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Value buying, oil prices lift Sensex by 361 points
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SME Times News Bureau | 07 Dec, 2018
Bargain hunting and lower crude oil prices lifted the key Indian equity market indices by around 1 per cent on Friday.
The day's gains come after a three-day losing streak, with the S&P BSE Sensex closing over 360 points higher.
The
rise in the market was boosted by a surge in banking stocks, analyst
said. The S&P BSE banking Index closed 485.24 points higher.
Index-wise, the Nifty50 on the National Stock Exchange (NSE) ended higher by 93 points or 0.87 per cent at 10,693.70 points.
The Sensex closed at 35,673.25 points, up 361.12 points or 1.02 per cent, against the previous close of 35,312.13 points.
It opened at 35,494.86, and touched an intra-day high of 35,730.05 points and a low of 35,378.27 points.
In
the broader markets, the BSE Mid-cap rose 0.23 per cent, while the BSE
Small-cap was down 0.27 per cent. The BSE market breadth was in favour
of declines with 1,499 declines against 1,079 advances during the day.
The rest 145 stocks on the BSE remained unchanged.
"Markets were
largely propelled by bargain hunting as investors continue to stay
cautious ahead of the exit poll results of five state elections due
after market hours today (Friday)," said Abhijeet Dey, Senior Fund
Manager-Equities, BNP Paribas Mutual Fund.
"Sectoral performance
on the National Stock Exchange (NSE) was mixed. While the banking and
financial services indices registered sharp gains, the metal and
information technology indices closed the day in the red."
According
to analysts, a drop in crude oil prices also buoyed investors'
sentiments. On Friday, the Brent crude oil price fell below the
$60-per-barrel mark and traded at around $59 per barrel.
Oil
prices fell after the Organisation of Petroleum Exporting Countries
(OPEC) delayed the output-cut decision on Thursday as it awaited support
from Russia, a non-OPEC major oil producing country.
"Domestic
market rebounded today (Friday) along with global market which has
lightened up, hoping for a resolution of US-China trade war," Geojit
Financial Services' Head of Research Vinod Nair said.
"OPEC's decision to delay the final resolution to cut oil output caused prices to fall, boosting sentiments in India."
On the currency front, the rupee settled at 70.80 per US dollar, strengthened by 10 paise from the Thursday's close of 70.90.
Selling
by Foreign Institutional Investors (FII) continued on Friday with a
total of Rs 817.40 crore worth scrips sold by FIIs, while Domestic
Institutional Investors (DII) purchased scrips worth Rs 242.56 crore,
provisional data from the BSE showed.
Among the sectors, other
than banking, auto and capital goods stocks witnessed healthy buying
through the day's trade. The S&P BSE capital goods index rose 171.72
points and the S&P BSE auto index ended 156.38 points higher.
On
the other hand, the S&P BSE oil and gas index fell 85.32 points,
the metal index fell 60.48 points and the healthcare index was down
19.68 points.
Kotak Mahindra Bank was the highest gainer as its
share price rose 8.53 per cent or Rs 100.75 per share on the BSE Sensex
to Rs 1,282.25. Its stock price jumped amid reports of Berkshire
Hathaway Inc buying a stake in the bank.
The other top gainers
on the Sensex were Adani Ports (up 2.71 per cent, at Rs 373.75), Bajaj
Auto (up 2.23 per cent, at Rs 2,779.75), Infosys (up 1.92 per cent, at
Rs 681.05) and Asian Paints (up 1.82 per cent, at Rs 1,318.60).
The
major losers were Sun Pharma (down 2.09, at Rs 411.30), Coal India
(down 1.62 per cent, at Rs 236.80), Yes Bank (down 1.31 per cent, at Rs
166.10), NTPC (down 0.93, at Rs 137.85) and Tata Steel (down 0.62 per
cent, at Rs 507.90).
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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
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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