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Value buying buoys markets; Sensex gains 147 pts
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SME Times News Bureau | 06 Oct, 2015
Value buying, rising commodity
prices and continuation of positive sentiment triggered by the recent
monetary easing buoyed a barometer index of the equity markets
which closed with a gain of 147 points or 0.55 percent on Tuesday.
This
is the five consecutive session of gains for the barometer 30-scrip
sensitive index (S&P Sensex) of the Bombay Stock Exchange (BSE). In
total the index has gained 1,316 points since September 29.
On
September 29, the Reserve Bank of India (RBI) had cut key lending rates
by 50 basis points. The markets were expecting an easing of only 25
basis points.
During the intra-day trade On Tuesday profit
bookings coupled with caution over the upcoming quarterly results had
subdued investor sentiments and led both bellwether indices of the
Indian equity markets to give up their morning gains.
Furthermore, both bellwether indices had receded after a key data showed a fall in services output for the last month.
The Nikkei purchasing managers’ index (PMI) services data for September fell to 51.3 from 51.8 level in August.
Rupee
too gave up its early gains and depreciated by 13 paise to close at
65.41 to a US dollar from its previous close of 65.28 against the
greenback. It touched a day's high of 65.11.
Notwithstanding the
negative sentiment, the wider 50-scrip Nifty of the National Stock
Exchange (NSE) made modest gains during the day's trade to close in the
positive territory. It was higher by 33.60 points or 0.41 percent to
close at 8,152.90 points.
The barometer S&P BSE Sensex which
opened at 26,976.66 points, closed at 26,932.88 points -- 147.33 points
or 0.55 percent up from its previous close at 26,785.55 points.
The Sensex touched a high of 27,010.27 points and a low of 26,751.25 points in the intra-day trade.
The Sensex on Monday closed with gains of 564.60 points or 2.15 percent.
Market observers cited value buying and continuation of positive momentum due to last week's monetary easing for the gains.
"Value
buying raised prices higher during the late trading hours. The bargain
hunting took place after the sharp intra-day correction when the markets
cede their initial gains as investors booked profits," Anand James,
co-head, technical research desk with Geojit BNP Paribas Financial
Services, told IANS.
"Earlier in the day profit bookings was
observed which was caused due to yesterday's rally. Selling at higher
levels receded the markets. Caution also prevailed before the earnings
season for major companies start."
Nitasha Shankar, vice
president, research with YES Securities, told IANS: "Index (Nifty)
gained strength in late trade to end with minor gains amidst a
consolidation day. Advance decline ratio favoured the bulls throughout
the day."
"Broader markets outperformed as small and mid cap
indices ended with gains of 0.5 and 1 percent respectively. FMCG, pharma
and energy stocks took markets higher; while banking and tech stocks
remained weak," Shankar added.
Sector-wise, consumer durables,
fast moving consumer goods (FMCG), oil and gas, healthcare, metal and
automobile stocks witnessed healthy buying.
However, information
technology (IT), technology, entertainment and media (Teck) and banking
stocks came under intense selling pressure.
The S&P BSE
consumer durables index zoomed by 478.21 points, FMCG index augmented by
189.01 points, oil and gas index gained by 169.71 points, healthcare
index rose by 167.25 points, metal index was higher by 149.83 points and
automobile index edged-up by 107.59 points.
However, the S&P
BSE IT index receded by 138.48 points, Teck index declined by 51.85
points and banking index was lower by 45.66 points.
Major Sensex
gainers during Tuesday's trade were: Tata Motors, up 5.81 percent at
Rs.333.50; ITC, up 4.21 percent at Rs.342.90; Coal India, up 4.02
percent at Rs.342.75; Cipla, up 3.36 percent at Rs.663.55; and Gail, up
3.17 percent at Rs.307.95.
The major Sensex losers were: BHEL
down 2.82 percent at Rs.198.05, Infosys, down 2.17 percent at
Rs.1,154.85, Maruti Suzuki, down 1.32 percent at Rs.4,357.30, NTPC, down
1.30 percent at Rs.125.75 and Axis Bank, down 1.05 percent at
Rs.506.65.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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