Market Dynamics: Sensex Surges and Rupee Hits Record Low

The Indian stock market experienced a significant boost with the Sensex climbing 1,436 points, while the rupee fell to a record low against the US dollar. A free trade agreement with EFTA is progressing. Meanwhile, SEBI continues its investigations into ZEEL and other market irregularities as investors see gains.

The Indian stock market vaulted on Thursday, with the Sensex closing 1,436 points higher, reaching a two-week high driven by financial, auto, and IT stocks. This marks the second consecutive day of market gains in the New Year.

The Indian rupee, however, dropped 11 paise to a historic low of 85.75 against the US dollar. Strong demand for the dollar by importers, alongside foreign fund outflows, are believed to have pressured investor sentiment.

India progresses towards implementing a free trade agreement with the European Free Trade Association. Expected to be operational before the year ends, Commerce Minister Piyush Goyal reports swift negotiations. Meanwhile, SEBI continues its probe into ZEEL and issues a fresh notice amid ongoing regulatory scrutiny.

(With inputs from agencies.)