Sensex, Nifty Rebound After Government Plans Steps To Curb Rupee Fall
Sensex, Nifty Snap Two-Day Losing Streak Led By ITC, Reliance Industries
Indian equity benchmarks rebounded from one-month lows after an official said the government may announce measures to support the currency after a planned review of the economy by Prime Minister Narendra Modi this weekend.
The Sensex rose 0.81 percent or 305 points to 37,718 and Nifty 50 Index climbed 0.73 percent or 82 points to 11,370.
Sixteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE FMCG Index's 2.4 percent gain. On the flipside, S&P BSE Telecom Index was top loser, down 0.8 percent.
The mid- and small-cap shares were mixed in trade as the S&P BSE MidCap Index rose 0.5 percent while the S&P BSE SmallCap Index fell 0.27 percent.
A2Z Infra, ITC Among Fab Four Stocks Of The Day
- Shree Renuka Sugars: The Mumbai-based sugar maker rose as much as 15.65 percent, the most in nearly two months, to Rs 13.30 on reports that the government has approved hiking ethanol price by up to 25 percent.
- Godrej Consumer Products: The Mumbai-based FMCG company rose as much as 4.66 percent to Rs 870.95 after it turned ex-bonus in ration of 1:2.
- A2Z Infra: Shares of the Gurugram-based engineering company rose as much as 8.2 percent, the most in over a month, to Rs 20.50 after it won a contract from Nepal Electricity Authority.
- ITC: The Kolkata-based cigarette maker snapped its three-day losing streak and rose as much as 3.77 percent to Rs 308.40. Trading volume was 1.7 times its 20-day average.
Tata Motors Falls As JLR Boss Warns Hard Brexit May Cost JLR Thousands of Jobs
Shares of the parent company of Jaguar Land Rover fell as much as 3.2 percent to Rs 258.85 after Jaguar Land Rover’s chief executive warned Prime Minister Theresa May that a bad Brexit deal could put tens of thousands of jobs at risk and cost the company more than 1.2 billion pounds a year.
Rupee Recovers Sharply As Government May Announce Measures On Oil, Rupee
India rupee recovered sharply from record low after a government official said that the government may announce measures on rupee, oil after PM Modi reviews economy, Bloomberg reported.
The rupee which fell to record low of 72.91, rose 0.59 percent or 43 paise, to 72.26.
Mirroring rupee’s move, the equity benchmarks also rose to intraday highs. The Sensex advanced 0.7 percent or 261 points to 37,679 and the Nifty 50 Index climbed 0.7 percent or 80 points to 11,367.
A2Z Infra Engineering Surges On Winning Rs 95 Crore Contract
Shares of the Gurugram-based engineering company rose as much as 8.2 percent, the most in over a month, to Rs 20.50 after it won a contract from Nepal Electricity Authority.
The company has won an order for installation and commissioning of 11/0.4 kV distribution system, A2Z Infra Engineering said in an exchange filing.