Equity benchmarks started off last day of the week on a spectacular note, with the Senses rising more than 400 points supported by HDFC Bank. The 30-share BSE Sensex was up 400.89 points or 1.42 percent at 28702.16 and the 50-share NSE Nifty rose 95.60 points or 1.09 percent to 8873.60. HDFC Bank surged 8.41 percent as RBI says restrictions placed on purchase of bank shares by foreign portfolio investors withdrawn immediately. The rally also spilled over to HDFC that gained 2.63 percent. Axis Bank, Kotak Mahindra Bank and ICICI Bank surged 1-2 percent. GAIL and Lupin were other gainers. Cadila Healthcare gained further, up 2.8 percent hitting a 52-week high. BHEL, Bharti Airtel, Wipro, Infosys, ITC and Reliance were losers. The Indian rupee slipped in the early trade today. It has opened lower by 5 paise at 67.12 per dollar versus previous close 67.07. Ashutosh Raina of HDFC Bank says the USD-INR pair has been trading in a very tight range recently, tracking global dollar weakness. He expects the pair to trade in the 67-67.30/dollar range today with slight weakening bias. The dollar weakened against a basket of major currencies, due to lower US bond yields and uncertainty over the timing of the Federal Reserve's next interest rate increase.
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