Andrew L Dcunha
Mumbai, Sep 2: Both Indian indices Sensex and Nifty ended higher for the third consecutive day and clocked 6% gains for the week. The 30-share Sensex closed at 16,821, up144 points and the Nifty ended at 5,040, up 39 points today. Sensex closed at 15849 and Nifty at 4,748 last Friday.
Earlier in the day, the Nifty touched a high of 5,114 in opening trade and thereafter slipped to a low of 5,006 on profit-taking. The markets, however, bounced back on fresh buying in RIL, ICICI Bank and State Bank of India. Early noon, even after European markets opened in red Indian markets were able to weather the storm. In todays trade, the Metal index, up by 2.75%. The Consumer Durables index was up 2.19%. The Oil & Gas index up by 2.16%. On the other hand, the IT index was by 1.31%. Reliance Industries surged 3% on completion of British Petroleum’s acquisition of 30% stake in 21 oil & gas assets. ICICI Bank and ITC were also up over 1.6% each. The three heavyweights contributed 90 points on the Sensex.
Asian markets ended in the red, snapping two sessions of gains. The Nikkei Stock Average, the Hang Seng and the Shanghai Composite indices closed down over 1% each. European markets also opened lower; FTSE, CAC and DAX slipped between 1% and 2% each as investors turned cautious ahead of the US nonfarm payrolls data.
FIIs pull out Rs. 8,000 crore in August
Foreign funds pulled out nearly Rs 8,000 crore, or $1.8 billion, from the Indian stock and debt market in August, the highest monthly withdrawal since October, 2008, market regulator SEBI has disclosed. Overseas investors purchased equity and debt securities worth a gross amount of Rs 69,590 crore, but also sold securities worth Rs 77,493 crore during the month -- translating into a net outflow worth Rs 7,902.50 crore, or $1.76 billion, during the period
Gold and Silver shine again.
Gold and Silver shine again on strong global demand.Gold gained Rs 385 to touch Rs 27,915 per 10 grams in the bullion market here today on brisk buying by stockists and investors amid a firm global trend. Silver also spurted by Rs 700 to Rs 64,500 per kg on increased offtake by industrial units. Gold in the global marketsgained USD 21.83 to USD 1,847.97 an ounce in London. Besides, some buying activity by retail customers ahead of the marriage season, further supported the uptrend.
Andrew L D Cunha, Managing Director, WinWin Fin Advisory Pvt. Ltd. Mangalore. Email: finadvisoryltd@yahoo.com
