The Hindu : Business : Sensex forges ahead with 60-point gain

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Wednesday, Jan 07, 2009
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Sensex forges ahead with 60-point gain

MUMBAI: In volatile trading, the Bombay Stock Exchange sensitive index, Sensex, maintained an uninterrupted rally on Tuesday by adding over 60 points, extending a surge in financial stocks on speculation that gains from their bond holdings will boost earnings.

The Sensex went up for the fourth straight session by rising 60.33 points and closed 10335.93.

It touched a high of 10392.12 and a low of 10150.68.

The 50-share National Stock Exchange index, Nifty, on the other hand, eased by 8.65 points to 3112.80, after touching a high of 3141.80 and a low of 3056.10.

A parallel rally in the Nifty was snapped as Bharti Airtel, Unitech, DLF, Reliance Communications, ABB and Tata Power, constituents of the index, ended lower.

Ten-year bonds gained on optimism that the central bank move to cut the amount of cash lenders must hold in reserve will give them more funds to buy debt.

The information technology index improved by 0.33 per cent but the rally was snapped as sector major Infosys Technologies fell by Rs. 6.80 to Rs. 1,167.65 on concerns that revenue growth would fall with firm dollar. Over 50 per cent revenue of software exporting companies comes from the U.S. markets.

Rupee sheds 10 paise

The Indian rupee ended lower at 48.70 a dollar on Tuesday against 48.60 on Monday. It moved in a range of 48.55-48.79. Heavy dollar demand from importers and banks on behalf of refiners, and strengthening of the dollar against other Asian currencies mainly put pressure on the rupee. — PTI

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