Rupee Regaining Strength, Markets Up

The Indian rupee strengthened for the ninth consecutive session, closing 33 paise higher at 85.64 per US dollar, marking its best winning streak since January 15, 2024. Intraday, it surged 48 paise to 85.49, the highest level since December 26. On Friday, the rupee had settled at 85.97 per dollar.

Equity markets closed on a strong note, with all sectoral indices finishing in the green. Nifty PSU Bank led gains for the fifth straight session, while Nifty Bank extended its winning streak to eight days. Nifty Financial Services, Auto, and Pharma advanced for the sixth session, while Nifty Oil & Gas and Realty gained for the fifth day.

The Nifty rose 1.4%, powered by Kotak Mahindra Bank, NTPC, and SBI, while the Sensex jumped 1.44%. Midcaps and smallcaps also surged, with Nifty Midcap 150 rising 1.1% and Nifty Smallcap 250 gaining nearly 1%, led by stocks like JBM Auto and Finole Cables.