Printer Friendly

Indian stocks fall from record levels, rupee unchanged.

Mumbai: The benchmark BSE Sensex retreated from record high levels to close down by about 12 points due to profit booking in recent gainers, mainly capital goods, metal, auto and banking stocks. The wider NSE Nifty managed to close at new high of 8,914.30 points amid a mixed trend in global markets. In the day trade, both Sensex and Nifty hit all time high levels of 29,786.32 and 8,985.05 points respectively. However, the indices pared gains later due to profit booking at record levels, brokers said. The BSE 30-share barometer dropped to a low of 29,417.67 points in late afternoon deals on across-the-board profit booking. The index finally settled at 29,559.18 points, down by 11.86 points, or 0.04 per cent over last close. The gauge had rallied 2,224.22 points, or over 8 per cent in the previous eight straight sessions on sustained foreign fund inflows, triggered by positive macroeconomic data and a surprise rate cut by the Reserve Bank. The CNX Nifty in highly volatile movements, gained 3.80 points, or 0.04 per cent to close at a new record high of 8,914.30, bettering its previous record closing of 8,910.50 on Tuesday. It shuttled between 8,874.05 and 8,985.05 during the day. Traders adopted a cautious stance ahead of the monthly expiry in the derivatives segment tomorrow and were seen trimming their positions at record levels, brokers said. Weakness in some of the heavyweight counters like Bharti Airtel, Sesa Sterlite, L&T, Tata Motors, BHEL, Tata Steel, Tata Power, Hindalco and Sun Pharma dragged the benchmark Sensex down from record highs. However, gains in HDFC, RIL, SBI, Maruti Suzuki, ITC, TCS and ONGC cushioned the fall. Overall market breadth, however, remained positive on persistent buying by retail investors in second-tier stocks. Foreign portfolio investors bought shares worth a net Rs9.55 billion on Tuesday, provisional data showed. Most Asian markets ended higher while European markets were lower in their opening trade. Rupee unchanged The Indian rupee yesterday ended unchanged against the United States dollar at 61.41 ahead of the outcome of US Federal Reserve's policy meeting. The rupee resumed lower at 61.50 per dollar as against the last closing level of 61.41 per dollar at the Interbank Foreign Exchange (Forex) Market. It moved down further to 61.52 per dollar on initial dollar demand from banks on the back of higher dollar overseas. However, the domestic currency recovered from initial losses and firmed up to 61.29 per dollar on heavy selling from banks and exporters due to persistent foreign capital inflows into equity market. It ended at Tuesday's closing level of 61.41 per dollar. The rupee hovered in a range of 61.29 and 61.52 per dollar during the day. "Rupee remained volatile...investors remained cautious before the outcome of FOMC meeting which concludes tonight," said Admisi Forex, Director, Suresh Nair. The dollar index was up by 0.10 per cent against a basket of six major global rivals. The US dollar climbed in the global market versus its counterpart in Singapore after the Asian nation unexpectedly eased monetary policy. Pramit Brahmbhatt, chief executive officer of Veracity Group, said: "The trading range for the Spot US dollar/Indian rupee pair is expected to be within 61.00 to 61.80.

Muscat Press and Publishing House SAOC 2014 Provided by SyndiGate Media Inc. ( ).

COPYRIGHT 2015 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2015 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Times of Oman (Muscat, Oman)
Date:Jan 28, 2015
Previous Article:India's trade with Gulf countries shows rapid rise.
Next Article:10 Afghan cabinet nominees rejected by parliament.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters