 Online edition of India's National Newspaper Thursday, Nov 05, 2009 ePaper | Mobile/PDA Version |
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MUMBAI: The Bombay Stock Exchange sensitive index, Sensex, notched up over 500-point gain on Wednesday, the biggest in more than five months, to snap six days of straight losses, helped by the government’s assertion that stimulus packages would continue and there would not be any curbs on capital inflow. The Sensex closed at 15912.13 on Wednesday against 15404.94 on Tuesday. The all-around buying support came as a big solace to the markets after Tuesday’s fall of 500 points, in tune with global trends, on concerns that governments worldwide may begin exiting from stimulus packages given last year in the wake of deepening of financial downturn. The market had fallen by steep 1,406 points or 8.36 per cent in the past six days. What sparked across-the-board buying was Finance Minister Pranab Mukhejee ruling out withdrawal of fiscal stimulus packages till economy recovers fully. His remarks, that there are no plans to place curbs on the capital inflows into the country, further augmented enthusiastic buying. Marketmen said strong global cues and a weakening dollar against a basket of currencies also enlivened the sentiment. Reliance Industries rebounded by 5.49 per cent and closed at 1920.65. India’s 50-share Nifty of the National Stock Exchange also recovered 146.90 points or 3.22 per cent to 4,710.80. Rupee recovers 35 paise Amid a strong equity market, the rupee appreciated by 35 paisa against the dollar at 47.05/06 on Wednesday on expectations of heavy capital inflows and dollar selling by exporters. The rupee closed at 47.41 on Tueday. Fores dealers said a weak dollar overseas against a basket of currencies also led to the rise in rupee value. The domestic currency moved in a range of 46.97 and 47.25 intra-day after resuming stronger at 47.22/23 a dollar. The rupee had weakened by 44 paisa against dollar on Tuesday following a sharp fall of over 3.0 per cent in the benchmark Sensex, which recovered by 3.29 per cent on Wednesday. — PTI
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