Sensex up 30 points amid House FDI debate
28 Nov 2012 4:42 AM IST
In listless trading, the BSE Sensex gained over 30 points at 18,537 on Monday on investor caution amid all-party meet to break the Parliamentary logjam over FDI in multi-brand retail and weak global markets. Rise in heavyweights such as Infosys, L&T, HUL, Bharti Airtel, Tata Motors, Tata Steel and Wipro supported the rise. However fall in M&M, HDFC Bank and ICICI Bank restricted the surge. Tata Steel gained 1.96 per cent following the announcement to cut 900 jobs at its UK units.
The BSE 30-stock index, Sensex, opened higher and moved in a narrow range of 18,590.33 and 18,508.79 before closing the day at 18,537.01, up 30.44 points of 0.16 per cent. The NSE 50-share Nifty also moved up 9.30 points or 0.17 per cent to 5,635.90.
Marketmen said the gains were also restricted ahead of the monthly settlement in the derivative contracts this week, besides mixed investor cues from global markets amid plans to finalise a bailout deal for Greece and budgetary impasse in the US. Asian stocks showed a narrowly mixed trend, while European markets were trading lower in the afternoon. Adjournment of Parliament for the third day without taking any decision on economic reforms also weighed on the market sentiment.
Meanwhile, consensus eluded an all-party meeting called on FDI issue even as Samajwadi Party and BSP provided comfort to the government by not insisting on voting and Trinamool Congress sprang a surprise by speaking in a similar tone. Hindustan Copper plunged 20 per cent to hit its lower daily limit for the second consecutive day to trade after government's stake sale.
Globally, key indices in Japan, Singapore and Taiwan finished higher, while in China, Hong Kong and South Korea the markets were down. European markets were trading lower in their afternoon trade ahead of another Eurogroup meeting on Greece. Indices in France, Germany and UK eased by up to 0.75 per cent.
RS WEAK FOR 5TH STRAIGHT SESSION
The rupee stayed sluggish for the fifth consecutive session with a fall of 22 paise to end at 55.73 against the Greenback on sustained dollar demand from importers and some banks. However, the dollar demand was so strong that sustained capital inflows amid stable dollar overseas and positive local equities could not able to stem the rupee fall, a dealer said.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced better at 55.45 a dollar from last Friday’s close of 55.51 and immediately touched a high of 55.42 on the back of firm local stocks. But an emergence of dollar buying by some banks and importers, mainly oil refiners, to meet their month-end needs later weighed on the rupee and it fell back to a low of 55.89, level not seen since September 6, 2012 when it had touched an intra-day low of 56.03, before closing the day at 55.73, showing a fall if 22 paise or 0.40 pct.
Last Friday, it had tumbled by 30 paise or 0.54 pct. The Indian benchmark sensex today ended up by 30.44 points or 0.16 pct. The dollar index was trading almost flat against a basket of currencies as Europe’s debt problems garnered renewed attention, with euro zone finance ministers set to reconvene later in the global trading day.
Alpari Financial Services (India) CEO Pramit Brahmbhatt,said, ‘The INR continued its weakening spree after the political logjam continued for the third straight session as the government is lacking clear mandate to go ahead with financial and non-financial policy reforms.’
The BSE 30-stock index, Sensex, opened higher and moved in a narrow range of 18,590.33 and 18,508.79 before closing the day at 18,537.01, up 30.44 points of 0.16 per cent. The NSE 50-share Nifty also moved up 9.30 points or 0.17 per cent to 5,635.90.
Marketmen said the gains were also restricted ahead of the monthly settlement in the derivative contracts this week, besides mixed investor cues from global markets amid plans to finalise a bailout deal for Greece and budgetary impasse in the US. Asian stocks showed a narrowly mixed trend, while European markets were trading lower in the afternoon. Adjournment of Parliament for the third day without taking any decision on economic reforms also weighed on the market sentiment.
Meanwhile, consensus eluded an all-party meeting called on FDI issue even as Samajwadi Party and BSP provided comfort to the government by not insisting on voting and Trinamool Congress sprang a surprise by speaking in a similar tone. Hindustan Copper plunged 20 per cent to hit its lower daily limit for the second consecutive day to trade after government's stake sale.
Globally, key indices in Japan, Singapore and Taiwan finished higher, while in China, Hong Kong and South Korea the markets were down. European markets were trading lower in their afternoon trade ahead of another Eurogroup meeting on Greece. Indices in France, Germany and UK eased by up to 0.75 per cent.
RS WEAK FOR 5TH STRAIGHT SESSION
The rupee stayed sluggish for the fifth consecutive session with a fall of 22 paise to end at 55.73 against the Greenback on sustained dollar demand from importers and some banks. However, the dollar demand was so strong that sustained capital inflows amid stable dollar overseas and positive local equities could not able to stem the rupee fall, a dealer said.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced better at 55.45 a dollar from last Friday’s close of 55.51 and immediately touched a high of 55.42 on the back of firm local stocks. But an emergence of dollar buying by some banks and importers, mainly oil refiners, to meet their month-end needs later weighed on the rupee and it fell back to a low of 55.89, level not seen since September 6, 2012 when it had touched an intra-day low of 56.03, before closing the day at 55.73, showing a fall if 22 paise or 0.40 pct.
Last Friday, it had tumbled by 30 paise or 0.54 pct. The Indian benchmark sensex today ended up by 30.44 points or 0.16 pct. The dollar index was trading almost flat against a basket of currencies as Europe’s debt problems garnered renewed attention, with euro zone finance ministers set to reconvene later in the global trading day.
Alpari Financial Services (India) CEO Pramit Brahmbhatt,said, ‘The INR continued its weakening spree after the political logjam continued for the third straight session as the government is lacking clear mandate to go ahead with financial and non-financial policy reforms.’
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