Market review: Sensex recovers 197pts

Nov 24 2012, 15:40 IST
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Expectations of more reform measures pushed up Sensex by 197 points to 18,506.57, snapping two weeks of losing spree. (Reuters) Expectations of more reform measures pushed up Sensex by 197 points to 18,506.57, snapping two weeks of losing spree. (Reuters)
SummaryExpectations of more reform measures pushed up Sensex by 197 points to 18,506.57, snapping two weeks of losing spree.

week including the provisional figure of Novermber 23. Major gainers from the sensex pack were M&M 6.67 per cent, followed by ITC 4.32 per cent, HDFC Bank 4.21 per cent, Maruti 3.84 per cent, Sun Pharma 3.86 per cent, Tata Power 2.92 per cent, Coal India 2.01 per cent and Wipro 1.99 per cent.

Among other sectorial indices, the BSE-FMCG shot up by 2.57 pc followed by BSE-Auto 1.53 pc, BSE-Teck 1.19 pc and BSE-IT 1.13 pc while BSE-PSU dropped by 1.23 pc, BSE-Power 1.20 pc and the BSE-Realty 1.06 pc.

The total turnover at BSE and NSE rose to Rs 9,738.30 crore and Rs 45,600.92 crore, respectively from the last weekend's level of Rs 9,614.72 crore and Rs 41,035,25 crore.

Forex: The rupee continued its south-bound journey for the fourth consecutive week to end down by 35 paise at 2-1/2-month low of 55.51 against the Greenback on heavy dollar demand from importers and some banks.

However, firm local equities, sustained capital inflows and weak dollar overseas capped the rupee fall to some extent, a dealer said.

Adjournment of Lok Sabha for the first two days of the winter session of Parliament also weighed on the rupee, as the government could not able to bring more economic reforms to improve the sagging economy.

At the Interbank Foreign Exchange (Forex) market, the local currency commenced the week better at 55.07 a dollar as against last weekend's close of 55.16 and touched a high of 54.79 on Tuesday on firm dollar overseas amid sustained capital inflows.

However, later it turned negative and declined further to a low of 55.61 before concluding the week at 55.51, showing a net loss of 35 paise, or 0.63 per cent. In four weeks, the rupee has tumbled by 195 paise or 3.64 per cent. Previously, it had settled at 55.66 on September 6, 2012.

The BSE benchmark Sensex closed the week up by 197.20 points or 1.08 per cent, while FIIs bought shares worth Rs 1,671.47 crore, including provisional data of November 23.

The U.S. dollar slumped against its six major rivals as investors showed a growing appetite for stocks, reducing the safe-haven appeal of the greenback.

Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said," A better start for the week was followed by sharp weakness in INR which continued to remain volatile with a weak note during the week

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