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Sensex, Nifty gain in early trade; Rupee at 70.47 against US dollar

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The NSE Nifty also rose 73.10 points (0.66 per cent) to 11,105.55.

Sensex on Friday jumped over 250 points in the early trade, with banking and energy sector gaining amid reports that the government is likely to roll back higher surcharge on foreign portfolio investors. After jumping 285 points in the opening session, the 30-share index was trading 238.59 points (0.64 per cent) higher at 37,565.95 at 9:45 am. The NSE Nifty also rose 73.10 points (0.66 per cent) to 11,105.55.

On Thursday, Sensex closed at 37,327.36, while Nifty rounded off at 11,032.45.

Top gainers in the early trade in Sensex included PowerGrid, Vedanta, HDFC twins, Hero MotoCorp, RIL, NTPC, Bajaj Finance, L&T and HCL Tech, which rose up to 2 per cent.

Meanwhile, the shares of Tata Motors, M&M, TechM, ITC, Bharti Airtel, Yes Bank, Infosys and TCS fell up to 1.41 per cent.

The markets received a much-needed boost after the government on Thursday decided to review the rules relating to Foreign Portfolio Investors (FPIs) impacted by the surcharge.

Discussions with FPIs are currently underway and there are indications that investors impacted by the move could be extended some relief from the levy.

Meanwhile, the rupee stood at 70.47 against the US dollar, appreciating by 22 paise, early in the day.

Forex traders said the positive opening of the equity markets, ease on crude oil prices, and reports that the government might review the rules relating to FPIs gave a boost to the rupee.

Brent crude futures, the global oil benchmark, fell 0.26 per cent to trade at USD 57.23 per barrel.

(With PTI inputs)