Times of Oman
Nov 29, 2015 LAST UPDATED AT 11:16 AM GMT
Infosys leads recovery; Sensex jumps 242 points
August 4, 2014 | 12:00 AM
Bloomberg file photo

Mumbai: Buying mainly across-the-segments ahead of the Reserve Bank of India's (RBI) monetary policy review today and better Asian as well as European trends helped the benchmark S&P BSE Sensex to recover by 242 points to end at 25,723.16, despite capital outflows.

Fall in the global crude oil prices on easing concerns about armed conflicts around the world also supported the market as it eases worries about country's unfavourable fiscal and current account deficit (CAD) conditions.

Purchases was so strong that 11 out of 12 sectoral indices finished with gains between 0.70 pct and 3.20 per cent with CD, IT, Teck, Power and CG taking the lead while only S&P BSE BSE-HC index concluded slightly lower.

The BSE 30-share barometer resumed strong in line with firm Asian cues and traded in positive territory throughout the day before settling at 25,723.16, showing a rise of 242.32 points or 0.95 per cent — biggest gain since July 22, 2014. The Sensex had lost 606.38 points or 2.33 per cent in the previous two trading days.

Similarly, the broad-based CNX Nifty of the NSE also bounced back by 81.05 points or 1.07 per cent to 7,683.65.

IT shares were in the limelight after steep fall in the rupee value last week. India's second largest software services exporter, Infosys was the top gainer from the Sensex pack with a rise of 3.66 per cent. Wipro rose by 2.42 per cent and TCS by 0.42 per cent.

Sectoral S&P BSE-IT index surged by 2.08 per cent and was second largest gainer after S&P BSE-CD which closed up by 3.20 per cent.

Asian stocks ended mixed with upward bias in choppy trade on Monday as investors weighed a smaller-than-forecast increase in US payrolls and the bailout of a Portuguese bank. Key indices in China, Hong Kong, South Korea and Taiwan settled with gains while from Japan and Singapore closed with losses.

Rupee bounces back
Ignoring heavy capital outflows and firm dollar overseas, the rupee bounced back — off from four-month low logged last Friday — by 25 paise to close at 60.93 against the Greenback following smart recovery in local equities and fresh dollar selling by exporters.

The dollar index was quoting higher by 0.06 per cent against its major global rivals.

At the Interbank Foreign Exchange (Forex) market, the domestic unit started strong at 60.90 a dollar from last Friday's close of 61.18.

It later moved in a wide range of 60.8750 and 61.1650 before concluding at 60.93, revealing a rise of 25 paise or 0.41 per cent. In last two sessions, it had plunged by 112 paise or 1.86 per cent.

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