Sensex rebounds on rupee recovery (Lead)

June 8th, 2012 - 7:51 pm ICT by IANS  

Sensex Mumbai, June 8 (IANS) A benchmark index of Indian equities markets Friday recouped early losses to be in the green zone, gaining 70 points with the recovery of the rupee.

The 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) recovered from earlier falls to close 0.42 percent or 69.82 points higher at 16,718.87 points.

The Sensex touched a high of 16,767.77 points and a low of 16,485.02 points in intra-day trade.

The wider 50-scrip S&P; CNX Nifty of the National Stock Exchange closed 0.37 percent higher at 5,068.35 points.

The rupee recovered 25 paise from day’s low of 55.69 a dollar. Hopes of a possible rate cut by the Reserve Bank of India also added to the market sentiments.

The RBI is scheduled to announce first quarter review of the monetary policy on June 18.

The BSE consumer durable index advanced 165.99 percent while the realty index rose 22.72 percent. The FMCG index was also up 41.10 percent and power index closed 13.76 percent higher.

Prominent Sensex gainers included Sterlite Inds, up 3.50 percent at Rs.100.60; Gail India, up 3.06 percent at Rs.331.70; Larsen and Toubro, up 2.53 percent at Rs.1,309.50; BHEL, up 1.58 percent at Rs.221.25; Hindustan Unilever, up 1.36 percent at Rs.428.35.

The major losers were Maruti Suzuki, down 1.66 percent at Rs.1,124.55; Infosys, down 1.38 percent at Rs.2,419.20; ONGC, down 1.37 percent at Rs.259.25; Bajaj Auto, down 1.06 percent at Rs.1,528.65; and TCS, down 0.75 percent at Rs.1,231.15.

After opening lower, the Sensex touched the day’s low of 16,485.02 points on weak global cues after US Federal Reserve chief Ben Barnanke Thursday spiked hopes of a fresh stimulus package while rating agency Fitch downgraded long-term credit rating of Spain, adding to eurozone worries.

At closing bell here, trading in European markets was mixed. France’s CAC was trading 1.05 percent lower, while Germany’s DAX was down 0.85 percent and Britain’s FTSE 100 declining 0.89 percent.

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