Business   

Sensex bounces back

MUMBAI: The Bombay Stock Exchange sensitive index bounced back and registered a gain of 327 points on Friday.

In choppy trading, the 20-share Sensex dropped to the previous closing level after rising by 331 points in the initially on sustained withdrawals by foreign institutional investors.

Renewed buying after mid-session lifted the Sensex to the intra-day high of 18910.46, a gain of 384.14 points.

Finally, it closed at 18852.87, a net rise of 326.55 points or 1.76 per cent over Thursday’s close of 18526.32.

The S&P CNX Nifty of the National Stock Exchange rose by 89.25 points or 1.62 per cent to close at 5608.60 against 5519.35.

Asian markets showed stability and ended higher at the close. European markets too were strong in early trading.

Attributing negative reaction at mid-day to serial bomb blasts in Uttar Pradesh, market players said operators covered their short positions due to week-end considerations in the light of continued global uncertainty.

Aided by strong dollar demand from oil refiners and continuing capital outflows, the rupee depreciated to a five-week low of 39.70/71 against the dollar on Friday, nearer to the psychological 40-mark. It closed at 39.53/54 on Thursday. The rupee has appreciated by about 10 per cent this year causing concerns to exporters community whose margins have been narrowed by a stronger local currency.

The rupee has fallen by 39 paise against the dollar since November 14 following consistent foreign institutional investors withdrawals from the equity markets, despite dollar’s weakness overseas. Oil importers were accumulating dollars to meet their import payments of crude oil at the month-end, they added. In the interbank foreign exchange market, the domestic currency fell sharply after a promising start at 39.48/49. — PTI

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Glitnir Bank signs MoU with Bhilwara Group
BSNL’s GSM network expansion hits roadblock
SEBI chief warns of volatility in Asian markets
Need for farmers’ entry in commodities futures
22 FDI proposals worth Rs. 512 crore cleared
EID Parry to buy back shares
Sensex bounces back
Indo-European free trade agreement
CBoP achieves better CD ratio
NMCE to form Knowledge Management Centre
Exchange Rates
Bullion Rates
Inflation cools to 3.01 p.c.
Forex reserves up $967 million
Lafarge to continue mining activities
Hindujas plan huge investments
White paper on disinvestment
Decision on Gul soon

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu