The 50-share NSE Nifty is still in its upward spiral amid a choppy trade, supported by oil & gas, capital goods, metals and financials (barring HDFC Bank). The current short covering-led upmove was despite falling rupee and weak Asian cues. The BSE Sensexrose 100.31 points to 16046.41, and the NSE Nifty moved up 28.15 points to 4,806.50.
The Indian rupee touched an all-time low of 52.72 to the dollar today as against 52.16 on Monday, which resulted outflow of foreign money. It depreciated by 74 paise at 70.99 to an euro. Nilesh Shah of Axis Direct points out to high gold imports as the reason for the weakness in rupee.
Sudarshan Sukhani of technicaltrends.com expects rupee to be at 55 to the dollar. He said he would maintain the short positions.
Major largecaps like Reliance Industries, HDFC, Infosys, ICICI Bank and ONGC gained 1-1.8%. Tata Motors, Hindalco and BHEL were top gainers, rising 2.5% each.
L&T and SBI rose 0.7% each. Tata Steel, JSPL, Cipla, NTPC and Maruti were up 1% each.
However, Bharti tumbled nearly 2% and Bajaj Auto lost 2.5%. Hero Motocorp, TCS and Wipro were other losers.
On the global front, Asian markets like Shanghai, Nikkei, Hang Seng and Taiwan fell 1% each. Straits Times and Kospi were flat.
At 9:20 hours IST : Sensex rebounds 100 points; Re hits 52.44/$
The Indian equity benchmarks—Sensex and Nifty—opened above the 16,000 and 4,800 mark, respectively. Short covering helped the market. It was warranted after a fall of more than 1,600 points on the Sensex in the last eight days.
The 30-share BSE Sensex gained 135 points at 16,081.10 led by 27 stocks. Meanwhile, the 50-share NSE Nifty rose 39.6 points to 4,817.95 amid volatility.
The market shrugged off the falling rupee. It hit an all-time low of 52.44 to the dollar today. It was trading at 52.43 a dollar, down 27 paise from the previous closing price. It was down by 46 paise to 70.70 a euro.
Tata Motors, BHEL, Reliance Infrastructure, JP Associates, Reliance Communications, SBI, ICICI Bank, IDFC , DLF, Sterlite, Hindalco, JSPL, Reliance Industries, NTPC and SAIL gained 1-2%.
However, Infosys lost 1.6% post the management's outlook. HCL Tech and Bharti Airtel too were down.
The CNX Midcap rose 31 points to 6,571.
Asian markets were mixed. Shanghai and Hang Seng fell 0.5-1%. However, Straits Times, Kospi and Taiwan were marginally higher.
The US equity markets managed to recover marginally from the day's low on Monday. S&P and Moody’s reaffirmed the US' ratings even after the congressional committee failed to reach an agreement to reduce the country's USD 15 trillion deficit. However, Fitch warned of a revision of negative, if the US deficit was not controlled.
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