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Jul 09, 2013 06:25 PM IST | Source:

Sensex recovers on rupee measures; sugar, education rally

Nirmal Jain of IIFL, however, says that the upward movement is only temporary and one should continue remaining cautious.

The BSE Sensex gained 115 points amid volatile session Tuesday, tracking recovery in the rupee post RBI and SEBI measures, and positive global cues after Greek package.

Nirmal Jain of IIFL, however, says that the upward movement is only temporary and one should continue remaining cautious.

Additionally, Jain says the measures taken by the market regulators to bring in some semblance of stability are only temporary and the government needs to take corrective policy decisions to boost the market sentiment.

The Sensex closed at 19439.48 while the NSE Nifty rose 47.45 points or 0.82 percent to finish at 5859. The midcap and smallcap too saw brisk buying, which gained 0.7 percent each.

The domestic currency gained 97 paise intraday to 59.65 per dollar after Indian regulators clamped down on open positions that banks and non banks can take in the currency futures market. However, the rupee could not sustain above 60 level today, which trimmed gains from 97 paise to 48 paise at 60.14 per dollar. The currency had hit a record low of 61.21 in previous session.

Asian shares closed higher after upmove on Wall Street offset nervousness over higher-than-expected Chinese inflation data. Japan’s Nikkei outperformed its global peers, rising 2.6 percent.

European markets rose 0.5-1 percent. European Union finance ministers agreed to give Greece some cash, but the 6.8 billion euro sum was not as much as Athens had hoped for. European finance ministers said this month they will give Greece 2.5 billion euros with the rest coming later, after the Greek government pushes forward on public sector reforms.

Back home, financials, capital goods, power and healthcare stocks gained.

Sun Pharma shares topped the buying list with 3.57 percent gains followed by Dr Reddys Labs and Cipla with 1-1.8 percent gains.

Infosys shares rose one percent for the second consecutive session today, ahead of April-June quarter earnings that scheduled to be announced on Friday.

Major bluechips HDFC Bank, L&T, Reliance Industries, HDFC, ICICI Bank and State Bank of India were up 0.6-1.7 percent.

Among education stocks, Educomp Solutions gained 10 percent as the company is planning long term debt restructuring that will help the company to strengthen core business. Everonn Education rallied 20 percent while Core Education was up 10 percent and Aptech jumped 6.7 percent.

Sugar stocks rose between 1-2 percent after the government notified a hike in sugar import duty to 15 percent from 10 percent.

Foreign institutional investors have net bought Rs 165.6 crore worth of equity shares today and domestic institutional investors purchased Rs 37.83 crore shares, as per provisional data available on NSE.

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