SENSEX 16709.60 +242.16
NIFTY 5012.55 +70.60
NASDAQ 2555.23 +23.08
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UPDATEDTIME 09.28 PM 14 SEPTEMBER 2011
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Benchmarks
snapped three-day losing streak and closed above intermediate resistance levels
buoyed by positive cues from European peers. Rise in inflation in the month of
August was discounted by the market.
India's wholesale price index rose an annual 9.78 per cent in August against 9.22 per cent in July. Investors now await the outcome of RBI meet to be held on Friday. The central bank may hike interest rate by 25 basis points to control inflation. At the same time any rate hike will put more pressure on economic growth.
Bombay Stock Exchange's Sensex ended at 16752.36, up 284.92 points or 1.73 per cent. The 30-share index touched intraday low of 16387.38 and high of 16752.51.
National Stock Exchange's Nifty closed at 5026, up 85.05 points or 1.72 per cent. The broader index touched a high of 5026.15 and low of 4917.40 in trade today.
BSE Midcap Index was up 0.30 per cent and BSE Smallcap Index gained 0.42 per cent.
BSE IT Index surged 4.52 per cent, BSE Metal Index was up 2.32 per cent and BSE Bankex gained 1.76 per cent. BSE Capital Goods Index was down 0.19 per cent.
IT stocks have been witnessing buying momentum for the past two sessions as sentiments turned following decline in Indian rupee against the US dollar, say dealers. Large IT companies are benefited by weak Indian rupee as it helps in improving profit margins.
The rupee fell to 48 against the dollar, its weakest in nearly 2 years, early on Wednesday as worries Europe could be heading for another banking crisis rattled global markets.
"There are clear signs of slow-down in the US and Europe which will impact the IT sector negatively. Rupee depreciation will benefit the companies to a certain extent but it is difficult to say how much.
We see no fundamental sign of strength in the sector and won't buy anything on the basis of dollar appreciation as of now," said Ankur Rudra, IT analyst, Ambit Capital.
Jaiprakash Associates (6.85%), Infosys Technologies (6.07%), Wipro (4.93%), HUL (3.65%), Jindal Steel (3.48%) and HDFC Bank (3.09%) were the top Sensex gainers.
There are reports that Infosys Technologies is likely to make an acquisition announcement in next few days, say reports.
Tata Power (-1.92%), L&T (-1.54%), Cipla (-1.51%), Bharti Airtel (-0.62%) and SBI (-0.49%) were the major losers.
Market breadth was positive on the BSE with 1513 gainers against 1281 losers.
Regards
India's wholesale price index rose an annual 9.78 per cent in August against 9.22 per cent in July. Investors now await the outcome of RBI meet to be held on Friday. The central bank may hike interest rate by 25 basis points to control inflation. At the same time any rate hike will put more pressure on economic growth.
Bombay Stock Exchange's Sensex ended at 16752.36, up 284.92 points or 1.73 per cent. The 30-share index touched intraday low of 16387.38 and high of 16752.51.
National Stock Exchange's Nifty closed at 5026, up 85.05 points or 1.72 per cent. The broader index touched a high of 5026.15 and low of 4917.40 in trade today.
BSE Midcap Index was up 0.30 per cent and BSE Smallcap Index gained 0.42 per cent.
BSE IT Index surged 4.52 per cent, BSE Metal Index was up 2.32 per cent and BSE Bankex gained 1.76 per cent. BSE Capital Goods Index was down 0.19 per cent.
IT stocks have been witnessing buying momentum for the past two sessions as sentiments turned following decline in Indian rupee against the US dollar, say dealers. Large IT companies are benefited by weak Indian rupee as it helps in improving profit margins.
The rupee fell to 48 against the dollar, its weakest in nearly 2 years, early on Wednesday as worries Europe could be heading for another banking crisis rattled global markets.
"There are clear signs of slow-down in the US and Europe which will impact the IT sector negatively. Rupee depreciation will benefit the companies to a certain extent but it is difficult to say how much.
We see no fundamental sign of strength in the sector and won't buy anything on the basis of dollar appreciation as of now," said Ankur Rudra, IT analyst, Ambit Capital.
Jaiprakash Associates (6.85%), Infosys Technologies (6.07%), Wipro (4.93%), HUL (3.65%), Jindal Steel (3.48%) and HDFC Bank (3.09%) were the top Sensex gainers.
There are reports that Infosys Technologies is likely to make an acquisition announcement in next few days, say reports.
Tata Power (-1.92%), L&T (-1.54%), Cipla (-1.51%), Bharti Airtel (-0.62%) and SBI (-0.49%) were the major losers.
Market breadth was positive on the BSE with 1513 gainers against 1281 losers.
Regards
RAKESH MAKIN
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Email:makin_97@yahoo.com
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