Andrew L D'Cunha
Mumbai, Sep 27: Across-the-board buying led by Reality, IT, Consumer Durables, Oil & Gas, Banking and counters on firm global cues helped the benchmark Sensex to close at almost days high at 16524 up by 473 points or 2.95 per cent. Nifty ended at 4971, up 136 points or 2.94 per cent. Sensex touched intraday low of 16282.74 and high of 16551.65.
Nifty touched a high of 4982.95 and low of 4905.15 in trade today. Market got exited on hopes that European leaders would come out with some solution for Greece's debt woes. DLF (7.82%), Tata Motors (6.64%), Jaiprakash Associates (5.99%), Reliance Industries (5.20%) and Tata Power (4.75%) were amongst the major Nifty gainers.
IT shares surged after the recent battering as the Rupee depreciated 8 per cent in the past month which would help boost the companies’ margins. Infosys and TCS jumped 4%..Reliance Industries, which has the heaviest weight in the index, rallied 5.01 per cent to 797.20 rupees. The stock, which had slid 9.4 per cent over the previous three days.
Nikkei Stock Average rallied 3%, Hang Seng index jumped over 4% and the Shanghai Composite advanced 0.9%. In Europe, the CAC 40 index, the FTSE 100 and the DAX have advanced around 3% each.
Gold shines again
Gold rose by more than 3.5% on Tuesday afternoon as traders built stocks for the festival season and global prices inched up after four consecutive sessions of losses. A firm rupee, which plays a key role in determining the landed cost of the dollar-quoted yellow metal, kept the upside in prices limited. At 3:10 pm, the most-active gold for October delivery on the Multi Commodity Exchange (MCX) was 3.77% higher at Rs 26,656 per 10 grams, recovering from Monday's low of Rs 24,992
The Indian rupee rose by 28 paise to Rs 49.17 per US dollar in early trade on the Interbank Foreign Exchange today, supported by euro gains against the American currency and a rebound in the domestic stock market. 4.30 pm, the partially convertible rupee was at 49.11 per dollar, stronger than its Monday's close of 49.445.
Andrew L D'Cunha, Managing Director, WinWin Fin Advisory Pvt. Ltd. Mangalore. Email: finadvisoryltd@yahoo.com.