top losers were JP Associates 3.24%, Concor 2.03%, Apollo Hospital Enterprise 1.50%.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)