Indian markets settled higher on Thursday led by strong buying by foreign institutional investors (FIIs) in the past five trading sessions. At the close, the benchmark 30-share index, BSE Sensex gained 117.16 points or 0.41% at 29,006.02 with 19 components registering rise. Meanwhile, the broad based NSE Nifty went up by 31.90 points or 0.37% at 8,761.40 with 33 components posting rise.
Indian rupee has weakened on Thursday against US dollar. Indian currency fell 7 paise or 0.11 percent against dollar to settle at 61.71. Rupee has witnessed a high of 61.50 and a low of 61.76. Its 52-week range was 58.34-63.89.
Commenting on the equity and forex markets, Anindya Banerjee, analyst, Kotak Securities, said, ''Expectation of a large scale asset purchase program from the European central bank continued to push domestic equity markets higher.
Domestic indices closed at a lifetime high, with Nifty closing at 8761 and Sensex closing at 29,006. Rupee has been largely flattish for the last two days as state run banks have been heard to be intervening aggressively. India and its domestic asset and currency continue to draw significant positive externality from the ongoing cycle of hard asset deflation and financial asset inflation. G7 central banks, with their ever rising balance sheets, have engineered a bull run in global equity markets, which is happening inspite of a weakening global economy.
All in all, we expect the exuberance to remain at least till the Union Budget and as a result, Rupee can remain ranged between 61.15/20 and 62.30/50 over the medium term.''
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