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Indian rupee opens stronger against US dollar in early trade

Stock market opened with modest gain on Wednesday marking third consecutive session in the upward gain

Published: Wed 24 Apr 2024, 8:47 AM

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The Indian rupee opened stronger on Wednesday and kicked off with strength as the US Dollar Index saw a decline. Opening at Rs83.30 against the dollar, the local currency gained four paise from its previous close of Rs83.34 on Tuesday.

The Indian stock market opened with modest gain on Wednesday marking the third consecutive session in the upward gain. The markets gained after the reduced global tensions and strong corporate earnings for the March quarter.

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Nifty 50 was trading at around 22,412.50 in the early trade, while the Sensex traded at 73,928 during the opening session.

At the time of filing this report, the Sensex gained 163 points to reach at 73,901 points. The Nifty also gained 38 point to reach at 22,405 points on the Wednesday's trading session.

Among the Nifty 50 shares, 36 opened with gain while the 13 opened with decline and one remain unchanged. Cipla, Axis Bank, Ultratech cement opened as top gainers of Nifty 50 and Tata consumer made into the list of top losers along with HDFC life and Indus Ind bank.

Tata consumers declined to more than 4 per cent at Rs 1124 after the company announced the quarter four results and reported a fall Net profit by 19 per cent YoY to Rs 217 crore on Tuesday. The share of Tata Elxsi also declined by 3.68 per cent to Rs 7,125 after the company reported in its filing that net profit of the company in March quarter fell 4.6 percent on-quarter to Rs 196.93 crore from Rs 206.4 crore reported in the October-December period of FY24.

Nifty Next 50 gained more than 320 points to 63,097.65 as the derivative segment of the index starts from today after the NSE nod.

"Investors are optimistic about a continuation of the current political regime following the general elections, despite foreign institutional investor (FII) selling and mixed Q4 results from companies like Reliance and leading technology firms" said Varun Aggarwal, MD, Profit Idea.

The surge in US markets and positive performance in Asian equities indicate a bullish sentiment for both Sensex and Nifty. Declining global crude oil prices, reaching approximately $83 per barrel, suggest easing tensions in the Middle East.

Asian stocks also rose following a rally in US tech giants' shares, which are undergoing high-stakes earnings assessments by investors. US futures also gained, while weakness in business activity indicators reinforced expectations of rate cuts in the US, positively impacting equities but weighing on the dollar and Treasury yields.

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