The Hindu : Business : Sensex advances by 68 points

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Thursday, Nov 26, 2009
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Sensex advances by 68 points

Investors book profits at higher levels

MUMBAI: The Bombay Stock Exchange sensitive index, Sensex, advanced by 68 points and closed at 17198.95 on Wednesday as volatility became the order of the day ahead of the expiry of the November contract. Despite a smart rally at the beginning, the market failed to sustain higher levels as investors booked profits amid higher global cues and fresh recovery signs.

Prime Minister’s Economic Advisory Council chairman C. Rangarajan had said on Tuesday that economic growth was picking up, but the biggest worry was rising inflation which is expected to be around 6.5 per cent at the end of this fiscal. Brokers said the market was bullish on the back of ample liquidity in the system following continued capital inflows into the market. Among the Asian markets, the Shanghai Composite Index made a smart rally of 2.07 per cent after the steep 3.45 per cent fall on Tuesday. Hang Seng gained 0.84 per cent.

However, back home as the day progressed, the market breadth wore thin and majority of the mid-cap and small-cap counters closed in the red. The 50-share Nifty of the National Stock Exchange also gained 17.60 points at 5108.15. The FMCG counters stole the limelight on good buying support while realty shares came under heavy selling pressure. ITC was up 1.93 per cent at Rs. 268.75, HUL by 1.75 per cent at Rs. 284.75, Nestle India by 1.88 per cent at Rs. 2,588.05 and Colgate by 1.43 per cent at Rs. 682.45.

Rupee extends gains

Extending gains for the fourth day on Wednesday, the rupee appreciated by 17 paise and closed at 46.20/21 a dollar as exporters sold the U.S. currency, which remained weak against other major currencies.

The rupee closed at 46.38 on Tuesday. The domestic unit moved in a limited range of 46.18 and 46.39 intra-day after resuming steady at 46.38/39. — PTI

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