Saturday, 29 September 2012

Sensex up 183 pts; ends at 15-mth high on strong rupee

Sensex up 183 pts; ends at 15-mth high on strong rupee
Clean Media Correspondent

Mumbai, Sept 29 (CMC) The BSE benchmark Sensex today jumped by 183 points to end at a 15-month high on buying in auto, FMCG and metal stocks amid strong global cues and a surging rupee. After gaining 269 points at the outset, the Sensex closed up 183.24 points, or 0.99 per cent, at 18,762.74, a level last seen on July 7. The 30-share barometer has gained 8.2 per cent this month.

The broad-based National Stock Exchange index Nifty climbed to psychological 5,700 level by adding 53.80 points, to end at 5,703.30. It touched the day's high of 5,735.15.

A firming global trend and the rupee rising to five-month high against the dollar helped the market commence the new settlement in the derivatives segment on a promising note.

Brokers said the sentiment bolstered on sustained foreign funds inflow amid expectation that the government’s policy reforms will revive investments and economic growth.

The Sensex has risen 4.7 per cent since September 13 when the government hiked diesel prices and opened retail and aviation sectors to foreign direct investments.

There were more supporting factors like firm foreign markets on optimism Spanish and French measures to reduce budget deficits might help in resolving the region’s debt crisis, brokers said.

In 30-BSE index components, 25 stocks closed with gains. Reliance Industries, HDFC Ltd, Hindustan Unilever, ITC, Maruti Suzuki, Mahindra and Mahindra and Tata Motors were among the major gainers.

The current rally was led by auto, consumer durables and FMCG stocks.

The auto sector index gained the most by 1.89 per cent to 10,413.19 followed by consumer durables by 1.63 per cent to 6,939.84. FMCG index rose by 1.42 per cent to 5,507.46.

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