Business   

Sensex recovers 73 points

MUMBAI: Heavyweight firms like Reliance Industries and Infosys Technologies were instrumental in taking the Sensex up again on Wednesday on sustained capital inflows despite weak Asian cues and monsoon worries persisting.

Looking at the positive closing on the Wall Street on Tuesday, the Bombay Stock Exchange 30-share barometer opened better at 15882.39 but touched a low of 15695.11 in afternoon trade on weakness in Asian markets. However, buying in consumer durables, refinery and IT shares helped the benchmark to rebound to 15903.83, showing a rise of 72.85 points over its previous close.

Reliance Industries, with the highest weight in the index, rose by 1.67 per cent to Rs. 2,075.25 and Infosys, the second-heaviest and largest software exporter, rose to nearly a two-year high by gaining 2.49 per cent to Rs. 2,094.55. The two carry nearly 26 per cent weight in the Sensex.

Brokers said profit-booking near the 16000 psychological-level also somewhat weighed on the local bourses in afternoon.

Sustained buying by foreign institutional investors (FIIs) was the main reason for the smart recovery at the fag end. A fall in Asian shares, with Japan’s Nikkei down 0.9 per cent and MSCI’s measure of other Asian markets falling 0.8 per cent, prevented a further rise.

Among the sectoral indices, consumer durables shot up by 66.28 points or 2.11 per cent, oil and gas 188.68 points or 1.95 per cent, and IT 76.86 points or 1.94 per cent while realty dripped by 77.27 points or 1.92 per cent and auto 66.72 points or 1.11 per cent.

The rupee rallied by 22 paise against the dollar and closed at 47.52/53 on Wednesday due to a smart rebound in domestic equity markets. It closed at 47.75 on Tuesday.

In active trading at the interbank foreign exchange market, the rupee resumed higher at 47.67/68 and touched a low of 47.73. It bounced back to a high of 47.51 before concluding at 47.52/53.

The rupee also drew support from a weak dollar overseas against some of its basket of currencies. — PTI

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

5 more plants seek gas from KG basin
Reliance Power asks for CAG report on KG D6 capex
L&T seeks nod to sell stake in Mahindra Satyam
Legislation on direct selling business sought
HCL Tech BPO plans training institute
Ruia group closes in on acquisition in Germany
Sensex recovers 73 points
MARS offers new varieties of pet products
IIFCL to raise Rs. 5,000 crore from taxable bonds
Steel majors raise flat product prices
Alok Misra new CMD of Bank of India
Exchange Rates
Bullion Rates
BHEL bags Rs. 2,600 crore order in Orissa
Record handling by Kolkata Dock System
Canara Bank revises vehicle loan rates
Airtel extends fibre connectivity to Bhutan
IBM in pact with Tally Solutions
Vox Spectrum gets PE funding
New Deputy Managing Director for Axis Bank

Copyright © 2009, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu