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Business - Briefly

Sensex up 236 points

Reliance Industries rebounds from day’s low

MUMBAI: Investors drove up stock prices on Friday, pushing the Bombay Stock Exchange bellwether Sensex higher by 236 points, as they lapped up shares following broad hints that the government would not constrain foreign fund inflows.

Planning Commission Deputy Chairman Montek Singh Ahluwalia reportedly ruled out the possibility of imposing tax to curb foreign funds, key for developing infrastructure.

After a two-day downward correction, the BSE 30-share barometer bounced back to settle at 17021.85, gaining 236.20 points or 1.41 per cent over its previous close.

The Sensex on Thursday shed 213 points on fears of steps to check capital inflows into equity.

Energy giant Reliance Industries rebounded from the day’s low of Rs. 2,051 to end 2.07 per cent higher at Rs. 2,125.15 over its last close.

Among Sensex stocks, ACC jumped by 4.55 per cent to Rs. 766.45, Hindalco by 3.47 per cent to Rs. 134.35, Jaiprakash Associates by 2.73 per cent to Rs. 232.90, Tata Steel by 2.66 per cent to Rs. 551.60 and HDFC by 2.58 per cent to Rs. 2,818.80. SBI rose by 2.42 per cent to Rs. 2,335.75, DLF by 2.29 per cent to Rs. 374.75 and TCS by 2.02 per cent to Rs. 693.30 at close.

The market breadth was strong with 1,452 gainers against 1,240 losers on the BSE.

Rupee recovers 7 paise

The rupee on Friday bounced back from its initial losses to close higher by seven paise at 46.61/62 against the U.S. currency on signs of capital inflows by foreign funds amid fresh dollar sales by exporters. It closed at 46.68/69 on Thursday.

The domestic currency opened weaker at 46.74/75 in early trade but later bounced back to 46.52/53 before closing at 46.61/62. — PTI

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