Sensex snaps 4-day losing streak, rallies 265 points
BSE Sensex snapped today its four-day losing streak by recovering 265 points where rupeerecovered by 12 paise to 60.08 against the American currency in early trade
Mumbai: The benchmark S&P BSE Sensex snapped its four-day losing streak by recovering 265 points in morning trade on fresh buying mainly in realty, power, refinery, metal and banking sector stocks on the back of higher Asian cues.
The Sensex resumed higher at 25,115.83 and firmed up further to 25,311.24 before quoting at 25,296.37 at 10 am, showing a gain of 265.05 points or 1.06 per cent from its last close.
The NSE 50-share Nifty also rose by 71.45 points, or 0.95 per cent, to 7,564.80 at 10 am.
Major gainers were Gail India (2.66 pct), HDFC (2.30 pct), ITC (1.97 pct), M&M (1.73 pct), Tata Power (1.57 pct), Reliance Ind (1.53 pct), BHEL (1.49 pct) and SSLT (1.40 pct).
Asian stocks rose in their early trade amid volatility. Key benchmark indices in South Korea, China, Singapore, Hong Kong and Taiwan were up by 0.09 pct to 0.95 pct while Japan’s Nikkei Average fell 0.36 pct.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 214.49 crore yesterday as per provisional data from the stock exchanges.
Investor sentiments were also boosted by fall in global crude oil prices after fading of fears about supply disruption in the wake of Iraq crisis.
Rupee recovers 12 paise Vs dollar
Moving in line with equity market, the rupee today recovered by 12 paise to 60.08 against the American currency in early trade on fresh selling of dollars by banks and exporters due to weaker greenback overseas.
The rupee resumed higher at 60.13 per dollar as against the last closing level of 60.20 at the Interbank Foreign Exchange market, and hovered in a range of 60.07 and 60.18 per dollar before quoting at 60.08 at 10 am.
Renewed selling of dollars by banks and exporters in view of sharp recovery in the equity market mainly boosted the rupee, a forex dealer said.
Meanwhile, the benchmark Sensex recovered sharply by 265.05 points, or 1.06 per cent, to 25,296.37 at 1000 hours.
In New York, the US dollar fell against the Australian dollar yesterday after a better-than-expected reading on Chinese manufacturing showed a return to expansion.
The Chinese manufacturing sector swung into growth territory in June, with the “flash” version of HSBC’s China manufacturing purchasing managers index jumping to 50.8 from 49.4 in May. That’s the first time since December that the HSBI PMI reading was above 50, which divides contraction and expansion.