Sensex recovers from early losses

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Traders roll over derivatives contracts to October series

MUMBAI: The Bombay Stock Exchange sensitive index, Sensex, recovered its early losses and closed higher by nearly 62 points at 16781.43 on Thursday on revival of buying at the fag-end. The market witnessed high volatility as traders rolled over derivatives contracts from September series to October series ahead of the expiry of September contract. The Sensex ended at 16719.50 on Wednesdeay.

Rising of inflation rate to 0.37 per cent for the week ended September 12 on higher prices of food items weighed against the share values which remained weak for most part of the day. Buying towards the end was triggered by gains in Shanghai composite index. Japanese stocks also shot up by 1.67 per cent. However, Hang Seng index ended lower by 2.52 per cent and Kospi by 1.03 per cent.

The 50-share Nifty moved up by 16.60 points to close at 4986.55. Sentiment was also boosted by the Asian Development Bank raising its forecast on Wednesday for India’s economic growth this year by one percentage point to 6 per cent.

Banking shares attracted good buying support. Major gainers in the Bankex were, HDFC Bank (3.39 per cent), IDBI Bank (1.98 per cent), ICICI Bank (1.74 per cent) and Allahabad Bank (2.59 per cent).

The BSE-Bankex rose by 139.52 points (1.48 per cent) while BSE-IT index fell by 72.42 points (1.59 per cent) and BSE-Metal by 163.24 points (1.13 per cent).

Rupee gains four paise

In tune with the late surge in stock markets, the rupee closed stronger by three paise at 47.95/96 on Thursday after recovering the weakness in early trade.

The rupee closed at 47.98/48 on Wednesday. Themonth-end dollar demand from oil companies exerted pressure on rupee.

The dollar held steady against a basket of currencies in overseas markets in the early trade after the U.S. Federal Reserve said interest rates would remain low for a long period.— PTI



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