HindustanTimes Sat,19 Apr 2014

Sensex shrugs rupee fall, rises 407 pts on China recovery

HT Correspondent, Hindustan Times  Mumbai, August 22, 2013
First Published: 10:11 IST(22/8/2013) | Last Updated: 21:03 IST(22/8/2013)

The Sensex on Thurs­day bucked the trend of falling along with the rupee, by rising 407.03 points, or 2.27%, to close at 18,312.94 points.


The Sensex swung 590 points between the day’s high of 18,349.82 and low of 17,759.59 before closing at 18,312.94.

“The PMI (Purchasing Managers Index) data from China was very strong,” says AK Prabhakar, senior vice-president and head of equity research (retail), Anand Rathi Financial Services. Thus, metals and commodity stocks surged, lifting the markets.

“There was a bounce-back as levels had been beaten down in recent sessions,” says Tirthankar Patnaik, director, Religare Capital Markets.

Also, there was no negative news from the Federal Open Markets Committee about withdrawal of QE. Thus, overselling in the recent sessions was one of the reasons markets bounced back.

Metals stocks led the rally on Thursday, with the metal’s index gaining by 8.23% in the rally on positive China data. Metal companies like Sesa Goa (up 13.10%), Hindalco (up 10.93%), Sterlite (up 10.42%) and Tata Steel (up 10.22%) were the top gainers on.

more from Business

700 trainees opt for exit plan at Nokia’s Chennai plant

Finnish handset maker Nokia, struggling to shepherd its Chennai plant into its agreement to be bought by US software giant Microsoft amid tax disputes in India, has got some success with 736 of its trainees accepting the voluntary separation scheme.
Most Popular
Copyright © 2014 HT Media Limited. All Rights Reserved