Business Daily from THE HINDU group of publications
Friday, Jul 21, 2006
Business Daily from THE HINDU group of publications Friday, Jul 21, 2006 |
|
|
|
|
|
|
|
|
Home Page
-
Stock Markets Markets - Stock Markets Money & Banking - Forex Our Bureau
Green signal FIIs net buyers for Rs 156.66 crore Fed chief remarks on interest rates buoy world markets Revival of sentiment aided by encouraging Q1 results
Mumbai , July 20 Buoyed by rising global markets and easing of crude prices, the stock markets made a smart rebound on Thursday, snapping six consecutive days of losses. The bellwether BSE-30 Sensex rose by 3.45 per cent or 345.60 points to close at 10,352.94. The NSE's S&P CNX Nifty Index ended above the key 3,000-mark at 3,023.05, up 91.1 points or 3.08 per cent from Wednesday. "The Fed Chairman's (Mr Ben Bernanke) statement indicating that there may not be any immediate hike in interest rates and the falling of crude prices have revived the market sentiment," said Mr Manish Bandi, Vice-President (Portfolio Management Services), India Infoline Ltd. He added that the Indian markets were also slated for a bounce-back after suffering losses in the last six trading sessions. All the markets - Tokyo (up 3.08 per cent), Sydney (1.92 per cent), Hong Kong (2.33 per cent), and Seoul (3.21 per cent) - staged relief rallies on the back of Mr Bernanke's comments. In India, analysts said that revival of sentiment was also aided by better-than-expected first-quarter results from Reliance Industries and Gujarat Ambuja Cements. All indices ended in positive territory, with BSE Metals (5.21 per cent) and BSE Bankex (4.83 per cent) leading the gainers. All the 30 stocks on the Sensex ended in the green. Ranbaxy Laboratories (up 7.36 per cent at Rs 349.90), Reliance Energy (6.22 per cent to Rs 437.05), and Tata Steel (6.13 per cent to Rs 487) were the biggest gainers. The overall market breadth was also positive, with 1,394 ending in positive territory against 980 declining stocks. Dealers said that foreign funds, which were net sellers in the last 4-5 sessions, have been net buyers on Thursday. According to provisional figures by the NSE, FIIs were net buyers for Rs 156.66 crore.
Rupee recovers
The US Fed Chairman's signal on a possible pause in the interest rate-tightening cycle also helped the rupee recover some of its losses against the dollar. The currency opened at 46.81/83 against the greenback, up from Wednesday's close of 46.99/47. It finally closed the day firm at 46.78/79. The rupee gained in tandem with all other major currencies. The euro and the pound gained by 300 basis points from Wednesday's low. Dealers said that the buoyancy in the domestic stock market also improved sentiment in the forex market. "The rupee could break 45.70 and ease to 45.50 in the next few days," said a dealer at a private bank.
More Stories on : Stock Markets | Stock Markets | Forex
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
