Rupee surges 48 paise, logs biggest single-day gain in 2 months
India’s 10-year benchmark bond yield softened to 7.29%, down 7 basis points.
By ETMarkets.com |
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NEW DELHI: The rupee on Monday surged 48 paise to the 69.74 level against the US dollar, registering its biggest single-day rise since March 18, 2019.
The forex market got a boost after exit polls showed that Narendra Modi-led NDA will return to power with a thumping majority in Lok Sabha elections.
A majority of exit polls on Sunday forecast another term for Prime Minister Modi, with some of them projecting that NDA will get more than 300 seats to comfortably cross the majority mark of 272 seats.
Domestic equity markets also welcome the exit poll.
“The exit poll results would mean a positive market for the next few sessions. FIIs would also start to look at India constructively. Of course, it is a statistical study at the end of it. However, what it shows is that there is a clear trend,” said Vaibhav Sanghavi, Co-CEO at Avendus Capital Public Markets Alternative Strategies.
On Monday, the FIIs net buy Rs 1,734 crore (provisional) in equities, while DIIs sold Rs 542 crore, data available with the exchanges showed.
The equity benchmark Sensex soared over 1,422 points and the NSE Nifty climbed 421 points today.
The 30-share index ended 1,421.90 points, or 3.75 per cent, higher at 39,352.67. During the day, the gauge hit a high of 39,412.56 and a low of 38,570.04.
Meanwhile, the India’s 10-year benchmark bond yield softened to 7.29 per cent, down 7 basis points against the previous close.
The forex market got a boost after exit polls showed that Narendra Modi-led NDA will return to power with a thumping majority in Lok Sabha elections.
A majority of exit polls on Sunday forecast another term for Prime Minister Modi, with some of them projecting that NDA will get more than 300 seats to comfortably cross the majority mark of 272 seats.
Domestic equity markets also welcome the exit poll.
“The exit poll results would mean a positive market for the next few sessions. FIIs would also start to look at India constructively. Of course, it is a statistical study at the end of it. However, what it shows is that there is a clear trend,” said Vaibhav Sanghavi, Co-CEO at Avendus Capital Public Markets Alternative Strategies.
On Monday, the FIIs net buy Rs 1,734 crore (provisional) in equities, while DIIs sold Rs 542 crore, data available with the exchanges showed.
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Meanwhile, crude oil remained an overhang as WTI price rose nearly half a per cent to $63 level.The equity benchmark Sensex soared over 1,422 points and the NSE Nifty climbed 421 points today.
The 30-share index ended 1,421.90 points, or 3.75 per cent, higher at 39,352.67. During the day, the gauge hit a high of 39,412.56 and a low of 38,570.04.
Meanwhile, the India’s 10-year benchmark bond yield softened to 7.29 per cent, down 7 basis points against the previous close.
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