The Hindu : Business : Sensex gains on firm global cues

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Wednesday, Dec 23, 2009
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Sensex gains on firm global cues

MUMBAI: The Bombay Stock Exchange sensitive index, Sensex, recovered from its six-week low on Tuesday on firm global cues and on emergence of brisk buying by funds in key sectors such as metals and public sector units. The Sensex closed higher by 91 points at 16692 against 16601.20 on Monday. It had shed 312 points or 1.84 per cent in the last three sessions. The wide-based National Stock Exchange index Nifty 50 improved by 33.25 points to close at 4985.85 after touching an intra-day high of 4,997.30.

The rally was still limited to a handful of stocks such as metal heavy weight Tata Steel and Hindalco, realty leader DLF and Bharti Airtel.

However, marketmen are not enthused about this and are cautious saying this renewed interest is temporary and driven by the massive fall in the previous days, especially metals counters

In Asia, most of the indices ended in the green following jump on the Wall Street on Monday. Hang Seng, Nikkei and Kospi, gained, while Shanghai fell by 2.32 per cent.

The Dow Jones Industrial Average and the Nasdaq firmed up by 85.25 points and 25.97 points respectively on Monday.

The European markets also opened higher on Tuesday. The FTSE was up by 0.54 per cent, CAC by 0.45 per cent and the DAX by 0.28 per cent.

Reflecting the rally in sectoral stocks, the BSE-Metal index spurted by 2.87 per cent, BSE-PSU index by 1.59 per cent, BSE-Realty by 1.51 per cent, Bankex by 1.16 per cent and the BSE-Power by one percentage point.

The overall market breadth turned positive as 1,694 counters ended with gains against 1,107 that ended with minor losses on the BSE. The trading volume declined further to Rs.3,640.08 crore from Rs.3,878.06 crore on Monday, reflecting the weak sentiment prevailing in the market that’s awaiting a long holiday.

Rupee recovers

The rupee recovered by five paise on Tuesday to close at 46.80/81 against the U.S. dollar on selling of the American unit by exporters and banks amid a recovery in benchmark Sensex.

It closed at 46.85/86 on Monday. Weak dollar overseas against a basket of currencies also helped the rupee rise.

Forex dealers said, the rupee rose in sync with stock market that snapped three sessions of losses. — PTI

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