Sensex soars 517 points; rupee loses 26 paise
March 30 2015 08:41 PM

Traders at the Bombay Stock Exchange. The Sensex, which opened yesterday at 27,655.79 points, closed at 27,975.86 points, up 517.22 points.

IANS/Mumbai


After eight consecutive sessions when the markets either ended flat or in the red, a benchmark index of Indian equities markets, the 30-scrip Sensitive Index (Sensex), gained over 500 points or nearly 2% in yesterday’s trading session.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) also made healthy gains during the day’s trade. It closed 150.90 points or 1.81% up at 8,492.30 points.
The Sensex of the S&P Mumbai Stock Exchange (BSE), which opened at 27,655.79 points, closed at 27,975.86 points, up 517.22 points or 1.88% from the previous day’s close at 27,458.64 points. The Sensex touched a high of 28,017.97 points and a low of 27,624.76 points in the intra-day trade.
All sector-based indices of the BSE ended the day’s trade with substantial gains. Healthy buying was observed in capital goods, banks, automobile, fast-moving consumer goods (FMCG), healthcare, metal and information technology (IT) sectors.
The S&P BSE capital goods index gained by 476.79 points, bank index rose by 372.09 points, automobile index was higher by 292.72 points, FMCG index climbed 160.77 points, healthcare index augmented by 156.30 points, metal index increased by 144.48 points and IT index was up 113.48 points.
The markets were extremely volatile throughout the week. Friday was the eighth consecutive session when the markets either ended flat or in the red. On Thursday, the markets closed 654 points or 2.33% down.  The BSE Sensex had closed Wednesday’s trade down 50 points. On Tuesday, it slipped by 30 points. On March 23, the market closed down 69 points.In the previous week, the Sensex closed Friday’s trade 208.59 points down. On March 19, it declined by 152.45 points and on March 18 it closed the day’s trade down 114 points. Charting yesterday’s trade, an analyst said the markets made healthy gains, on the back of strong buying in the frontline stocks. Global markets were also in the green.
“Reduction in crude prices and improvement in F&O (futures and options) liquidity, post a poor March expiry (-7% return) provided essential support to the market,” said Vinod Nair, head - Fundamental Research, Geojit BNP Paribas Financial Services.According to Nair, the immediate factors will be role of RBI (Reserve Bank of India) meet on April 7 and the release of fourth-quarter results.
“We cannot expect a immediate cut in interest rate now. But, we have to look at scope to surprise the market through CRR (capital reserve ratio) and forward outlook,” Nair added. Sanjeev Zarbade, vice president, private client group research, Kotak Securities said the market staged a spectacular rebound on Monday with the Nifty reclaiming the 8,500-level and Sensex hitting the 28,000-mark intra-day. “Global cues were moderately positive as the US markets closed mildly higher on Friday as investors digested US Fed chairman Janet Yellen’s remarks,” Zarbade said.
Meanwhile, the Indian rupee ended lower by 26 paise at 62.67 against the US currency due to renewed month-end demand from importers for the dollar.   Fresh capital outflows and dollar gains in overseas markets also weighed on the rupee, while strong rebound in local equities restricted the rupee’s fall, a dealer said.   At Interbank Foreign Exchange (Forex) market, the domestic currency resumed weak at 62.55 per dollar from previous close of 62.41 and moved in a range of 62.6900 and 62.5225 before concluding at 62.67, a fall of 26 paise or 0.42 per cent.



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