Andrew L Dcunha
Mumbai, Aug 29: In a strong pull back rally the benchmark Sensex rallied 567 points points higher at 16416 led by gains in TCS ( 7.99%) Reliance Industries Ltd (up 5.07%), Infosys (up 3.8%) and L&T (up 5.4%); The market witnessed a relief rally right from the start of the trade and at one point the Sensex rose more than 600 points. Meanwhile, the 50-share NSE Nifty jumped 172 points, to end at 4,920 after hitting an intra-day high of 4,934.40.
Stock-index futures gained ground Monday, pointing to opening gains for Wall Street, as investors continued to weigh a less dire than expected assessment of the U.S. economy by Federal Reserve Chairman Ben Bernanke at the end of last week and assessed the weekend damage wrought by Hurricane Irene on the East Coast.
Most Asian stock markets rose Monday for a positive start to the week as Friday’s Wall Street advance after Federal Reserve Chairman Ben Bernanke’s speech encouraged buyers. Chinese stocks were sold down, however, as concerns about monetary tightening returned. South Korea’s Kospi soared 2.8% , Taiwan’s Taiex advanced 1.8% , Japan’s Nikkei finished the day 0.6% higher while Hong Kong’s Hang Seng Index rose 1.4% .
European stock markets opened sharply higher on Monday, carrying on gains from Asia.
Gold and Silver tumbled
Both gold and silver tumbled in the bullion market due to heavy selling by stockists on reduced offtake at existing higher levels, triggered by a weak trend in overseas markets. Gold plunged by Rs 600 to Rs 27,490 per 10 grams, while silver lost Rs 1,800 to Rs 62,800 per kg.
Indian rupee stronger
The rupee was strong in afternoon trades on Monday helped by the surge in domestic stocks and the euro. So far in trade, the rupee has touched a high of 45.76 after opening at 45.93. Rupee closed weak at 46.145/155 Friday
Andrew L D Cunha, Managing Director, WinWin Fin Advisory Pvt. Ltd. Mangalore. Email: finadvisoryltd@yahoo.com
