The markets closed flat again on a lacklustre trading session. The Sensex closed 26.73 points higher at 17425.71 points or 0.15 percent higher. The Index touched an intraday high of 17526.82 and a low of 17351.50 today. The NSE Nifty closed 9.35 points higher at 5287.95 points or 0.18 percent higher.
Deutsche Bank upgraded the utilities sector stocks in India.Sugar industry stocks rose on news that production would decline by 4 percent on lower recovery due to deficient rainfall. Oil marketing firms rallied in trade on news that revenue losses on diesel and petrol and cooking gas declined by 36 percent and 44 percent respectively.
One of the major event of the day saw Barclays CEO Bob Diamond tender his resignation with immediate effect on the aftereffects of the Libor scandal.The Reserve Bank of Australia held its main cash rate at 3.5 percent, unchanged on material easing.
On the global market scenario, Asia closed higher by marginal to a higher level on hopes of a stimulus. Europe too is marginally higher on hopes of stimulus and policy action.
On the sectoral index front on the BSE, the Midcap Index gained 0.50 percent, while the Smallcap Index moved 0.86 percent higher. The Realty index gained 1.98 percent, Metal index inched 0.57 percent higher; Bankex moving up by 0.48 percent. TheIT Index was declined 0.51 percent and the FMCG index declined 0.47 percent.
On the currency front, the currency appreciated to touch 54.90 to the Dollar. Selling of dollars by banks improved sentiment, leading to its highest rate in one and a half months. On similar lines, Fitch conducted a rating analysis on corporates which could likely be affected in terms of rupee depreciation.
Commodities moved higher with WTI at USD 85.22 up 1.76% and Brent trading at USD 99.33 up 2.04%. On the weather front, severe storms expected over New York, Boston and Washington D.C.
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(Business Standard, Economic Times and Moneycontrol)
Categories: General News