Nifty breaches crucial 4700-level

Sensex posts 141-point gain on revival of monsoon

Strong European cues on optimism that global economy will recover sooner than later lifted the key domestic indices from its day's low levels to a three-week high of 15922.34.

The 50-share index Nifty of the National Stock Exchange closed above the psychologically important level of 4700 which analysts said indicated increased investor confidence in the Indian economy. Nifty stocks Unitech and DLF, two major realty majors, gained more than 5 per cent each.

Marketmen said revival of monsoon in August also boosted investor sentiment and helped the Bombay Stock Exchange bellwether Sensex settle in the positive territory for the seventh consecutive day.

The Sensex closed with a rise of 141.27 points at 15922.34 over its last close.The 30-share key index has gained 1112.70 points or 7.51 per cent in a seven-day long winning streak.

Analysts said seven days of consecutive gains is a pointer to growing confidence in the Indian economy.

France, Germany and U.K. indices were trading firm by over one per cent in their afternoon trade. U.S. stock index futures also indicated firm trend at the opening bell. Chinese stocks, however, declined on fears of slower economic growth.

On the BSE, realty, auto and capital goods counters attracted buying. Some of the consumer durable shares closed lower on profit-taking.

Among Sensex gainers DLF was on top at 5.30 per cent, followed by Jaiprakash Associates at 5.18 per cent. Airtel continued to be the favourite among investors and closed up 4.39 per cent. However, Tata Power declined by 1.36 per cent and ITC by 1.27 per cent.

From the sectoral indices, the BSE realty spurted by 156.75 points or 3.79 per cent, BSE-auto by 71.48 points or 1.24 per cent, BSE-CG by 151.47 points or 1.15 per cent and the Bankex by 93.09 points or 1.12 per cent.

The market breadth remained positive with 1,534 counters gaining ground against 1,249 closing with losses on the BSE.The trading volume continued to remain strong at Rs. 6,581.27 crore. Unitech was the top traded share with the highest turnover of Rs. 305.46 crore.

Rupee gains further

The rupee rose against the dollar for a second day on Friday and closed at 48.65/66. The partially convertible rupee. The rupee closed at 48.92 on Thursday.

Exporters are selling dollar on expectations of inflows from upcoming initial public offerings. The rupee moved in a range 48.65 and 48.89 in intra-day before closing at 48.66.

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Printable version | May 31, 2020 1:43:42 PM |

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