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Early gains not fully held on BSE

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Profit taking on global cues

MUMBAI: The Bombay Stock Exchange sensitive index, Sensex, pared most of the gains it scored in the morning deals on profit booking but still managed to close higher by 30 points at 16216.86 on Thursday against 16183.55 on Wednesday.

Profit taking emerged taking cues from weak European indices which led Sensex lose most of the over 251 points it gained in the morning deals. Brokers attributed the firm opening to positive Asian advices on the back of surge in U.S. stocks on Wednesday. Sustained buying by foreign institutional investors (FIIs) kept the market upbeat at initial stages. FIIs have picked up shares worth Rs. 2,417.96 crore in the last three days since September 7, according to provisional data.

Besides Shanghai Composite Index, other indices from Asia such as Hang Seng, Nikkei, Straits Times, Kospi and Taiwan Weighted ended up in the range of 1-2 per cent.

European markets, after resuming firm, trading narrowly mixed with downward bias with investors waiting for the decision by the Bank of England on interest rates later in the day.

Fall in exports for the 11th straight month in August by 19.7 per cent due to continuing slump in global demand also put pressure on the market in the later part of the day.

Rupee ends lower

Amid dollar firming up in the overseas markets, the rupee closed lower against the dollar by 12 paise at 48.64 on Thursday..

The rupee closed lower by 12 paise at 48.63/64 a dollar. The rupee had resumed strong at 48.41/42 per dollar from Wednesday’s close of 48.51/52 a dollar. However, a late sell-off in equities pushed the Sensex to close up by a mere 33 points, putting pressure on the rupee to touch a low of 48.66 a dollar and finally ended at 48.64. — PTI

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