Mumbai, Nov. 7
STOCK prices rose on the local bourse for the fourth day in a row on Monday, despite weak Asian markets and the Indian rupee sliding to a new low against the US dollar.
The benchmark BSE Sensex closed 134 points up at 8,206, and NSE Nifty rose 38 points to close at 2,461.
Brokers said the corporate results for September quarter were in line with their expectation, and that the December quarter could also be good. "There were some surprises in September quarter, but overall the results were as expected. The fall in stock prices was a technical correction and worst seems to be over," said a dealer with a domestic broking firm.
With today's close, BSE Sensex is up 515 points in the last four trading sessions, and Nifty is up 145 points.
Meanwhile, the rupee slumped to yet another low against the dollar, in tandem with a fall in the euro and other major currencies.
The domestic currency opened at 45.69/70, lower than Friday's close at 45.53/54. Panic buying by importers and cancellation of forward contracts by exporters caused the rupee to slide further to close the day at 45.90/91, a forex dealer said.
In the equity market, large scale buying was seen in old economy stocks, which saw the market go up. The major movers were Tata Steel, National Aluminium, Ranbaxy, Hero Honda. Mid-cap and small cap stocks, too, bounced back after a long time. The major gainers in this segment were HMT and ITI. The overall market breadth was also strong with gainers outnumbering losers by a ratio of nearly 4:1.