Press Esc to close
Thursday 21 August 2014
News updated at 1:03 PM IST
Weather
Max: 30.8°C
Min : 20.7°C
In Bangalore
Generally cloudy

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
Boy plays with a dog near idols of elephant-headed Hindu god Ganesha, displayed for sale by a...

Boy plays with a dog near idols of elephant-headed Hindu god Ganesha, displayed for sale by a...

Pakistan football team players after defeating India on their second match at  KSFA Stadium ...

Pakistan football team players after defeating India on their second match at KSFA Stadium ...

Dejected Indian football team players after their loss during the 2nd International U-23 Friendly...

Dejected Indian football team players after their loss during the 2nd International U-23 Friendly...

Director Rajkumar Hirani right, and producer Vidhu Vinod Chopra, left, enjoy a lighter moment as...

Director Rajkumar Hirani right, and producer Vidhu Vinod Chopra, left, enjoy a lighter moment as...

Former Prime Minister Manmohan Singh with Congress President Sonia Gandhi at the Rajiv Gandhi...

Former Prime Minister Manmohan Singh with Congress President Sonia Gandhi at the Rajiv Gandhi...

Actor Rani Mukherjee with Mumbai Police Commissioner Rakesh Maria during the launch of Women Beat...

Actor Rani Mukherjee with Mumbai Police Commissioner Rakesh Maria during the launch of Women Beat...

President Pranab Mukherjee and Congress President Sonia Gandhi look on as Congress party Vice ...

President Pranab Mukherjee and Congress President Sonia Gandhi look on as Congress party Vice ...

Bollywod actress Mandira Bedi during the inauguration of a painting exhibition in Mumbai on ...

Bollywod actress Mandira Bedi during the inauguration of a painting exhibition in Mumbai on ...

A man gets his shave done by a roadside barber as another reads a newspaper while waiting for...

A man gets his shave done by a roadside barber as another reads a newspaper while waiting for...

A model at a promotional event of Rado watches in Lucknow  ...

A model at a promotional event of Rado watches in Lucknow ...

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