Iran deal lifts Sensex by 388 points as oil prices tumble
26 Nov 2013 11:34 PM GMT
Barring IT index, which closed in the red following fall in Infosys, other 12 sectoral indices finished in the green between 0.07 per cent and 3.82 per cent with capital goods, banking, realty, PSU, FMCG and auto segments leading the pack.
Smart rise in heavyweights like ICICI Bank, ITC, HDFC, HDFC Bank, L&T, Tata Motors, SBI, ONGC and RIL together contributed over 300 points to the sensex gains.
The Bombay Stock Exchange 30-share barometer resumed higher and remained in positive terrain throughout the day to settle at 20,605.08, exhibiting a rise of 387.69 points or 1.92 per cent . In the last three straight sessions, it had plunged by 673.43 points or 3.22 per cent.
The broader 50-issue CNX Nifty of the NSE also flared up by 119.90 points or 2.00 per cent to 6,115.35.
Market may remain volatile for next couple of days on the alternate bouts of buying and selling due to expiry of derivatives contract on 28 November.
Barring, China and Hong Kong, other Asian stocks closed with gains as Iran agreed to limit its nuclear programme.
Key benchmark indices in Japan, Singapore, South Korea and Taiwan closed higher between 0.25 per cent and 1.54 per cent while that of China and Hong Kong ended down by 0.47 per cent and 0.05 per cent respectively.
European markets were trading higher in their early trade as Iran agreed to limit its nuclear programme and as investors awaited a report on US pending-home sales. Key indices in France, Germany and Uk moved up by 0.46 per cent to 0.76 per cent.
Jignesh Chaudhary, Head Of Research, Veracity Broking Services said: ‘Markets closed in the green today (Monday) owing to some positive sentiments in the market created by drop in crude oil prices by over $2 owing to a breakthrough nuclear deal between Iran and other world powers. Lower crude prices will reduce India's import bill thus cushioning the rising CAD and will also contain inflation in the long term.’
‘These factors are good for the market and it reacted by trading positive and closed above 387 points at 20,605. Overall, 27 scrips out of the 30-share Sensex pack ended higher while the remaining three closed lower. The major gainers were Bhel (5.22 per cent), ICICI Bank (5.07 per cent), Larsen &
Toubro (3.98 per cent), ONGC (3.70 per cent), SBI (3.69 per cent), Tata Motors (3.28 per cent), HDFC (3.14 per cent), Maruti Suzuki (2.94 per cent) and HDFC Bank (2.66 per cent).
Rupee up 37p to 62.50 per $
MUMBAI: The rupee gained 37 paise to 62.50 against the dollar on Monday after global crude oil prices dropped following a deal to restrict Iran’s nuclear programme. Lower oil prices would reduce the import bill for the country, which buys about 80 per cent of its crude requirements from overseas, and help to narrow the current account deficit.
At the interbank foreign exchange market, the rupee opened strong at 62.67 a dollar from the previous close of 62.87 and moved in a range of 62.44 to 62.70 before ending at 62.50, a rise of 37 paise or 0.59 per cent. ‘Rupee closed strong for the day, taking cues from local equities which finished positive after news of the key deal between world powers and Iran on its controversial nuclear programme,’ said Pramit Brahmbhatt, CEO of Alpari Financial Services (India).
Smart rise in heavyweights like ICICI Bank, ITC, HDFC, HDFC Bank, L&T, Tata Motors, SBI, ONGC and RIL together contributed over 300 points to the sensex gains.
The Bombay Stock Exchange 30-share barometer resumed higher and remained in positive terrain throughout the day to settle at 20,605.08, exhibiting a rise of 387.69 points or 1.92 per cent . In the last three straight sessions, it had plunged by 673.43 points or 3.22 per cent.
The broader 50-issue CNX Nifty of the NSE also flared up by 119.90 points or 2.00 per cent to 6,115.35.
Market may remain volatile for next couple of days on the alternate bouts of buying and selling due to expiry of derivatives contract on 28 November.
Barring, China and Hong Kong, other Asian stocks closed with gains as Iran agreed to limit its nuclear programme.
Key benchmark indices in Japan, Singapore, South Korea and Taiwan closed higher between 0.25 per cent and 1.54 per cent while that of China and Hong Kong ended down by 0.47 per cent and 0.05 per cent respectively.
European markets were trading higher in their early trade as Iran agreed to limit its nuclear programme and as investors awaited a report on US pending-home sales. Key indices in France, Germany and Uk moved up by 0.46 per cent to 0.76 per cent.
Jignesh Chaudhary, Head Of Research, Veracity Broking Services said: ‘Markets closed in the green today (Monday) owing to some positive sentiments in the market created by drop in crude oil prices by over $2 owing to a breakthrough nuclear deal between Iran and other world powers. Lower crude prices will reduce India's import bill thus cushioning the rising CAD and will also contain inflation in the long term.’
‘These factors are good for the market and it reacted by trading positive and closed above 387 points at 20,605. Overall, 27 scrips out of the 30-share Sensex pack ended higher while the remaining three closed lower. The major gainers were Bhel (5.22 per cent), ICICI Bank (5.07 per cent), Larsen &
Toubro (3.98 per cent), ONGC (3.70 per cent), SBI (3.69 per cent), Tata Motors (3.28 per cent), HDFC (3.14 per cent), Maruti Suzuki (2.94 per cent) and HDFC Bank (2.66 per cent).
Rupee up 37p to 62.50 per $
MUMBAI: The rupee gained 37 paise to 62.50 against the dollar on Monday after global crude oil prices dropped following a deal to restrict Iran’s nuclear programme. Lower oil prices would reduce the import bill for the country, which buys about 80 per cent of its crude requirements from overseas, and help to narrow the current account deficit.
At the interbank foreign exchange market, the rupee opened strong at 62.67 a dollar from the previous close of 62.87 and moved in a range of 62.44 to 62.70 before ending at 62.50, a rise of 37 paise or 0.59 per cent. ‘Rupee closed strong for the day, taking cues from local equities which finished positive after news of the key deal between world powers and Iran on its controversial nuclear programme,’ said Pramit Brahmbhatt, CEO of Alpari Financial Services (India).
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