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Global cues, RIL stock surge push Sensex, Nifty higher
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SME Times News Bureau | 22 Feb, 2017
Despite a volatile trade session, the Indian equities markets managed to
close on a positive note, as healthy global cues buoyed investors
sentiments.
Besides, an exponential rise in Reliance Industries
Ltd (RIL) stock prices, a day after Reliance Jio announced its tariff
plans along with buying support in the oil and gas, and banking sectors
pushed the key domestic indices higher.
However, outflow of foreign funds and caution ahead of crucial economic events capped gains.
Investors
were anxious before the release of US Fed's Federal Open Market
Committee (FOMC) and the Reserve Bank of India's Monetary Policy
Committee's (MPC) minutes as well as derivatives expiry.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 19.05 points or 0.21 per cent to 8,926.90 points.
The
barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at
28,822.40 points, closed at 28,864.71 points -- up 103.12 points or
0.36 per cent, from the previous close at 28,761.59 points.
The Sensex touched a high of 28,963.52 points and a low of 28,789.30 points during the intra-day trade.
In contrast, the BSE market breadth was tilted in favour of the bears -- 1,777 declines and 1,085 advances.
Similarly, in terms of broader markets, both the BSE mid-cap and small-cap index fell by 0.58 per cent each.
On
Tuesday, the benchmark indices touched their new closing highs of 2017
on the back of an announcement of a share buy-back by IT major Tata
Consultancy Services (TCS) and healthy buying support in the banking
sector.
The NSE Nifty rose by 28.65 points or 0.32 per cent to
close at 8,907.85 points, and the BSE Sensex was up 100.01 points or
0.35 per cent at 28,761.59 points.
"Major Asian markets ended on a
positive note, barring the Nikkei index. European indices like FTSE
100, DAX and CAC 40 too traded higher," Deepak Jasani, Head - Retail
Research, HDFC Securities, told IANS.
According to other market
observers, strong performance of Reliance Industries was one of the main
reasons for the market to end in the positive territory.
"It was
Reliance Industries' day under the sun. The stock zoomed after the
company announced that it will be stopping its free service for its
telecom venture Reliance Jio," Vijay Singhania, founder and Director of
brokerage firm Trade Smart Online, told IANS.
On the currency
front, the Indian rupee weakened by four paise to 66.97 against a US
dollar from its previous close of 66.93 to a greenback.
In terms
of investments, the provisional data with exchanges showed that foreign
institutional investors (FIIs) sold stocks worth Rs 259.21 crore,
whereas the domestic institutional investors (DIIs) purchased scrip
worth Rs 917.97 crore.
Commenting on the sector-specific
movement, Dhruv Desai, Director and Chief Operating Officer of
Tradebulls, said: "IT, banking, pharma, auto, oil-gas and textile sector
stocks traded with mixed sentiments, whereas aviation sector stocks
traded firm tracking bearish crude oil prices."
"Media-entertainment, FMCG, cement and power sector stocks traded with bearish sentiments due to selling pressure."
Sector-wise,
the S&P BSE oil and gas index augmented by 238.09 points, followed
by the energy index, which surged by 145.59 points, and the banking
index, which edged up by 56.37 points.
On the other hand, the
S&P BSE consumer durables index dipped by 187.73 points, the IT
index slipped by 175.24 points, and the healthcare index edged down by
93.61 points.
Major Sensex gainers on Tuesday were: Reliance
Industries, up 10.97 per cent at Rs 1,207.65; Axis Bank, up 3.93 per
cent at Rs 524.45; Asian Paints, up 2.92 per cent at Rs 1,020.05; Coal
India, up 2.63 per cent at Rs 328.00; and Hero MotoCorp, up 1.16 per
cent at Rs 3,164.80.
Major Sensex losers were: NTPC, down 3.36
per cent at Rs 166.60; Tata Consultancy Services (TCS), down 2.22 per
cent at Rs 2,409.55; Power Grid, down 2.19 per cent at Rs 201.30;
Infosys, down 2.08 per cent at Rs 991.85; and Tata Steel, down 1.49 per
cent at Rs 483.30.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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