Fag-end
buying saved the day for domestic market as the BSE Sensex reversed
all of its early losses and settle 204.46 points higher at 27,214.60,
tracking firm global cues, while Nifty reclaimed the 8,200-level. In
early trade, the 30-share Sensex cracked below the 27,000-mark by
dropping 93 points to hit a low of 26,917.12 as investors booked
profits in recent gainers after the country's exports in September
dropped for the tenth straight month. However, on across-the-board
buying in late session, the index recovered from early losses to end
at 27,214.60, up 204.46 points or 0.76 per cent. Meanwhile, the
50-issue NSE Nifty recaptured the crucial 8,200-mark and settled
58.65 points or 0.72 per cent higher at 8,238.15. It slipped to a low
of 8,147.65 during the day. With today's late rally, both Sensex and
Nifty climbed 135.09 points (0.49 pc) and 48.45 points (0.59 pc),
respectively, for the week, to log third-straight weekly rise. Market
commenced lower as participants locked in gains in blue-chips that
made sizeable grounds in yesterday's session amid slump in exports
and a weakening rupee. Country's exports shrunk for the tenth
straight month by 24.33 per cent in September to USD 21.84 billion
due to steep fall inbound shipments of petroleum products, iron ore,
and engineering goods amid tepid global demand. Reliance Industries,
which surged 1.07 per cent at Rs 913.70 ahead of its Q2 earnings,
helped in the success story. Moreover, Maruti Suzuki continued its
upward journey and gathered another 1.56 per cent to Rs 4,448 on
expectations of pick up in its sales during the ongoing festive
season. Other stocks from the auto space too perked up with Tata
Motors rising by 1.72 per cent to Rs 387.25, followed by M&M 1.19
per cent, Bajaj Auto 0.42 per cent and Hero MotoCorp 0.88 per cent.
Out of the 30-share Sensex, 20 ended higher. Gains in L&T, SBI,
ONGC, HDFC Bank, HDFC, ICICI Bank, Dr Reddy's, NTPC, Axis Bank, ONGC,
Cipla, BHEL, GAIL, TCS and Sun Pharma also contributed. Globally,
Asian markets closed at almost two-month highs. Hong Kong's Hang Seng
ended 0.78 per cent higher, while Shanghai Composite closed 1.60 per
cent up. Japan's Nikkei too up 1.08 per cent. European markets were
slightly higher in their early trade as another batch of
weaker-than-estimated economic reports from China, Europe and the US
boosted hopes that central banks will maintain stimulus measures.
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