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Rediff.com  » Business » Sensex, Nifty rise riding on global cues

Sensex, Nifty rise riding on global cues

Last updated on: September 04, 2013 17:11 IST

Sensex, Nifty rise riding on global cues

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Aastha Agnihotri in Mumbai

Markets ended firm this Wednesday on back of value-buying witnessed automobile and banking shares after benchmark indices witnessed their second biggest fall in absolute terms yesterday since October 2011.

The 30-share Sensex rose 332.89 points to end at 18,567.55 and the 50-share Nifty gained 106.65 points at 5,448.10 levels.

Investors considered Tuesday’s slump highly overdone after Standard & Poor’s said there was a more than one-in-three chance of a ratings downgrade for India and as fears of a war in West Asia roiled global markets.

Meanwhile hopes of fresh steps to protect rupee from the central bank after Raghuram Rajan took over the helm of the Reserve Bank of India replacing D Subbarao today also boosted sentiments.

The broader markets ended firm with mid-caps and small-caps gaining nearly 1 per cent on the BSE.

The market breadth was positive.

Out of 2,441 stocks traded, 1,361 stocks advanced while 931 stocks declined on the BSE.

Rupee

The rupee recovered in mid-day trading after breaching in morning as some banks sold dollars at attractive levels, breaching 68 to greenback mark.

At 3:50PM, the partially convertible rupee was trading at 67.08 per dollar against the yesterday’s close of 67.73 on the Interbank Foreign Exchange.

The rupee breached the Rs 68 per dollar mark in early trade today.

This has raised concerns that it may touch a new all-time low soon. The rupee had touched an all-time low of Rs 68.85 last week.

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Photographs: Reuters

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Global markets

Asian stocks fell, snapping the longest rally in three weeks, and emerging-market currencies weakened on concern the US is moving closer to striking Syria. Australia’s dollar gained after the nation’s economic growth topped estimates, while crop prices declined.

Japan’s Nikkei rose 0.5% to 14,053, Singapore’s Straits Times fell 1.3% at 3,015, China’s Shanghai Composite index added 0.2% at 2,127 while Hong Kong’s Hang Seng fell 0.3% to 22,326 today.

European stocks retreated as Ryanair Holdings Plc led a decline by travel and leisure companies.

European markets opened lower. France’s CAC declined 1% to 3,940, Germany’s DAX shed 0.7% to 8,124 while UK’s FTSE was down 0.6% to 6,429.

Investors are now keenly awaiting the Bank of England and the European Central Bank interest-rate decisions tomorrow for further cues.

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Image: The Bombay Stock Exchange.
Photographs: Hitesh Harisinghani/Rediff.com

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Stock movers

Domestically, the key sectoral indices gainers included auto, metal, bankex, power and healthcare while realty sector lead the drop on the BSE.

The gainers included counters such as Bharti Airtel gaining 4.5%, Tata Motors rising 4.3%, BHEL gained 6%, Hindalco Industries added 4%, Reliance Industries surged 3% on the BSE.

The laggards were ITC falling 0.7% while Wipro declined 0.1% on the BSE.

The key notable stock mover were Ipca Laboratories soared 8% after the pharmaceutical company said it has received US-FDA approval for its oral solid dosage formulations manufacturing facility situated in Madhya Pradesh.

SKS Microfinance dipped over 6% after founder Vikram Akula and private equity firm Sequoia Capital sold over 2.4 million shares of the company for about Rs 32 crore through open market.

JSW Steel rose 3% on reports that the company raised steel price by Rs 700-Rs 2,500 per tonne due to sharp fall in Indian rupee against the US dollar in past two months.

United Spirits rallied 3%, extending its past four day’s rally, after Morgan Stanley acquired additional stake in the company through open market purchase.


Image: The Bombay Stock Exchange.
Photographs: Hitesh Harisinghani/Rediff.com

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