Mumbai, Oct 7: Equity benchmark Sensex rallied 488 points on Thursday, tracking gains in Titan, TCS and ICICI Bank amid a positive trend in global equities.
The 30-share BSE index ended 488.10 points or 0.82 per cent higher at 59,677.83. Similarly, the NSE Nifty rose 144.35 points or 0.82 per cent to 17,790.35.
Titan was the top gainer in the Sensex pack, zooming over 10 per cent, followed by M&M, Maruti, IndusInd Bank, Asian Paints, Sun Pharma, HCL, TCS, Tech Mahindra and ICICI Bank.
On the other hand, Dr Reddy’s, HDFC, Bajaj Finserv, Nestle India and HUL were among the laggards.
“Bulls stepped up the accelerator ahead of the RBI policy, led by the auto Index which was up 4.5 per cent in afternoon trade. As the festive season commenced we saw heightened activity in textiles, consumer durables and real estate stocks,” said S Ranganathan, Head of Research at LKP Securities.
The IT Index lent good support ahead of earnings starting on Friday.
“While the street would be keen to watch the RBI stance tomorrow, the market breadth was very good with the small and midcap indices buzzing with optimism,” he added.
Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended with significant gains. Shanghai was closed for holidays.
Stock exchanges in Europe were also trading on a positive note in mid-session deals.
Meanwhile, international oil benchmark Brent crude slipped 0.97 per cent to USD 80.29 per barrel. (AGENCIES)
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BIZ-RUPEE-CLOSE
Rupee recovers 19 paise to end at 74.79 against US dollar
Mumbai, Oct 7:
The rupee snapped its three-session losing streak to settle 19 paise higher at 74.79 (provisional) against the US dollar on Thursday, tracking a positive trend in domestic equities and a decline in crude oil prices.
At the interbank forex market, the local unit opened at 74.77 against the greenback and witnessed an intra-day high of 74.70 and a low of 74.93.
It finally ended at 74.79 against the American currency, registering a gain of just 19 paise over its previous close. On Wednesday, the rupee suffered its biggest single-day drop in six months, losing 54 paise against the US dollar to end at 74.98.
“The Indian rupee appreciated after falling for three days in row and touching more than five months low. Profit booking in crude oil prices and dollar index and recovery in riskier assets supported local currency to rebound from psychological level of 75,” HDFC Securities Research Analyst Dilip Parmar said.
Market sentiment remains bearish for rupee but short-term recovery cannot be ruled out after the sell-off in the last couple of days. In near term, spot USDINR is having support at 74.50 and resistance at 75, Parmar said.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.06 per cent to 94.20.
On the domestic equity market front, the BSE Sensex ended 488.10 points or 0.82 per cent higher at a 59,677.83, while the broader NSE Nifty advanced 144.35 points or 0.82 per cent to close at 17,790.35.
Brent crude futures, the global oil benchmark, fell 1.07 per cent to USD 80.21 per barrel.
Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 802.81 crore, as per exchange data. (AGENCIES)
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