Millennium Post

Sensex tumbles by 146 points to 20,709

Sell-off was led by mainly in realty, FMCG, auto and capital goods sectors following the release of poor service data which contracted for the fifth successive month. India's services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, an HSBC survey said on Wednesday.

The HSBC/Markit Purchasing Managers Index for the services industry inched up to 47.2 in November from 47.1 in October, the fifth sub-50.0 reading and indicated an output contraction across the Indian service economy.

The sensex resumed lower at 20,839.45 and hovered in a wide range of 20,863.37 and 20,673.62 before concluding at 20,708.71, showing a loss of 146.21 points of 0.70 per cent from its last close. The NSE 50-share Nifty dropped by 40.90 points or 0.66 per cent to finish at 6,160.95.

Rupee rises 31p to one-month high of 62.05 per $

Mumbai: The rupee recovered from early losses and gained 31 paise to close at a one-month high of 62.05 against the dollar on Wednesday on fresh selling by exporters and banks, amid foreign capital inflows into local stocks.

The rupee opened lower at 62.40 per dollar against the previous close of 62.36 at the interbank foreign exchange market and dropped further to 62.55 on dollar demand from banks and importers.

It recovered to 62.04 per dollar before ending at 62.05, a gain of 31 paise or 0.50 per cent. The rupee is at the highest level since it ended at 61.62 on 5 November. The rupee traded strong against the dollar due to inflows from foreign banks, which may be partially tied to Power Grid share sale inflows, said Pramit Brahmbhatt, CEO of Alpari Financial Services (India). The rupee gained even as the dollar rose against major currenciec on expectations that key economic data from the US this week could increase pressure on the Federal Reserve to taper its bond-buying programme.
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