Sensex up 424 points on China’s late rally, PM’s India Inc meet
10 Sept 2015 2:24 AM IST
Trading mood also perked up after Prime Minister Narendra Modi met top CEOs, bankers, economists and ministers and discussed ways to bolster the economy amid <g data-gr-id="33">global</g> slowdown. “The government’s meeting with corporate leaders, acknowledging the global concerns, which is impacting India has calmed the market,” Vinod Nair, Head-Fundamental Research at Geojit BNP Paribas Financial Services.
In line with domestic equities, the rupee also rebounded from two-year lows. After opening in the positive zone, the 30-share Sensex barometer rose further to regain the 25,000-level in early trade. However, it gave up all of its gains on <g data-gr-id="26">emergence</g> of profit-booking at every rise.
The index again bounced back in afternoon deals, tracking rebound in global markets and surged to day’s high of 25,411 before ending at 25,317.87, a hefty rise of 424.06 points (1.70 per cent). The gauge had lost 870.97 points in the last two sessions on China worries and deficient rains.
The 50-issue NSE Nifty after reclaiming 7,700-level to hit a high of 7,720.90 <g data-gr-id="28">points,</g> finally settled 129.45 points or 1.71 per cent higher at 7,688.25. GAIL was the biggest BSE gainer with a rise of 6.48 per cent, followed by Tata Steel 5.97 per cent.
Overall, 26 counters gained from the 30-scrip index. Other major gainers were ICICI Bank, Vedanta, L&T, M&M, SBI, Tata Motors, HDFC, NTPC, HDFC Bank, RIL, Maruti Suzuki, Wipro, ONGC, Hindalco, Hero MotoCorp and Sun Pharma.
The BSE mid-cap index recovered by 1.02 per cent and <g data-gr-id="34">small-cap</g> index rose 0.60 per cent. Sectorally, banking index gained the most by rising 3.61 per cent, followed by power 3.17 per cent, capital goods 3.16 per cent, realty 2.63 per cent and metal 2.33 per cent.
<g data-gr-id="65">Commexes</g>’ April-August turnover surges 17.55% to Rs 28.75 trillion
The turnover of the commodity exchanges rose by 17.55 per cent to Rs 28.75 lakh crore in the April-August period of the fiscal on sharp jump in trade volumes in crude oil and other metals, Forward Markets Commission (FMC) said on Tuesday. The exchanges had generated a business of Rs 24.46 lakh crore in the same period last year, the commodity markets regulator said in a statement.
Much of the turnover was from energy basket, especially crude oil, followed by metals and <g data-gr-id="62">agri</g>-commodities. According to the FMC, the turnover from energy items rose by almost 50 per cent to Rs 8.04 lakh crore in April-August of the 2015-16 fiscal from Rs 5.37 lakh crore year-ago.
Rs bounces back by 27 paise to 66.55 against $
In line with equity market, the rupee recovered by 27 paise on Tuesday to finish at 66.55 against the dollar on fresh selling of dollars by banks and exporters amidst weakness of <g data-gr-id="100">dollar</g> in overseas. The domestic unit resumed marginally higher at 66.77 per dollar against Monday’s closing level of 2-year low of 66.82 at the Interbank Foreign Exchange (Forex) market. It hovered in a range of 66.7950 to 66.5325 per dollar before ending at 66.55 per dollar, showing a recovery of 27 paise or 0.40 per cent. The rupee dropped 63 paise or 0.95 per cent in last three trading days.
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