The Hindu Business Line : Nifty closes above 2000-mark; Sensex makes further gains

THE Nifty closed above the 2000-level for the first time on Tuesday, with the index gaining over 21 points to close at its historic high. The index touched a high of 2008.8 and closed at 2006.80. Brokers say that crossing the 2000-level is a significant sentimental milestone for the market.

Similarly, the Sensex gained 56.81 points before closing the day's trade at 6325.53. Bharti Tele, Hero Honda, BHEL and Grasim Industries were the big gainers among the Sensex stocks.

The Indian rupee continued to recover its lost gains for the second consecutive session, aided by the weakness of the US currency and dollar inflows from foreign funds.

The domestic currency closed at 44.11/12 against the dollar on Monday.

The rupee gained 17 paise in today session, as compared to its previous close at 44.2750/2850 per dollar.

Stabilising of crude prices and the rally in global markets today buoyed market sentiment.

Banking, software, telecom, textile, steel and cement scrips had a good day at the bourses.

Trading activity indicated a day of all-round buying at the bourses.

Steel and cement stocks went up on expectations of higher revenues because of price hikes in both these industries.

Scrips of ACC, Gujarat Ambuja, ITC all witnessed fresh buying on account of this.

Small and mid cap steel stocks also witnessed smart rallies today.

SAIL, Sesa Goa, Sterlite and Jindal Iron and Steel registered significant gains on Tuesday's trade.

Meanwhile in the rupee market, dollar demand was seen from exporters cancelling forward contracts booked earlier, as also state owned banks made dollar purchases, dealers said.

The rupee is expected to test 44-levels in the next trading session with outlook on the currency bullish," said another dealer at a public sector bank.

There is some concern on the FII inflow front as it is expected that foreign investors will book profits on the India bourses, before the year-end, he added.

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