The Hindu : Business : Sensex up 258 points

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Tuesday, Apr 22, 2008
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Sensex up 258 points

MUMBAI: The markets shrugged off concerns over implications of a hike in the mandatory deposits the commercial banks need to keep with the apex bank and extended the gains to the fifth day in a row with the Sensex rising by nearly 258 points to close at 17639.33 on Monday against last Thursday’s close of 16481.20. Marketmen said strong global cues and expectations of robust earnings by Indian companies helped discount the concerns.

The 50-share S&P CNX Nifty of the National Stock Exchange advanced further by 78.60 points to 5037. One marked feature of Monday’s rise was the good show by small-cap and mid-cap shares which outperformed the frontline stocks.

Rupee ends lower

The rupee lost five paise at 39.97/98 against the dollar on Monday as oil companies rushed to buy dollar in view of crude prices hovering around record levels. It closed at 39.92/93 on Thursday. After opening at 39.85/86, the rupee touched an intra-day high of 39.84. It moved in a range of 39.84 and 39.98.

However, forex dealers said the rupee would gain in the days to come as the hike in CRR would lead to higher demand for the domestic currency amidst tight supply.

They said the trend in rupee was hard to miss as it attempted a brief rally on Monday. — PTI

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