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he rupee breached the 60-level to 59.91 against the dollar for the first time in eight months against the dollar, buoyed by strong equities and consistent fund inflows. At the Interbank Foreign Exchange (Forex) market, the rupee surged 63 paise to 59.68 during the day but surrendered some gains. Forex dealers said that Reserve Bank was present in the market at various levels, at 60, 59.95 and 59.85, which capped the rupee’s gain. The domestic currency finally settled the day at 59.91, a surge of 40 paise or 0.66 per cent from its previous close. Previously, the rupee had logged its intra-day high of 59.52 on July 30, 2013 rpt 2013 and registered its closing high of 59.41 on July 29, 2013 rpt 2013. Forex dealers, however, said the rupee may weaken if the poll outcome is not as per market expectations. "Higher inflows from foreign investors has been supporting the rupee," said Ramesh Singh, Treasurer at Central Bank of India, adding that once the current euphoria on hopes of a new government gets over and markets get stabilized, we may see some fall in the rupee. Sustained dollar selling by exporters too aided the rupee sentiment, a dealer said. Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said: "Today rupee traded strong throughout the day against the dollar and made eight month high of 59.68, taking cues from the local equities which traded at all time high." The BSE benchmark Sensex scaled a new high for the fifth straight day today but ended a little lower at 22,339.97, which is its fresh closing record. It set all-time record of 22,363.97 points intra-day. FIIs injected USD 375.44 million yesterday as per Sebi data. The dollar index was up by a mere 0.05 per cent against its major global rivals in overseas market.


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Stock markets ended on a flat note on Wednesday, just below their record highs, but finished Samvat 2073 with robust gains of over 16 per cent. Equities added over Rs 25 lakh crore to investors' wealth this Samvat year. The benchmark Sensex has gained 4642.84 points, or 16.61 per cent, in the Hindu Samvat year 2073, while the broader NSE Nifty surged 1572.85 points, or 18.20 per cent during this period.
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In the last session of the Samvat 2073 on Wednesday, the 50-share Nifty fell by 23.60 points or 0.23 per cent to close at 10,210.85 after moving between 10,175.75 and 10,236.45. The Sensex resumed lower at 32,518.56 and fell further to a low of 32,462.85 before ending at 32,584.35, down 24.81 points or 0.08 per cent. Investors adopted a cautious approach ahead of the long Diwali weekend, while a weak rupee too affected sentiment, brokers said.
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The Aditya Birla group has entered the top valuation league with a market cap of over USD 50 billion post listing of financial services arm Aditya Birla Capital (ABCL), but Tatas remain on top with over USD 132 billion.
The combined market valuation of the Kumar Mangalam Birla-led listed companies stood at Rs 3,42,354.87 crore (USD 53.5 billion) at the end of Friday's trade.
Among various listed companies of the group, UltraTech Cement's valuation stood at Rs 1,10,097.70 crore at the end of Friday's trade while that of Grasim Industries was Rs 76,881.73 crore.
The newly-listed Aditya Birla Capital's market capitalisation was over Rs 55,000 crore, Hindalco (Rs 54,607.09 crore), Idea Cellular (Rs 32,064.91 crore), Aditya Birla Fashion and Retail (Rs 13,155.73 crore) and Aditya Birla Money (Rs 547.71 crore).
Among Indian conglomerates, the Tata group remains on the top in terms of total valuation of listed firms with about Rs 8,46,567 crore (USD 132.5 billion).
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