Sensex surges 283 points on Govt steps to check rupee slide

PTI Mumbai | Updated on August 13, 2013 Published on August 13, 2013

Stock markets today gave a thumbs up to the slew of measures announced by the Government to arrest the rupee fall and check current account gap with S&P BSE benchmark Sensex jumping by 283 points on heavy buying in Realty (+4.46%), Bankex (+2.92%), Auto (+2.32%) and IT sectors.

Consumer Durables and Metal indices were the losers.

Sensex, which had gained 282 points in the past two sessions, closed at 19,229.84 clocking a rise of 282.86 points — its best daily gain in a month.

Among Sensex components, 25 stocks gained while five ended with losses. The second heavy-weight on the Sensex — Infosys — shot up by 2.65 per cent to Rs 3,084.90 and most heavy Reliance Industries by 0.83 per cent to Rs 852.35.

Infosys rose to over 2-year high on optimism that a weak rupee will boost revenues. Rupee was last trading near 61 levels against dollar.

NTPC (+4.01%), Tata Motors (+3.61%) and ICICI Bank (+3.10%) were the top gainers in the Sensex 30. Hindalco (-2.45%), Coal India (-2.15%), and ONGC (-0.97%) were among the losers.

“Today’s rally was partly due to some bottom-fishing and optimism on the rupee after Government announced measures to control the CAD. The Government has increased import and excise duties on Gold, Silver and Platinum,” said Sanjeev Zarbade, Vice President — PCG Research, Kotak Securities.

Brokers said better earnings by some front-runner stocks like Hindalco, M&M and DLF also boosted market sentiment.

Investor wealth surged by Rs 77,000 crore to Rs 62.40 lakh crore as 1,444 stocks advanced on the BSE platform.

The broad-based National Stock Exchange index Nifty rose 86.90 points, or 1.55 per cent, to close at 5,699.30.

SX40 index, the flagship index of MCX-SX, closed at 11408.14, up 149.2 points, or 1.33 per cent.

Auto sector stocks rose as Mahindra and Mahindra first-quarter profit beat market estimates amid rising demand for farm equipment and Hindalco reported first profit increase in seven quarters

European stocks gained on Tuesday as investors weighed earnings results and awaited reports that may show rising German investor confidence and US retail sales. US index futures too were up.

Asian markets too ended higher. The Hang Seng China Enterprises Index jumped 2.6 per cent to a two-month high. Key benchmark indices in South Korea, Taiwan, Indonesia, Thailand and the Philippines increased at least 1 per cent.

Foreign institutional investors bought shares worth a net Rs 408.35 crore yesterday as per provisional data from the stock exchanges.

Published on August 13, 2013
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