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Monday, July 16, 2018

Sensex shows 741 pts intra-day swing, ends flat

The rupee weakened 19 paise on Monday, logging its sharpest drop in over a month, to close at 58.71 against the US dollar, amid demand for the American currency from oil importers and late profit-booking in equities.

By: ENS Economic Bureau | Mumbai | Published: May 27, 2014 1:31:48 am

After a strong opening rally, stock markets on Monday declined as volatility increased before options expiry this week and some investors speculated a rally to all-time highs is overdone. The Sensex breached 25,000-mark but failed to hold above that level on heavy profit-booking and closed with a marginal rise ahead of Narendra Modi’s swearing-in.

The Sensex jumped 484 points at one stage amid optimism that Modi will form a new Cabinet capable of reviving economic growth. After hitting the day’s high of 25,175.22 boosted by power, PSU, capital goods, auto and realty stocks, the rally fizzled out in the last hour and the Sensex briefly slipped into negative zone to touch a low of 24,433.90. It recovered marginally to end 23.53 points, or 0.10 per cent, higher at 24,716.88, surpassing its record close of 24,693.35 on Friday. The Sensex showed an intra-day swing of 741 points.

The India VIX (volatility index) surged 12 per cent, ending a six-day, 52 per cent slump. On the day of vote counting, Sensex had hit life-time high of 25,375.63 but did not close above the key 25,000 mark.

Meanwhile, the broad-based NSE Nifty, which had rallied over 136 points during the session to a high of 7,504, succumbed to profit-booking and eased by 8.05 points, or 0.11 per cent to end at 7,359.05.

The rupee weakened 19 paise on Monday, logging its sharpest drop in over a month, to close at 58.71 against the US dollar, amid demand for the American currency from oil importers and late profit-booking in equities.

“Investors are awaiting the composition of Modi’s cabinet, allocation of portfolios to the Prime Minister’s office, and the finance minister, widely expected to be front-runner Arun Jaitley,” said BSE dealer Pawan Dharnidharka.

Scrips of Gujarat PSUs & pvt firms tank after highs

Ahmedabad: On a day when Narendra Modi took charge of Prime Minister’s office in New Delhi, the scrips of Gujarat-based public-sector units (PSUs) and private-sector companies romped home with fresh 52-week highs. However, due to profit booking, most of these scrips tanked towards the later part of the day. Among the top private companies from Gujarat, the steepest drop was seen in Adani Power which fell by 6.88 per cent during the intra-day trade on the Bombay Stock Exchange on Monday.
— Avinash Nair

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