Sensex gains 85 points, rupee up 23 paise

The Sensex, which had gained 386 points in last five trading sessions, opened lower but picked up pace to close 85.03 points, or 0.45 per cent, higher at 18,902.41. This level is closer to 18,938.46 points on October 5, 2012.

Brokers said investors and Indian industry cheered the re-election of U.S. President Barack Obama, raising hopes that his continuity will be good for bilateral relations and global economic growth.

Stock indices gained on Wednesday following the re-election of Barack Obama as U.S. President.

Share prices surged as the U.S. will not have any dramatic shift in its economic policy during President Obama’s second term in office.

The benchmark indices of the Bombay Stock Exchange and the National Stock Exchange had gained over 150 points and 50 points respectively intra-day as compared to their overnight close but corrected soon after following profit booking at higher levels.

The 30-share BSE Sensex closed at 18902.41, a gain of 85.03 points or 0.45 per cent.

The National Stock Exchange (NSE) 50-share CNX Nifty closed with a gain of 35.70 points at 5760.10.

PTI reports:

The rupee, on Wednesday, appreciated by 23 paise, its biggest gain in two weeks, to settle at 54.20 on Wednesday on the back of capital inflows and dollar selling by exporters amid hopes that the U.S. President Barack Obama will allow U.S. Fed to maintain its quantitative easing programme. Weakness in the U.S. currency against major currencies in overseas markets also helped rupee rally, forex dealers said.