Sensex jumps 201 points to two-month high

MUMBAI: In a five-day long rising streak, the BSE benchmark index Sensex climbed to a two-month high adding over 201 points on buying by funds on expectations of better economic growth, shrugging off inflationary concerns.

The 30-share index, which had gained nearly 943 points in last four sessions, advanced further by 201.41 to 18,693.86, a level last seen on May 2.

Investors covering their pending short positions ahead of the ending of June month contract expiry in the derivatives segment tomorrow, further also fuelled the uptrend, marketmen said.

A firming trend in global markets on easing concerns of European sovereign debt crisis also boosted the sentiments.

Trading sentiment turned bullish as Finance Minister Pranab Mukherjee stood by his economic growth target even after the longest string of monetary tightening measures in a decade, brokers said.

Mukherjee said the economy will grow by 8.5% in 2011-12 and the recent hike in prices of petroleum products will not have much impact on the fiscal deficit.

In similar fashion, the broad-based National Stock Exchange index Nifty traded above 5,600 mark level by adding 55.15 points to settle at 5,600.41.

The rally was mostly contributed by FMCG, metal, banking, IT and realty stocks. The FMCG sector index gained the most by 2.58% to 3,972.89, followed by the metal index that rose by 1.52% to 14,987.98.

Market heavyweights Reliance Industries and Infosys Technologies closed with handsome gains. RIL rose by Rs 14.75 to Rs 885.30 and Infosys by Rs 17.90 to Rs 2,881.75.

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Rupee gains 4 paise against US dollar

MUMBAI: The rupee appreciated by 4 paise to Rs 44.99 per dollar in opening trade on the Interbank Foreign Exchange on Tuesday, supported by dollar weakness against the euro and other Asian currencies and a higher opening in the stock market.

The rupee fell by 4 paise to close at 45.03/04 against the American currency in Monday's trade despite bullish domestic equities.

Forex dealers said dollar weakness against the euro and other Asian currencies overseas and a better opening in the stock market kept the rupee sentiment firm against the American dollar in opening trade.

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Sensex down 19 pts after 3-week high

MUMBAI: The BSE benchmark sensex surged to a three-week high in early trade on Tuesday but failed to maintain the initial gains and was trading down by 19 points at 10.15am on profit-booking in oil&gas, IT, realty, FMCG and PSU counters.

The BSE benchmark sensex resumed higher at 18,493.59 and shot up further to a three-week high to 18,527.45 amid strong buying in healthcare, consumer durable, power, capital goods and metal stocks on the back of strong inflows from foreign institutional investors (FIIs).

However, the sensex declined immediately to 18,379,78 before quoting at 18,393.56 at 10.15am, showing a loss of 18.85 points, or 0.10 per cent.

The NSE's 50-share Nifty index also declined marginally by 4.40 points, or 0.08 per cent, to 5,522.20 at 10.15am.

Major losers from the sensex pack include Jaiprakash Associates (down 2.75 per cent), DLF (2.23 per cent), Wipro (1.80 per cent), ITC (1.16 per cent) and TCS (1.01 per cent).

Asian stocks rose in early trade on speculation that Greece may be allowed to roll over some of its bonds, easing concerns that the nation's sovereign debt crisis will spread across Europe, one of Asia's biggest export markets.

Key benchmark indices in Hong Kong, Indonesia, South Korea, Japan and Taiwan were up by between 0.05 per cent and 1.14 per cent. The key benchmark indices in China, Singapore and Taiwan fell by between 0.01 per cent and 0.6 per cent.

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Rupee depreciates by 6 paise against dollar

MUMBAI: Ignoring smart rise in local equities, the rupee depreciated by six paise to close at 44.95/96 against the US currency on the back of a firm dollar overseas and continued funds outflow.

Dealers said that the main reason behind the fall in the rupee was firm dollar overseas.

Moreover, persistent dollar demand from some banks and importers, mainly oil refiners, put pressure on the rupee, they said.

Some dollar sale by exporters, however, capped the fall in the rupee, they added.

FIIs remained net sellers for the ninth straight session and sold shares worth Rs 287.4 crore Wednesday as per provisional data.

The Bombay Stock Exchange benchmark Sensex shot up 177 points to 17,727 as investors ignored spurt in food inflation and a string of concerns over domestic as well as global economic growth, buying heavyweights like RIL and Infosys.

"Globally Dollar gained against the major currencies like EUR, GBP & JPY. It also traded strong against Rupee and touched a major resistance of 45.00. Local equities traded bullishly which helped rupee to end below 45 levels. Expect Rupee to trade above its resistance in coming days," Alpari Forex ( India) CEO Pramit Brahmbhatt said.

"The trading range for the USD/INR will be 44.70 to 45.20 tomorrow," he added.

At the Interbank Foreign Exchange (Forex) market, the local unit opened lower at 44.92/93 a dollar from previous close of 44.89/90 and moved in a range of 44.80 and 45.00 before concluding at 44.95/96.


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