Rajan Effect: Rupee Rises, Sensex on High

A day after Raghuram Rajan took over as the new RBI Governor, the market welcomed with great enthusiasm. The BSE Sensex soared 550 points in the opening trade. The Indian Rupee, which has been at the receiving end, rose to 65.54 against the US Dollar, but later came down to 65.85 at 10 AM.

The Nifty too saw a rise of over 150 points. Rajan has already announced a series of measures to defend the Indian currency from sliding further. As the confidence returned to the market, the banking stocks showed considerable profits. The banking sector had suffered the most after the fall of Rupee.

At 10 AM, the BSE Senses was trading at 18,970 points. But at 9:25 AM, it had scaled the 19,000 mark. The Nifty, which was trading at 5,600 mark at 9:25 AM, returned to the level of 5,582 at 10 AM.