News Column

Sensex ends flat, rupee falls

June 10, 2014


Mumbai: In a volatile trade on Tuesday, the benchmark S&P BSE Sensex came off from its life-time intra-day high logged in morning trade, but survived to land in positive terrain at 25,583.69 -attaining closing peak for the fourth straight session.

Tracking firm Asian trends, the sensex resumed strong and immediately improved further to a high of 25,711.11 — a new historic intra-day high. Sustained buying by foreign funds and retail investors after Narendra Modi-led government on Monday promised investor-friendly reforms and measures to revive country's economic growth.

But it succumbed to selling pressure in mid-morning deals to a low of 25,347.33 on fears over the below normal monsoon for the year 2014.

The India Meteorological Department (IMD) on Tuesday said that rainfall over the country as a whole for 2014 southwest monsoon is likely below normal.  It later recovered gradually to settle at 25,583.69, a mere gain of 3.48 points or 0.01 per cent.

 Similarly, the 50-issue CNX Nifty of the NSE also edged up by 1.80 points or 0.02 per cent to register its an all-time high of 7,656.40. It hit an intra-trade life-time high of 7,683.20.

Shares from consumer durable, IT, technology and pharmaceuticals sectors closed with gains while from realty, refinery, capital goods, power and metal finished with losses.

Sensex-based counters like Infosys, TCS, Wipro, HDFC, Tata Motors, Sun Pharma, Cipla, Bharti Airtel, Dr Reddy's Lab, HUL Coal India and Maruti Suzuki were in demand while ONGC, SBI, L&T, Tata Steel, Axis Bank, SSLT, RIL, Hero MotoCorp and BEL suffered losses.

Meanwhile, foreign institutional investors (FIIs) bought shares worth a net Rs 536.68 crore yesterday, as per provisional data from the stock exchanges.

Asian stocks ended mixed with upward bias.

Rupee declines

In a tight range yesterday, the Indian currency declined further by nine paise to close at 59.29 against the United States dollar  on sustained dollar demand from imoporters amid firm dollar overseas, extending losses for the second day in a row.

Hesitancy in local equities also somewhat weighed on the rupee while sustained capital inflows continued to give support to it and also restricted the fall to certain extent.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced lower at 59.25 a dollar from previous close of 59.20 and was trapped in a narrow breadth of 59.22 and 59.3350 before ending at 59.29, revealing a fall of nine paise or 0.15 per cent.

The dollar index was up by 0.24 per cent against its major global opponents ahead of data on job openings and wholesale inventories. The premium for forward dollar fell back sharply on fresh receipts by importers.

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Source: Times of Oman

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