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Sensex gains 20 pts, Rupee higher by 6 paise


The BSE benchmark Sensex today ended higher by 20 points at 22,344.04 after paring initial gains in volatile trade amid nervousness in markets
SensexMumbai: The BSE benchmark Sensex today ended higher by 20 points at 22,344.04 after paring initial gains in volatile trade amid nervousness in markets ahead of Lok Sabha elections results on May 16.

Consumer durables, banking, auto and sectors gained, while realty and FMCG counters came under pressure.

After resuming higher, the 30-share index shot up to 22,443.13 on initial buying on the back of higher global cues after Federal Reserve Chairperson Janet Yellen said the Federal Reserve will continue to support the US economy.

The barometer, however, pared the gains and slipped to 22,344.04 at close on profit-booking, a meager gain of 20.14 points from its previous close.

The 50-share Nifty of NSE also moved up by 7.30 points to 6,659.85.

“It was a dull session on street as the benchmarks were remained in a narrow range and closed flat in the end. Sluggishness would continue as participants are now keeping extra caution ahead of general election outcome,” said Jayant Manglik, President, Retail Distribution, Religare Securities.

BHEL gained 3.22 per cent, followed by Cipla at 1.65 per cent, Tata Motors 1.36 per cent, ICICI Bank 1.33 per cent and Wipro 1.05 per cent.

Hero Motocrop 1.36 per cent the biggest loser. ITC lost 1.34 per cent.

Among the BSE sectoral indices, consumer durables rose by 1.30 per cent, followed by Bankex 0.74 per cent, Auto 0.58 per cent and capital goods 0.39 per cent, while realty dropped by 0.92 per cent and healthcare 0.32 per cent. .

The market breadth remained negative as 1,407 stocks finished with losses, 1,322 stocks ended with gains while 139 ruled steady. The total turnover dropped to Rs 2,299.87 crore from Rs 2,789.65 crore yesterday.

Foreign institutional investors (FIIs) bought shares worth a net Rs 119.11 crore yesterday, as per provisional data from the stock exchanges.

Asian stocks ended higher. Key benchmark indices in Japan, Hong Kong, China, Singapore, South Korea and Taiwan ended higher by 0.26-0.93 per cent.

European markets were also trading higher. Key indices in France, UK and Germany moved up by 0.51 per cent to 0.58 per cent.

Rupee ends higher by 6 paise against dollar

RupeeIn line with stock markets, the rupee ended higher by 6 paise at 60.07 against the dollar on fresh selling of the American currency by banks and exporters in view of strong capital inflows.

The rupee resumed higher at 59.98 per dollar as against the last closing level of 60.13 at the Interbank Foreign Exchange (Forex) Market.

After moving in a narrow range, it settled at 60.07, a gain of 6 paise from its previous close.

Pramit Brahmbhatt, Veracity Group CEO, said: “Today, the rupee appreciated as corporates were seen selling dollars. Exporters too were seen selling dollars at higher levels, but the dollar demand from oil importers capped the rupee gain. Dollar index is also trading weak which helped Rupee futures to appreciate almost quarter per cent.”

The BSE benchmark Sensex today ended 20 points higher at 22,344.04 after paring initial gains in volatile trade.

Meanwhile, Finance Minister P Chidambaram in New Delhi said the rupee at a level of 60 to a dollar is an “accurate” valuation of the domestic currency. He said the value of the rupee is determined by the market.

“The correct measure is the REER (real effective exchange rate). As long as the REER is around 100, that reflects more or less the correct value of a currency.

“We think that rupee at about 60 to a dollar, given the REER, is more or less an accurate reflection of the true value of the currency,” he said.

In London, the euro rose against the dollar even as investors awaited European Central Bank President Mario Draghi’s comments on persistently low inflation and the potential for more easing.


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