The Hindu : Business : Sensex recovers from intra-day lows

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Friday, Jul 10, 2009
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Sensex recovers from intra-day lows

IMF’s upward revision of India’s growth forecast helps

MUMBAI: After alternating days of rise and fall, the Bombay Stock Exchange benchmark Sensex recovered just the previous session’s loss, though intra-day volatility continued. Fluctuating in a 235-point range, the Bombay Stock Exchange 30-share barometer later settled at 13757.46 on Thursday, a loss of 11.69 points from its previous close.

The market recovered from its intra-day low of 13643.97 on the IMF’s upward revision of India’s growth forecast to 5.4 per cent for 2009 even as it projected the world economy to shrink 1.4 per cent this year.

The broader 50-share Nifty of the National Stock Exchange also ended steady at 4080.95 from its last close of 4078.90.

Rupee rebounds

The rupee bounced back after breaching the crucial 49-level for the first time since May 15 and ended 18 paise stronger at 48.70/72 against the U.S. currency on Thursday on heavy dollar sales by exporters amid sustained capital outflows.

Breaching the 49-level against the dollar, the domestic unit later moved in a range of 48.67 and 49.06 during the day. It resumed weaker at 48.98/49 from its last close of 48.88/89.

Dealers said banks that had built-up dollar positions in early trade also sold dollars along with exporters. — PTI

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