Sensex up 115 points as rupee bounces back; bluechips rally
Quotes

Sensex up 115 points as rupee bounces back; bluechips rally

Last Updated: Tuesday, July 09, 2013, 17:47
 
 Comment 0
 
Sensex up 115 points as rupee bounces back; bluechips rally
Mumbai: The benchmark BSE S&P Sensex Tuesday gained 115 points to close at 19,439.48 amid a smart recovery in the rupee and on the back of firm global cues.

The stock markets mirrored the currency's movement, which bounced back from a record low of 61.21 yesterday after SEBI and the Reserve Bank of India announced steps to curb speculative trade in currency derivatives, brokers said.

There was across-the-board buying as all 13 sectoral indices closed between 0.04 percent and 1.93 percent higher, with consumer durables, power, realty, capital goods, pharma and banking stocks taking the lead.

According to analysts, the market seemed to be consolidating above the 19,000 level ahead of first-quarter results starting later this week. Software services giant Infosys is scheduled to report its Q1 results on Friday.

"In the coming days, we could see stock-specific movements due to quarterly results," said Nagji K Rita, Chairman & MD, Inventure Growth & Securities. "Overall, the markets could move sideways with an upward bias. The markets may pick up volatility as it approaches the end of this week when the IIP data would be announced."

Gains in HDFC Bank, Sun Pharma, L&T, Infosys, RIL, HDFC, ICICI Bank, SBI, Bajaj Auto, Dr Reddy's Lab and BHEL supported the Sensex.

The 30-share barometer opened higher, in line with higher Asian cues on the back of a strong closing on Wall Street yesterday, and remained in positive terrain to settle at 19,439.48, adding 114.71 points or 0.59 percent. Yesterday, the Sensex dropped 0.88 percent.

The 50-share CNX Nifty on the NSE gained 47.45 points to end at 5,859.00. The SX40 index on the MCX-SX climbed 62.75 points, or 0.54 percent, to 11,598.19.

The rupee gained 48 paise to 60.13 against the dollar in early trade at the Interbank Foreign Exchange market.

The RBI imposed restrictions on banks with regard to trading in currency futures and options with immediate effect.

Sebi said it is reducing the exposure that brokers and their clients can take on currency derivatives and doubling their margins on dollar-rupee contracts.

"Major currency trades are happening from Dubai, on which the government and RBI have no control, hence margins should be raised further," said Kishor P Ostwal, CMD, CNI Research.

Asian stocks closed higher after Alcoa Inc. Started the US earnings season with results that beat analyst estimates. Key benchmark indices in China, Hong Kong, Singapore, Japan, South Korea and Taiwan rose by 0.37 percent to 2.58 percent.

European markets were higher in early trade after Alcoa's earnings and as euro-zone finance ministers agreed on aid disbursement for Greece. The CAC was up by 0.79 percent, the DAX by 1.18 percent and the FTSE by 1.03 percent.

In the domestic market, 22 Sensex scrips gained.

The major gainers were Sun Pharma (3.57 percent), BHEL (2.22 percent), Bajaj Auto (2.29 percent), Sterlite (1.88 percent), Dr Reddy's Lab (1.82 percent), Larsen (1.70 percent), NTPC (1.43 percent), HDFC Bank (1.27 percent), Wipro (1.17 percent), SBI (1.01 percent) and Infosys (0.97 percent).

M&M (1.18 percent), ONGC (0.79 percent) and HUL (0.76 percent).

Among the sectoral indices, S&P BSE-CD gained 1.93 percent, followed by S&P BSE-Power 1.86 percent, S&P BSE-Realty 1.65 percent, S&P BSE-CG 1.47 percent, S&P BSE-HC 1.44 percent and S&P Bankex 1.26 percent.

The market breadth turned positive as 1,306 stocks closed with gains and 1,014 finished with losses. The total turnover rose to Rs 1,751.70 crore from Rs 1,557.21 crore yesterday.

PTI



First Published: Tuesday, July 09, 2013, 16:45


Comments


comments powered by Disqus
Honda Mobilio MPV
Honda Mobilio MPV
BRICS Annual Summit 2014
BRICS Annual Summit 2014
Tata Zest Standout Features: In Pics
Tata Zest Standout Features: In Pics
New car launches in July
New car launches in July
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved