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Sensex records steady gain of 87.29 points

Written by: Staff

Mumbai, June 21: The Sensex today crossed the psychological barrier of 14,500 and recorded a steady gain of 87.29 on the Bombay Stock Exchange (BSE) to settle in the green for the third straight session, as buying demand continued for index pivotals tracking northward-bound Asian bourses.

The key feature of trade was the Sensex striking intra-day low of 14,406.67 as well as a high of 14,526.44 during the last hour of trade, after opening marginally firmer at 14,415.56 from its previous close of 14,411.95.

''Volatility is expected to stay on the higher side in the next few days ahead of the expiry of this month's derivatives contracts next Thursday. Shares from the capital goods sector were in demand today,'' market analysts observed.

Among the broader markets, the National Stock Exchange (NSE) Nifty Index also jumped by 18.75 points to settle on positive terrain at 4,267.40 from it's previous close of 4,248.65, after opening unchanged and reaching an intra-day high and low of 4,275.35 and 4,220.10 respectively.

Meanwhile, the follow-on public offer (FPO) of ICICI Bank was subscribed 3.83 times by 1500 hours today. The issue closes tomorrow.

The BSE turnover crossed the Rs 5,000 crore mark for the second straight day today, experts pointed out and explained that the market breadth was positive here since 1,443 shares advanced and 1,156 declined, while 92 remained unchanged.

Among the 30-scrip Sensex pack, 16 gained, while the remaining were trading in negative territory.

The BSE capital goods index today surged to an alltime high of 11,835.98, led by heavyweights L&T and Bhel, analysts noted.

The Indian Rupee slipped slightly today on speculation that refiners will use the currency's recent gains to buy US dollars to reduce costs arising from higher crude oil prices, traders said. In early trade, the Rupee fell to 40.76 per US dollar from 40.75 yesterday. It has gained as much as 8 per cent this year. A stronger Rupee impacts the profit margins of information technology (IT) firms, which derive a lion's share of their revenue from exports, analysts explained.

Foreign Institutional Investors (FIIs) were net buyers of shares worth approximately Rs 242.29 crore, while domestic institutional investors (DIIs) bought shares worth nearly Rs 104.13 crore yesterday, traders disclosed.

Today's winners include Reliance Energy, BHEL, State Bank of India (SBI), Infosys, Hindalco and HDFC.

The prominent laggards were index heavyweight Reliance Industries (RIL), Satyam Computers, Wipro, TCS, Hero Honda Motors, Maruti Udyog, Oil&Natural Gas Corporation (ONGC) and ICICI Bank.

Asian markets were trading higher. Hong Kong's Hang Seng was up by 1.25 per cent at 21,954.67, Japan's Nikkei rose by 0.14 per cent at 18,237.25, Taiwan weighed up by 1.10 per cent at 8,851.99 and South Korea's Seoul Composite gained by 0.59 per cent at 1,794.24.

The Shanghai Composite extended gains and was up by 1.18 per cent to 4,230.82.

In contrast, all the European markets were trading weak.

A surge in treasury yields rattled Wall Street yesterday forcing stocks to give up early gains. The Dow Jones slipped 146 points, or 1.07 per cent, to 13,489.42, after bobbing in and out of positive and negative territory earlier in the day. Broader stock indicators also tumbled. The Standard&Poor's 500 index declined 20.86 points, or 1.36 per cent, to 1,512.84, and the Nasdaq Composite index fell by 26.80 points, or 1.02 per cent, to 2,599.96.

Oil prices nudged higher today after declining by 2 per cent today on data showing a surge in US crude stocks, with dealers refocusing on a general strike in Nigeria and unusually low US refinery operations. London benchmark Brent crude rose 27 cents to USD 70.69 a barrel. Prices had earlier touched a 10-month high of USD 72.25 on Monday.


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