Mumbai: The BSE benchmark Sensex on Tuesday rose by nearly 99 points to trade over the 16,000-mark in early trade on buying by funds and retail investors supported by hopes of rate cut by RBI and recovery in rupee against the US dollar in forex market.
In addition, a firming trend on other Asian bourses also buoyed the trading sentiment at Mumbai.
The 30-share barometer, which had gained 23.24 points yesterday, added 98.66 points, or 0.61 percent, to 16,087.06.
All sectoral indices, led by banking, capital goods and metal, were trading in the positive zone with gains of up to 1.04 percent.
The wide-based National Stock Exchange index Nifty moved up by 32.40 points, or 0.66 percent, to 4,880.55.
Meanwhile, the rupee strengthened by 27 paise to 55.38 against the dollar in early trade on Tuesday.
Brokers said expectations of a rate cut by RBI, spark off by Deputy Governor Subir Gokarn's comments yesterday and recovery in the rupee against the US dollar today, mainly boosted the trading sentiment.
Besides, a firming trend on other Asian markets also had a positive impact here, they said.
In the Asian region, Hong Kong's Hang Seng Index rose by 0.83 percent and Japan's Nikkei Index by 0.46 percent in morning trade. The US Dow Jones Industrial Average ended 0.14 percent lower on Tuesday.


Latest News from Business News Desk