Sensex gains on global cues

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The Bombay Stock Exchange sensitive index, Sensex, rallied for the second day on Tuesday, up 157 points at 16498.47, on strong buying in the recently battered IT stocks and blue chips such as RIL amid firm global trends, although capital outflows continued.

Short-coverings ahead of the expiry of derivative contracts for August on Thursday helped lift the market, brokers said.

The BSE 30-share index, Sensex, opened higher on firm Asian cues but dropped to a low of 16213.18 in the mid-morning trade. Later, however, it recovered and remained in the positive terrain for the rest of the session to close at 16498.47, up 156.77 points. It had gained 200 points or 1.24 per cent on Monday. The NSE 50-share Nifty improved further by 50.10 points to 4948.90.

IT stocks shot up amid software services industry body Nasscom saying that the sector would grow at 16-18 per cent this fiscal, as projected, despite the economic uncertainty in the U.S. and the European markets.

Rupee up 4 paise

The rupee on Tuesday gained 4 paise to close at 45.63/64 against the U.S. dollar on dollar selling by exporters and firm equity markets. It closed at 45.67/68 on Monday. At the interbank foreign exchange market, the rupee opened slightly lower at 45.70/71 from yesterday's close of 45.67/68. It concluded at 45.63/64. — PTI

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