Sensex gains for 7th day on trot over lower crude prices , rupee gains


Mumbai, Dec 19 (IANS): Sensex and Nifty continued their winning streak for the seventh consecutive day on Wednesday on the back of a declining crude oil prices and an appreciating domestic currency.

Apart from export-oriented IT and pharma stocks all other sectors ended in the green, both on NSE and BSE.

Sensex settled 137.25 points or 0.38 per cent higher at 36,484.33 points after touching an intra-day high of 36,554.99 and a low of 36,381.87.

The Nifty50 gained 58.60 points or 0.54 per cent to close at 10,967.30.

Finance, power and oil and gas stocks outperformed the benchmark Sensex, gaining over 1 per cent.

The domestic currency continued to gain against the US dollar after registering a Rs 1.11 rise on Tuesday -- the strongest single day gain in five years.

Rupee was trading around Rs 70.16 against the US dollar from its previous close of 70.44 after the benchmark Brent Crude slipped to $56.35 around closing bell.

"Healthy foreign fund inflow and lower crude price, which is at a 52-week low, have helped the currency. The Indian rupee has been the best emerging market currency in the past week," said Anindya Banerjee, Deputy Vice President for currency and interest rates with Kotak Securities.

"Indian bonds, equity and the currency has outperformed other major markets by a big margin," Banerjee said.

Investors, however, are still cautious about the outcome of the ongoing Federal Open Market Committee (FOMC). The committee is widely expected to push up interest rates which has kept the sentiments tepid, analysts said.


  

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Comment on this article

  • Lawrence, Houston, Texas.

    Thu, Dec 20 2018

    Today's gas (petrol) price in Houston Texas is $1.85 per gallon (3.5 liter) . That is about Rs.36 per liter.
    Gas is superior than petrol. US gas dealers have higher margin than the Indian dealers because of the overhead cost is higher in the US. Therefore, petrol prices in India should be below Rs.30 per liter. Oil magnates along with the government is ripping off people silently. No wonder there was a $100 million wedding while some people are struggling to get a square meal per day.

    Reply Report Abuse

  • Sahil, Mangaluru

    Thu, Dec 20 2018

    Just bring back Rs value against dollar similar to year 2013 than I will vote for?

    Reply Report Abuse

  • Sahil, Mangaluru

    Thu, Dec 20 2018

    New RBI governor Das Kamal ka phool ko qamal Kar diya. Since the next board meeting postponed

    Reply Report Abuse

  • SMR, Karkala

    Thu, Dec 20 2018

    Despite the softening of the price of crude oil, the increase in the price of petrol and diesel for the fourth consecutive day.
    Where the 11 lakh crores collected from the fuel prices by PM Modi's BJP government without passing its benefits to the common man?

    Jai Hind

    Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Wed, Dec 19 2018

    The stock exchange is called a barometer of the economic and financial conditions of a country. Coupled with the external conditions as stated above, the Sensex and Nifty have gone north wise.

    But every thing is not hunky-dory, since more than half of Indian shares are below their life time high and also 52 week highs. Sensex is only an index of 30 shares and nifty is of 50. There are shares of more than 8000 companies listed in Indian bourses. That means, only people who have shares in companies of sensex and nifty are benefited. Presently, at least more than half of shareholders in the companies outside these indices are in loss. Lay man does not know this, only those who are dealing daily in shares know the reality.

    Reply Report Abuse

  • shetty, puttur

    Wed, Dec 19 2018

    S&P BSE 500 index is a free-float weighted index that represents nearly 93% of the total market capitalization on BSE India exchange. It is near all time high.

    Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Thu, Dec 20 2018

    Dear Mr. Shetty

    I have never disputed that the share prices of index shares have not reached near their highs, but, what I wanted to say is, the shareholders of many companies are suffering because of many out of the remaining 7500 companies share prices are either less than half or at rock bottom. It is a case of rich becoming richer and poor, poorer. Nobody is talking of those 7500 companies whose market capitalization is day by day going down.

    Reply Report Abuse

  • Clifford Fernandes, Toronto

    Thu, Dec 20 2018

    Case of share market in India is like this. The number of billionaires in India have increased, is the news. But how many poor people became poorer nobody talks.

    Report Abuse

  • Rudolf Rodrigues, Mumbai

    Thu, Dec 20 2018

    Index is manipulated by heavy weight operators to fool innocent investors who mostly lose in this "den of corruption" !!

    Reply Report Abuse

  • Allen, Mangalore

    Wed, Dec 19 2018

    The very next day Mr Jetley presented the budget imposing tax on capital gains the Market started crashing. The very next day BJP lost in 5 state elections the Market spurred up and the trend is on till today.

    Reply Report Abuse

  • Alwyn, Mangalore

    Wed, Dec 19 2018

    Oil price will go below dollar 2 per gallon pretty soon. [1 gallon is 3.8 liters] [1 $ is Rs.70] [ 1 liter price will be Rs.36] But in India that too all these corrupt leaders what they will do God only knows.
    It will be good for Modi because his world tour plan will get success and it will be cheap too.

    Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Wed, Dec 19 2018

    Half the cos in our markets are totally fraud driven by operators in connivance with regulatory bodies, media, self styled analysts and loot innocent investors till they become naked!

    Reply Report Abuse

  • mahesh, mangalore

    Wed, Dec 19 2018

    Sikulars,get your balm.

    Reply Report Abuse

  • Gangaram, Moodbidri

    Wed, Dec 19 2018

    Now bakthas will call this because of Feku's international policy ...............

    before they used to say economy crashing due to crude oil price.......

    keep balm stock its very much need for you guys in 2019 May.......

    Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Dec 19 2018

    Will Modi allow Ambani's to loose Money ...

    Reply Report Abuse

  • ?????, ???

    Wed, Dec 19 2018

    Achhe din

    Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Dec 19 2018

    Who cares if Sensex gains.We need Rs15 lakhs in our account and will not allow PM to sleep.......

    Reply Report Abuse

  • G R PRABHUJI, Mangalore

    Wed, Dec 19 2018

    Some top Gujarati business men have already got 15 Lakhs. Like Ambani,Adani etc.It will start from richest and end with poorest.

    Reply Report Abuse

  • Raju, Karkala

    Wed, Dec 19 2018

    This applicable only for those voted for Modiji. For others tenga

    Reply Report Abuse

  • Allan Dcosta, Kinnigoli / Abu Dhabi

    Wed, Dec 19 2018

    Good news though... but what is the news, fuel and other essential commodity prices will either remain the same or increased. hoping for the best for the country....

    Reply Report Abuse


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