The Sensex on Monday recovered by nearly 87 points to end at 26,384.07 boosted by fag-end buying in metal, banking, IT shares coupled with positive European cues.
The BSE Sensex resumed lower at 26,275.07 and then fell further to a two-month low of 26,092.69 on initial selling in key sectors as India’s industrial production growth remained subdued in August. Worries over foreign capital outflows and sharp fall in US markets last Friday also weighed.
However, the index recovered afterwards to 26,443.16 before concluding the day at 26,384.07, showing a gain of 86.69 pts or 0.33 per cent.
Better-than-expected Chinese trade data and crude oil prices falling to near 4-year lows also provided some support.
The Sensex had lost 339.90 points, or 1.28 per cent, last Friday on profit-booking and Eurozone growth worries.
like the Sensex, the NSE 50-share Nifty gained 24.30 points, or 0.31 per cent, to finish at 7,884.25.
“Volumes continued to falter and remained lower than Friday’s trading session. PSU Banks, Metal and Energy stocks remained the top performing sectors while Realty, Pharma and FMCG faced the maximum selling pressure in the day,” said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
Market participants are eyeing monthly Consumer Price Index (CPI) data and quaterly earnings of Reliance Industries. These are expected to set the tone for trading tomorrow.
Most Asian stocks ended lower as concerns about global economic growth remained. Key benchmark indices in China, Singapore, Taiwan and South Korea fell 0.36-2.84 per cent while the barometer in Hong Kong inched up 0.24 per cent.
Rs surges 25 paise vs $ to end at 61.10
The rupee on Monday rose 25 paise to end at 61.10 against the greenback on fresh selling of dollars by exporters and banks, in line with other Asian currencies helped by upbeat trade data from China.
The rupee resumed higher at 61.25 per dollar as against the last weekend’s level of 61.35 at the Interbank Foreign Exchange (Forex) Market.
It moved up further to 61.09 per dollar before ending at 61.10 dollar, showing a gain of 25 paise or 0.41 per cent.
The domestic unit hovered in a range of 61.09 per dollar and 61.30 per dollar during the day.
Exporters and banks preferred to reduce their dollar position on the back of lower US dollar in the international market, a forex dealer said.
In the global market, the dollar fell to a one-month low against the yen.
The dollar index was lower by 0.20 per cent against a basket of six major global units.
The dollar also slipped versus the Euro and Australian dollar in choppy, holiday-thinned trade.
“The Indian Rupee appreciated against the dollar on Monday in line with other Asian currencies, helped by upbeat trade data from China. It was also supported by local stocks turn higher and lack of outflows. Markets also shrugged off weak industrial production growth data on Friday,” said Suresh Nair, Director, Admisi Forex.