Business


Sensex up 74 points; currency depreciates



Mumbai: In a volatile market, the S&P BSE benchmark trimmed its initial gains but continued to rule firm for the fifth consecutive day by 74 points on buying mainly in HDFC and Reliance Industries in view of good corporate results coupled with sustained foreign capital inflows.

Improvement in rainfall also boosted the market to some extent.

Reliance Industries (RIL) rose by 2 per cent as company reported a 13.7 per cent rise in first quarter consolidated net profit on the back of higher refining margin. Consolidated net profit in April-June quarter at Rs59.57 billion was 13.7 per cent higher than Rs52.37 billion in the same period a year ago, the company said in a filing to stock exchanges.

Foreign portfolio investors (FPIs) bought shares worth a net Rs5.74 billion last Friday as per provisional data from the stock exchanges.

The Sensex resumed higher at 25,776.54 and firmed up further to 25,861.15 on initial buying coupled with higher global cues.

However, it failed to maintain initial gains due to fag-end selling pressure as Asian markets turned lower amid weak start in the European markets. The Sensex ended at 25,715.17, still showing a gain of 73.61 points or 0.29 per cent.  The NSE 50-share Nifty also moved up by 20.30 points or 0.26 per cent to 7,684.20.

Rupee slides
The Indian rupee on Monday washed out its initial gains against the American currency and finished two paise down at over one-month low level of 60.30 on fag-end dollar demand from banks and importers.

The rupee resumed higher at 60.25 per dollar as against the last weekend's level of 60.28 per dollar at the Interbank Foreign Exchange (Forex) Market. It firmed up further to 60.1650 per dollar on initial selling of dollars by banks and exporters in view of persistent foreign capital inflows.  However, it washed out its initial gains on fresh dollar demand from banks.

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