Millennium Post

Sensex makes 2-month high rally of 517 points on firm global cues

Bargain hunting across-the-spectrum prompted by rally in global markets on Monday after recent one week of strong bearish trend aided both the key indices, S&P BSE Sensex and the CNX Nifty, to bounce back by 517 points -biggest gain in more-than last two months- and 151 points respectively.

Small-cap and mid-cap counters too attracted heavy buying interest from retail investors as their indices outperformed the sensex. The rally was seen across-the-board as all 12 sectoral indices closed in the green between 0.47 pct and 2.82 pct with capital goods, realty, FMCG, bankex, auto and metal segments leading the pack.

Fall in global crude oil prices which bolstered the domestic bourses amid good buying by domestic funds too helped the market to rebound sharply. The country imports nearly 80 pct of its crude oil requirements. Strong upsurge in HDFC, ITC, HDFC Bank, L&T, Axis Bank, Infosys, TCS, ICICI Bnk, ONGC, Bharti Airtel, and SBI together mainly contributed more-than 425 points to the sensex kitty.

The benchmark S&P BSE Sensex resumed with upward gap of almost 200 points and gradually moved upwards to regain 28K-mark to a high of 28,017.97 before closing at 27,975.86, exhibiting a rise of 517.22 points or 1.88 pct. Previously, it had gained 522.66 points or 1.85 pct on January 20, 2015.

Similarly, the 50-issue CNX Nifty of the NSE also sprung back by 150.90 points or 1.81 pct to end at 8,492.30. It logged an intra-day high of 8,504.55.

Rs falls 26 paise to 62.67 per $

The rupee ended lower by 26 paise at 62.67 against the US currency due to renewed month-end demand from importers for the dollar.

Fresh capital outflows and dollar gains in overseas markets also weighed on the rupee, while strong rebound in local equities restricted the rupee’s fall, a dealer said.

At Interbank Foreign Exchange (Forex) market, the domestic currency resumed weak at 62.55 per dollar from previous close of 62.41 and moved in a range of 62.6900 and 62.5225 before concluding at 62.67, a fall of 26 paise or 0.42 per cent. On Friday, it had gained 26 paise or 0.41 per cent.
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