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Equities surge on positive global cues, healthy Q3 results
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SME Times News Bureau | 11 Jan, 2017
Positive global cues, coupled with healthy third quarter (Q3) results pushed the Indian equities markets higher on Wednesday.
Besides,
higher global crude oil prices and anticipation of sops to be announced
during the Union Budget enhanced investors' risk-taking appetite.
However, foreign fund outflows, rupee depreciation and caution ahead of major macro-economic data announcements capped gains.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 92.05 points or 1.11 per cent to 8,380.65 points.
The
barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at
26,978.44 points, closed at 27,140.41 points -- up 240.85 points or
0.90 per cent from the previous close at 26,899.56 points.
The Sensex touched a high of 27,174.87 points and a low of 26,978.44 points during the intra-day trade.
The BSE market breadth was tilted in favour of the bulls -- with 1,726 advances and 1,079 declines.
On
Tuesday, the Indian equities markets surged on the back of expectations
on more spending support from the upcoming Union Budget and a
strengthened rupee.
The NSE Nifty rose by 52.55 points or 0.64
per cent to 8,288.60 points, while BSE Sensex surged by up 173.01 points
or 0.65 per cent.
"The equities markets closed above their
eight-week highs as positive global cues in anticipation of a stimulus
announcement from (Donald) Trump buoyed investors' sentiments," Dhruv
Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
According
to Desai, because of demonetisation effect, expectation of
sops/benefits from the government in the forthcoming Union Budget is
making the market cheerful.
"The global rating agency Moody has
maintained positive outlook on India, saying demonetisation may have
short-term impact on growth," Desai added.
"Global markets too
are not witnessing any selling and so lack of FII (foreign institutional
investors) selling plus expectation from budget and better than
expected result from companies are lifting the stocks in our market."
In
terms of investments, provisional data with exchanges showed that the
FIIs sold stocks worth Rs 627.30 crore, whereas the domestic
institutional investors (DIIs) purchased scrip worth Rs 1,116.15 crore.
However,
caution prevailed a day ahead of the release of the Index of Industrial
Production (IIP) and Consumer Price Index (CPI) data for December by
India's Central Statistics Office (CSO).
The CPI data will be followed by the release of Wholesale Price Index (WPI) by the Ministry of Commerce and Industry.
In
addition, the Indian rupee lost its value on domestic bourses during
the day's trade. It weakened by 14 paise to 68.33 against a US dollar
from its previous close of 68.19 to a greenback.
"Weak triggers
came from firm overseas dollar as broadly dollar witnessed buying
against major pairs ahead of a news conference by the US President-elect
Donald Trump in which he is expected to spell out more about his plans
for the economy," SMC Global Securities said in a commentary to IANS.
"Moreover, from the domestic front higher crude oil prices and news of lower expectation of GDP data are weighing on the rupee."
Sector-wise, all the 19 sub-indices of the BSE ended in the green, except the IT index, which slipped by 1.78 points.
The
S&P BSE banking index augmented by 505.72 points, the metal index
rose by 475.38 points and the automobile index edged up by 202.20
points.
Major Sensex gainers on Wednesday were: Coal India, up
5.41 per cent at Rs 316.65; Tata Steel, up 3.99 per cent at Rs 448.10;
Lupin, up 2.20 per cent at Rs 1520.30; Larsen and Toubro (L&T), up
1.91 per cent at Rs 1,412.80; and ICICI Bank, up 1.79 per cent at Rs
264.95.
Major Sensex losers were: Bajaj Auto, down 0.85 per cent
at Rs 2,717.55; ITC, down 0.56 per cent at Rs 247.50; Reliance
Industries, down 0.28 per cent at Rs 1,084.10; ONGC, down 0.18 per cent
at Rs 197.55; and Infosys, down 0.16 per cent at Rs 969.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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