Press Esc to close
Thursday 29 January 2015
News updated at 9:29 PM IST
Weather
Max: 28°C
Min : 17°C
In Bengaluru
Sunny day

PM pep-talk lifts Sensex by 219 pts to over two-week high

Mumbai, Aug 30, 2013 (PTI):

Stock markets today rose for the third day with S&P BSE benchmark Sensex jumping 218.68 points to end at over two-week high of 18,619.72 after Prime Minister Manmohan Singh assured that the rupee's decline will be addressed without capital controls or reversal of reforms.

The currency markets also appeared to strengthen with the rupee gaining over 50 paise to trade at 66.05/06 levels against the US dollar compared to yesterday's close of 66.55.

While the stock markets were volatile as the Prime Minister began his speech in the Parliament shortly after noon, share prices surged on heavy buying in the last 90 minutes of trade with sectors like consumer durables, healthcare, banking, IT and FMCG seeing good enquiries.

The 30-share Sensex ended at 18,619.72, up 218.68 points or 1.19 per cent, extending gains to the third session in which the index has rose over 650 points. Today is the highest close for Sensex since August 14 (19,367.59).

"The PM said once again that 1991 crisis will not be repeated and sub-3 per cent GDP is very far from happening. Market showed strength ahead of GDP numbers to be announced today. Oil prices eased as Syria crisis seems to be away," said Rakesh Goyal, Senior VP, Bonanza Portfolio Limited.

On similar lines, the Broad-based National Stock Exchange index Nifty rose by 62.75 points, or 1.16 per cent to end at 5,471.80, after moving between 5,360.20 and 5,493.30. Also, MCX-SX' SX40 index ended at 10,938.49, up 88.98 points.

Prime Minister Manmohan Singh also said the government will now have to undertake more difficult reforms, including reduction of subsidy and implementing GST, to put economy back on the path of stable, sustainable growth.

In the Sensex pack, the two most influential counters RIL rose by 0.73 per cent to Rs 851.55 and TCS by 3.96 per cent to Rs 2,023.15. Other major gainers were Cipla, Dr Reddy's Lab., Bajaj Auto, Hero Honda, HUL and SBI.

Sectorally, the consumer durable index gained the most by rising 1.90 per cent to 5,615.79, followed by healthcare index by 1.59 per cent to 8,965.59. Banking index rose by 1.59 per cent to 10,304.35 and Information Technology index by 1.54 per cent to 8,027.55.


Go to Top

Photo Gallery
A groom leads his horse in the equine pool after working out on the track, during early morning...

A groom leads his horse in the equine pool after working out on the track, during early morning...

A handler bathes a horse after a training session ahead of the Indian Derby in Mumbai...

A handler bathes a horse after a training session ahead of the Indian Derby in Mumbai...

Ladakhi women offering prayers during the inauguration of traditional Buddhist prayer...

Ladakhi women offering prayers during the inauguration of traditional Buddhist prayer...

A Police man takes pictures as the Raisina Hill which houses India's most important ministries...

A Police man takes pictures as the Raisina Hill which houses India's most important ministries...

A man walks on a snow covered path after in Srinagar on Thursday. Temperatures drop due...

A man walks on a snow covered path after in Srinagar on Thursday. Temperatures drop due...

A scene after light snow fall at Dal Lake in Srinagar on Thursday...

A scene after light snow fall at Dal Lake in Srinagar on Thursday...

Migratory seagulls are seen above the river Ganga during Magh Mela in Allahabad...

Migratory seagulls are seen above the river Ganga during Magh Mela in Allahabad...

President Pranab Mukherjee leaving for Beating Retreat ceremony from forecourt...

President Pranab Mukherjee leaving for Beating Retreat ceremony from forecourt...

School children perform during presentation of National Bal Shree Honour 2011 & 2012...

School children perform during presentation of National Bal Shree Honour 2011 & 2012...

Bollywood actor Anil Kapoor during inauguration of International Bicycle & Fitness Expo...

Bollywood actor Anil Kapoor during inauguration of International Bicycle & Fitness Expo...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523