Connect with us

Business

Sensex logs modest gains in choppy trade

Published

on

sensex

The BSE Sensex rose 47 points today to close at 35,739.16 in see-saw trade, led by gains in software exporters and healthcare stocks.

Buying picked up after official data showed industrial output expanded by 4.9 per cent in April this year, spurred by higher growth in manufacturing and mining sectors.

However, concern prevailed over retail inflation inching up to 4.87 per cent in May on increase in food prices.
The 30-share index opened strong and hit a high of 35,877.41 on sustained buying by domestic institutional investors.

However, it gave up much of the gains on late selling by participants and finally settled at 35,739.16, still up 46.64 points, or 0.13 per cent.

In past two days, the index gained 248.85 points.

Also read: BSE Closes Above 35,700 Level while Nifty At 10,858

Similarly, the broader 50-issue NSE Nifty ended higher by 13.85 points, or 0.13 per cent, at 10,856.70 after moving in the range of 10,893.25 and 10,842.65.

Domestic institutional investors (DIIs) bought shares worth a net Rs 1,327.45 crore, while foreign portfolio investors (FPIs) sold equities worth Rs 1,168.88 crore yesterday, provisional data showed.

Asian markets ended mixed and European stocks rose in their early deals as investors awaited the US Federal Reserve’s policy decision, shifting focus away from the historic US-North Korea summit in Singapore.

Business

Sensex rises over 250 pts, Nifty reclaims 11,400 mark

Published

on

By

Sensex

Mumbai | The benchmark Sensex staged a strong comeback in early trade today gaining over 250 points on widespread buying by participants in metal, realty and banking stocks after the US and China agreed to resume trade talks last night.

Taking positive cues from global equities, the 30-share index was trading higher by 262.91 points, or 0.69 percent, at 37,926.47. The index had lost 188.44 points in the previous session. The NSE Nifty reclaimed the 11,400 mark, by rising 62.15 points, or 0.55 percent, to 11,447.20.

All sectoral indices, led by metal, FMCG, realty, auto, banking, PSU, healthcare, infrastructure, power, capital goods, oil and gas and IT, recovered up to 1.38 percent.

Major gainers were Vedanta, Tata Steel, ITC, Yes Bank, Adani Ports, Tata Motors, Axis Bank, SDBI, ICICI Bank, RIL and Asian Paints, rising up to 2.13 percent

While, Wipro, Bharti Airtel, Bajaj Auto and HDFC were trading in the negative zone, falling up to 0.70 percent.

Domestic institutional investors (DIIs) bought shares worth a net of Rs 133.78 crore while foreign portfolio investors (FPIs) sold shares worth a net of Rs 825.08 crore yesterday, provisional data showed.

Investor sentiment turned positive after the US and China agreed to resume trade talks last night, traders said.

Amid a stalemate in the trade war with the US, China will send a top official to Washington this month to resume the high-level dialogue to resolve the deadlock over President Donald Trump’s demand to drastically reduce the USD 375 billion trade deficit.

Elsewhere in Asia, Japan’s Nikkei rose 0.44 percent and Hong Kong’s Hang Seng was up 0.46 percent, while Shanghai Composite Index was down 0.39 percent.

US stocks rallied to close higher yesterday. The US Dow Jones Industrial Average ended 1.58 percent higher yesterday.

Continue Reading

Business

Rupee plummets to historic low of 70.09 on Turkish lira collapse

Published

on

By

Mumbai  |  Reversing all its early gains, the rupee today collapsed to a lifetime low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.

The ongoing currency turmoil in Turkey has dampened investors’ sentiments globally. Investors are turning to the dollar as a safe haven with Turkeys currency lira crisis continuing since the last week.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.93 against the US currency.

Continue Reading

Business

Rupee recovers from life low, up 23 paise

Published

on

By

Rupee

Mumbai | The rupee recovered from all-time low of 69.91 and strengthened by 23 paise to 69.68 against the US dollar in opening trade at the interbank foreign exchange market today on some macroeconomic boost.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 percent, to a record low of 69.91 against the US currency amid fears that Turkish currency turmoil could turn out into global financial crisis.

In a ray of hope for domestic economy, latest data showed that retail inflation fell to 9-month low of 4.17 percent in July on declining vegetable prices which may prompt the Reserve Bank to pause interest rate hike in its next monetary policy review.

In the last two reviews, the RBI had raised the key repo rate by 0.25 percent each on inflationary concerns. The next bi-monthly policy is to be unveiled on October 5. Stock markets opening with gains also boosted the domestic currency, dealers said. However, the dollar’s strength against some currencies overseas capped the gains of the domestic unit.

Meanwhile, the benchmark BSE Sensex recovered 184.93 points, or 0.49 percent, to 37,829.83 points in early trade today.

Continue Reading

Popular Stories