Moneycontrol
May 22, 2012 10:45 AM IST | Source: Moneycontrol.com

Sensex, Nifty pare some gains; rupee at 55/USD

The BSE Sensex and NSE Nifty pared somewhat initial gains as the Indian rupee touched 55.04 to the dollar again. Asian markets too came off day's high; Shanghai, Hang Seng, Nikkei, Straits Times, Kospi and Taiwan gained 0.5-1%.

Sensex, Nifty pare some gains; rupee at 55/USD

The BSE Sensex and NSE Nifty pared somewhat initial gains as the Indian rupee touched 55.04 to the dollar again. Asian markets too came off day's high; Shanghai, Hang Seng, Nikkei, Straits Times, Kospi and Taiwan gained 0.5-1%.


The BSE benchmark climbed 77.29 points or 0.48% to 16,260.55 and the NSE benchmark was up 22.40 points or 0.46% at 4,928.45.


Country's largest lender State Bank of India fell 0.6% after rising more than 7% in previous two sessions due to strong numbers in Q4FY12 whereas rivals ICICI Bank and HDFC Bank gained 0.5-1%.


India's largest engineering and construction company by sales Larsen & Toubro was down 0.17% while state-owned BHEL rallied 1.5%.


Realty major DLF tanked 1.5% and drug maker Sun Pharma lost over 1%.


Top car maker Maruti Suzuki too was under pressure, falling 0.4% due to rising cost of royalty payments.


However, technology stocks like TCS, Wipro and Infosys gained 0.5-1% on depreciating rupee.


Oil & gas majors Reliance Industries and ONGC were up 0.22% and 0.85%, respectively.


Housing finance company HDFC rose 1% and top commercial vehicle maker Tata Motors surged 1.7%.


Advancing shares outnumbered declining by 788 to 316 on the National Stock Exchange.


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At 9:20 hours IST: Sensex, Nifty open 1% higher on strong global cues


The BSE Sensex and NSE Nifty started off trade with 1% gap up following rally in global markets. Banks, capital gooods, metals, technology, auto and oil & gas stocks led the market higher.


The Indian rupee has seen a pull back from record low to trade at 54.75 to the dollar, up 28 paise. The rupee had closed at all-time low of 55.03 a dollar yesterday.


The BSE benchmark moved up 159.03 points or 0.98% to 16,342.29 and the NSE benchmark gained 46.60 points or 0.95% at 4,952.65. Asian markets trade 1% higher.


Among frontliners, JP Associates, Axis Bank, SBI, ICICI Bank, DLF, Tata Motors, BHEL, Reliance Infrastructure, L&T, Tata Steel, Hindalco, Sterlite Industries, TCS, Reliance Industries, Coal India and BPCL gained 1-2%.


However, Sun Pharma and Asian Paints were moderately lower.


The CNX Midcap Index went up 0.88% or 61 points to 6,963. About four shares advanced for every share falling on the National Stock Exchange.


In the second line shares, Thomas Cook tanked 4% in opening trade as parent company sold 77% stake in Indian unit to Fairbridge Capital at Rs 50 a share. However, immediately the stock bounced back to trade 1.5% higher after new company announced open offer at Rs 65.48 a share - higher than current price. Fairbridge bought Indian unit at Rs 817 crore.


PTC India was up 1.4% after fourth quarter numbers.


Non-banking finance companies: PFC was up 2.7% and Manappuram Finance went up 1.5%.


Media companies extended gains: TV Today rose 2.4%, and Zee Entertainment moved up 2% post numbers.

S Kumars gained 1.3%.

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