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Strong global cues boost market sentiment

MUMBAI: Strong global cues on Monday powered the stock markets to extend their gains to another trading session, aiding the 30-share Sensex on BSE to score a 396- point jump on hectic short covering ahead of the expiry of November series.

Operators rolled over positions to next series, creating high volatility, which is expected to remain till the futures and options (F&O) contract ends on Thursday, brokers said.

The Bombay Stock Exchange barometer Sensex surged sharply to end the day at 19247.54, a gain of 394.67 points over Friday’s close of 18852.87.

The broader S&P CNX Nifty of the National Stock Exchange also soared by 123.10 points to close at 5731.70 against previous close of 5608.60.

The market bounced by 326.55 points on Friday after undergoing a downward correction of 1403 points or 7 per cent in six-session long losing streak owing to FII negative activity in the past several days.

The revival of global trend had a positive impact on the market sentiment. Barring Shanghai Composite, which ended 1.46 per cent lower, the Hang Seng, Nikkei, Strait Times, Kospi and Taiwan weighted were up in a range of 1.66 to 4.65 per cent.

Rupee declines

The rupee fell by nine paise to close at one-month low of 39.79/80 against the U.S. currency on Monday following heavy dollar buying by importers and sustained capital outflows.

The rupee has fallen 49 paise in the last seven sessions. It closed at 39.70/71 a dollar on Friday.

In active trading at the interbank foreign exchange market, the rupee resumed firm at 39.63/64 a dollar and touched a high of 39.58 at initial stage. — PTI

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