Sensex kisses 15K, but slips to end flat

The Sensex on Wednesday opened 28 points higher at 14,903, following positive global cues.

The index touched a nine month high of 15,046 up 313 points from the day's low.

Following the subdued opening in the European markets, the Sensex pared its gain and slipped into the negative zone. It touched a low of 14,733 on profit booking in banking and IT stocks.

However, trading was extremely choppy as investors continued with their alternative bouts of buying and selling in the market.

The Sensex snapped the six-day winning streak and finally ended at 14,871 down 4 points. The NSE Nifty ended at 4,531, up 5 points.

Powered by

INDEX SHAKERS..

Mahindra & Mahindra slumped 4% to Rs 698. Infosys and SBI dropped 2% each to Rs 1,646 and Rs 1,873, respectively.

ICICI Bank, HDFC Bank, Reliance and Reliance Infrastructures were down 1-2% each.

Powered by

. . .AND THE MOVERS

Hindalco and ITC have added 6% to Rs 93 and Rs 203, respectively.

Jaiprakash Associates, Grasim and ACC have soared 4.5% each to Rs 226, Rs 2,306 and Rs 818, respectively.

Reliance Communications and Tata Motors have gained 4% each at Rs 333 and Rs 362, respectively.

Tata Steel, Hindustan Unilever, Sun Pharma, Sterlite and Ranbaxy were up 1-3% each.

The market breadth was positive, out of 2,858 shares traded, 2,016 advanced, 792 declined and 50 were unchanged on the BSE on Wednesday.

Powered by

Moving in tandem with local stocks, the Indian rupee on Wednesday gave up its early gains and ended six paise weaker at 47.07/08 against the dollar, after the dollar stabilised against a basket of currencies in Asian markets.

Initially, the rupee hit a seven-month high of 46.75/76 against the dollar as the US currency turned weak in global markets amid some selling by banks.

The Interbank Foreign Exchange market continued to witness active trade, largely influenced by a high level of volatility in equity markets.

The rupee fluctuated between 46.75 and 47.10 during the day after resuming stronger at 46.93/95 a dollar over its previous close of 47.01/02 a dollar.

Forex dealers said negative FII activity in equity also weighed on rupee sentiment.

Foreign institutional investors were believed to be heavy sellers in equity markets for two days.

Rupee sentiment, however, was strong on continued expectations of increased capital inflows during the year prompted by speedy economic reforms by the new government.

Text: PTI

Meanwhile, the Reserve Bank of India fixed the reference rate for the US dollar at Rs 46.84 and for the euro at Rs 66.90.

Rupee premiums on the forward dollar ended lower on fresh receiving from exporters.

The benchmark six-month forward dollar premium payable in November ended at 68-70 paise, down from 72-1/2-74-1/2 paise on Tuesday and the far-forwards maturing in May also finished lower at 116-118 paise from 122-124 paise previously.

In cross-currency trade, the Indian rupee continued to decline against the pound sterling while firmed up against the euro and the Japanese yen.

The domestic currency dropped further against the pound sterling to end at Rs 77.59/61 from the previous closing level of Rs 77.32/34 while moved up against the the euro to Rs 66.82/84 from Rs 67.05/07 previously.

It also firmed up against the Japanese yen to finish the day at Rs 49.07/09 per 100 yen as against Rs 49.17/19 per 100 yen previously.

Text: PTI