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Sensex ends losing streak, ends 403 points higher
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SME Times News Bureau | 20 Feb, 2019
A slight ease in crude oil prices along with value buying and a strong
rupee aided the benchmark Sensex to snap its longest consecutive
sessions fall in the last eight years on Wednesday.
Accordingly,
the benchmark index closed with handsome gains of over 400 points while
the Nifty50 jumped past the 10,700 mark after struggling in the past
sessions.
Adding to the positive momentum were the gains made by
the rupee and healthy domestic investment which were supported by
expectations that the US and China may resolve their trade tensions.
"Positive
global markets lifted the domestic market sentiments after 2 weeks of
under performance. Dovish minutes from US Fed and resumption of dialogue
between US and China added positive vibes to the global market," said
Vinod Nair, Head of Research, Geojit Financial Services.
"Strong inflows from DIIs, appreciation of rupee and value buying in mid and small caps helped the domestic market."
The
S&P BSE Sensex closed 403.65 points or 1.14 per cent higher at
35,756.26 from its previous close of 35,352.61, while the NSE Nifty50
ended 131.10 points or 1.24 per cent higher at 10,735.45.
Among
the top gainer were Vedanta, which inched up 4.67 per cent, followed by
Tata Steel, up 4.13 per cent. ONGC, NTPC and Yes Bank came next.
Sensex saw only four stocks ending in the red led by Hero Moto Corp, Hindustan Uniliver, Bajaj Auto and IndusInd Bank.
"During
the penultimate hour, we saw emergence of strong buying interest,
reclaiming 10,700 convincingly by adding more than 130 points to the
bulls' kitty," said Sameet Chavan, Chief Analyst, Technical and
Derivatives, Angel Broking. Historically, Chavan said it had
been observed that whenever index corrects for eight straight sessions
without surpassing the previous day's high, the ninth day becomes a
reversal day or a bounce back day.
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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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