Mumbai: Snapping a four-day losing streak, a benchmark index of the Indian stock markets closed yesterday’s trade 337.58 points or 1.35 percent up as good buying took place in banking and oil and gas scrips.
The 30-scrip S&P Sensex (sensitive index) of the Bombay Stock Exchange (BSE), which opened at 25,115.83 points, closed the trade at 25,368.90 points, up 337.58 points from its previous day’s close at 25,031.32 points.
The Sensex touched a high of 25,414.69 points and a low of 25,115.83 points intra-day.
“Markets rose sharply on the back of a marginal reduction in crude prices and stable global markets. Several stocks moved up after consolidating over the past one week,” said Dipen Shah of Kotak Securities.
“The geo-political issues globally have kept the rupee under pressure over the past few sessions. The rupee was relatively stable at around the 60 per USD mark.”
The BSE bankex gained 261.60 points, capital goods index surged 195.56 points, oil and gas index went up by 244.61 points, metal index increased 144.93 points, consumer durables index moved up by 205.19 points, and auto index inched up by 158.71 points.
The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) also ended Tuesday’s trade 86.85 points or 1.16 percent up at 7,580.20 points.
The major Sensex gainers were: Gail India, up 4.56 percent at Rs459.65; HDFC, up 2.81 percent at Rs993.95; BHEL, up 2.48 percent at Rs250.40; State Bank of India (SBI), up 2.24 percent at Rs2,659.50; and Axis Bank, up 2.19 percent at Rs1,924.65.
The losers were: Sun Pharma, down 0.85 percent at Rs627.60; Infosys, down 0.64 percent at Rs3,210.30; Hindustan Unilever, down 0.01 percent at Rs617.20; and Wipro, down 0.01 percent at Rs531.30.
Meanwhile, the rupee gained yesterday, snapping a two-session falling streak as gains in the domestic share market prompted good dollar selling by custodian banks, but month-end demand from importers limited a further rise. Traders expect the rupee to remain in a broad 59.50 to 60.50 per dollar range until the budget on July 10.
Month-end demand for dollars from importers, particularly oil firms, is expected to keep a downward bias on the rupee over the week but foreign fund flows will be crucial for direction.
“There was good selling from custodian banks today and equally good buying seen from state-run banks. Oilers were among the main buyers,” said Hari Chandramgethen, head of foreign exchange trading at South Indian Bank. The partially convertible rupee closed at 60.1325/1425 per dollar compared to 60.20/21 on Monday. The rupee moved in a range of 60.0775 to 60.1725 during the session. IANS/Reuters
