Sensex Snaps Worst Losing Streak In Six Months Led By RIL
Closing Bell: Sensex Snaps Six-Day Losing Streak
India's Sensex snapped its longest losing streak in six months led by energy and pharma stocks.
The Sensex rose 0.6 percent or 224 points to 38,243 and the Nifty 50 index climbed 0.5 percent 60 points to 11,537.
For most part of the day, the benchmarks were volatile as weekly derivative contracts of Nifty Bank expired. However, late buying in Reliance Industries, HDFC twins and Kotak Mahindra Bank boosted Sensex and Nifty to intraday highs.
Fifteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Energy and S&P BSE Pharma indexes over 2 percent gain. On the flipside, the S&P BSE Telecom index was top loser, down 0.3 percent.
Biocon Surges Over 6% On Heavy Volumes
Shares of the Bengaluru-based bio pharmaceutical company rose as much as 6.4 percent, the most in over a month, to Rs 664.15 on heavy trading volumes.
Trading volume was 3.6 times its 20-day average.
Market Update: Sensex Stages Sharp Recovery, Surges Over 250 Points
- Indian equity benchmarks staged a sharp recovery from intraday low levels in last one hour of trade led by Reliance Industries, Kotak Mahindra Bank and HDFC twins.
- The Sensex rose 0.7 percent or 270 points to 38,288 and the Nifty 50 index climbed 0.6 percent or 69 points to 11,546.
- Sixteen of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Healthcare index's 2 percent gain. On the other hand, the S&P BSE Telecom index was top loser, down 0.4 percent.
- the market breadth turned positive as 1,562 shares were advancing while 1,076 were declining on the BSE.
Dilip Buildcon Snaps Three-Day Decline After order Win
Shares of the construction company snapped a three-day decline and rose as much as 3.9 percent to Rs 815.
The company received a Letter of Acceptance for a mining project, valued at Rs 717.45 crore, according to its stock exchange notification.
The stock declined 19.5 percent so far this year compared to a 13.2 percent advance in the Sensex.
No Answer To When The Rupee Depreciation Will Stop: Lakshmi Iyer
Lakshmi Iyer, CIO (Debt) at Kotak Mutual Fund told BloombergQuint in an interview that Reserve Bank of India has not taken any meaningful steps to contain the rupee fall and that is plaguing the debt markets.
Key highlights of the conversation:
- No meaningful steps have been taken by the Reserve Bank of India and that is a single pain point plaguing the debt market.
- No answer to when the rupee depreciation will stop.
- In similar situation in 2013 real interest rates were negative but today situation is not as ominous as 2013.
- Not sure we need to react at all as other emerging market currencies are in the same bandwagon as rupee.