Sensex extends gains on reform hopes; rupee rises

The Indian stock markets opened in the positive territory and moved marginally up, on hopes the government will roll out more reform measures.

The Sensex was up 83.54 points at 19479.35 and the Nifty 23.65 points at 5865.85.

The rupee opened weaker at 59.49 and strengthened to 59.29 against the dollar on better FII inflows into the equity markets.

The government on Thursday approved a doubling of gas price from 1 April to $8.4 mmBtu, raising hopes that there are more reform measures up its sleeve.

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However, experts have already picked holes in the gas price reform, as they expect the step to add pressure on subsidy burden of the government with input cost for power and fertiliser industries likely to witness a sharp rise.

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