Mumbai: Logging its best gain in three weeks, the benchmark Sensex on Wednesday jumped by 85 points on rise in ICICI Bank, Reliance Industries and L&T shares, ahead of industrial production and retail inflation data releases.
Smallcap and midcap stocks, however, witnessed volatility as the railway budget did not contain any big-bang measure even as passenger fares and freight rates were left untouched. The BSE Sensex resumed higher at 20,449.83 and firmed up further to a high of 20,516.60 on initial strong buying. It declined afterwards to 20,427.23, before settling at 20,448.49 - showing a rise of 85.12 points of 0.42 per cent. This is the best gain since 86.55-point increase on January 22, 2014. Yesterday, the bluechip index rose by 29.10 points.
Shares of refinery, capital goods and banking sectors saw good demand while metal, FMCG and realty suffered losses.
ICICI Bank (3.11 per cent), GAIL (2.57 per cent) and ONGC (2.50 per cent) led the 17 gainers in 30-share index. Index heavyweight RIL rose 1.48 per cent after shedding about two per cent yesterday after Delhi government said police complaints would be filed against RIL, its Chairman Mukesh Ambani and Oil Minister Veerappa Moily for creating an artificial shortage of gas in the country and raising prices.
Tata Steel, ITC and Maruti Suzuki were among biggest laggards in the BSE Sensex.
"Shares of companies related to Rail budget, were seen losing from 2-7 percent, due to lack of major expected announcements. Kernex, Kalindee, Stone India were some of the stocks impacted," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
Meanwhile, the NSE 50-share Nifty rose 21.30 points, or 0.35 per cent, to end at 6,084.00. Globally, Asian indices ended higher following upbeat trade data from China. An optimistic economic outlook from Federal Reserve Chair Janet Yellen also whetted investors' risk appetite.
Indices in China, Japan, South Korea, Singapore, Hong Kong and Taiwan rose 0.20-1.47 per cent. European stocks were also trading higher as indices in France, Germany and the UK firmed up.
Jignesh Chaudhary, Head of Research, Veracity Broking Services said: "Indian equity markets traded positive today tracking firm global cues after the new Fed Chairman favoured continuing the trend in supporting the stimulus programme. This helped global markets gain some momentum, which was reflected positively in Indian markets too."
Seventeen scrips out of the 30-share Sensex pack ended higher while 13 scrips finished with losses. Major gainers were ICICI Bank 3.11 per cent, Gail India 2.57 per cent, ONGC 2.50 per cent, Larsen & Toubro 1.72 per cent, BHEL 1.48 per cent, HDFC 1.28 per cent, HUL 1.15 per cent, SBI 0.94 per cent and Bharti Airtel 0.92 per cent.
However, Tata Steel fell by 4.05 per cent, Maruti Suzuki 1.57 per cent, Dr Reddy's Lab 1.62 per cent, ITC 1.46 per cent, NTPC 1.21 per cent, Hindalco Industries 1.15 per cent, Tata Power 0.86 per cent and Sesa Sterlite 0.79 per cent.
Among the S&P BSE sectoral indices, Oil&Gas rose by 1.27 per cent, Capital Goods 1.51 per cent and Bankex 0.95 per cent. In total, six of the 12 sectoral indices jumped while the balance six like Metal (down 1.33 per cent) and FMCG (0.85 per cent) fell.
Market breadth remained negative as 1,343 stocks lost ground while 1,282 scrips gained. Meanwhile, Foreign Institutional Investors (FIIs) sold shares Rs 165.40 crore (net) yesterday as per the provisional data issued by the stock exchanges.
Next: Rupee rises 12 paise to three-week high of 62.10 vs dollar
Rupee rises 12 paise to three-week high of 62.10 vs dollar
Mumbai: Rising for the second day, the rupee on Wednesday strenghtened by 12 paise to end at a three-week high of 62.1 against the dollar on capital inflows linked to rise in stocks and a weak American currency ahead of US retail sales.
The rupee traded in a tight range in otherwise listless trade as participants eyed domestic industrial production data and retail inflation figure, said forex traders. After forex markets closed, the government said retail inflation dropped to 8.79 per cent in January versus 9.87 per cent in December.
IIP contracted 0.6 per cent in December. The rupee commenced higher at 62.08 a dollar from last close of 62.22 but immediately touched a low of 62.1750. Later, it recovered and rose to a high of 62.04. It finally concluded at 62.10, showing a rise of 12 paise or 0.19 per cent. Yesterday, it had gained 21 paise or 0.34 per cent.
Rupee's closing value of 62.10 against dollar is the highest since 61.93 on January 23, 2014. Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said: "Yesterday, dollar declined against its rivals after that country’s major trade partner China reported stronger than expected exports growth in January. Taking cues from this, the rupee appreciated. The trading range for the spot rupee is expected to be within 61.80 to 63.20."
The dollar weakened against all but two of its 16 major peers on fears thaty US retail sales were sluggish last month. The benchmark S&P BSE Sensex today improved further by 85.12 points or 0.42 per cent.
As per stock exchange data, FIIs pumped in Rs 200 crore in equities today. Forward dollar premiums softened further on sustained receipts by exporters. The benchmark six-month forward dollar premium payable in July declined to 241-243 paise from 242-246 paise and far forward contracts maturing in January also eased to 482.5-484.5 paise from 484.5-486.5 paise previously.
The RBI fixed the reference rate for the dollar at 62.1250 and for the euro at 84.7215. The rupee fell back against the pound to end at 102.76 from 102.20. It rebounded to 84.58 per euro from 85.01 previously. It, however, improved further to 60.65 per 100 Japanese yen from 60.79....