Business

Sensex retracing 10000-mark

MUMBAI: In a choppy trade, the Bombay Stock Exchange sensitive index (Sensex) tested the 10000-level before ending at 9958.22 on Friday with a gain of nearly 55 points over Thursday’s close of 9903.46 as investors bet on a stimulus package to revive the economy, slowing faster than expected.

The Sensex, which commenced the day higher, spurted midway to 10070.28, a level last seen on December 18, before falling back to close at 9958.22, a gain of 54.76 points. It touched the day’s low of 9863.86 on profit-selling by funds. Buying activity gathered momentum soon after news came that the government is likely to announce a second fiscal stimulus plan later in the day.

Similarly, the broader-based National Stock Exchange index Nifty rose by 13.30 points to 3046.75, after touching a high of 3079.85 and a low of 3021.80 points.

Marketmen said trading sentiment remained firm in anticipation of an economic stimulus package and the Reserve Bank of India’s rate cuts later, but a dim outlook on quarterly corporate earnings limited gains.

In a dramatic turnaround, the rupee, after making good steep early losses, ended higher on Friday by 18 paise to 48.58/60 against the greenback on heavy dollar sell-off offshore in non-deliverable forward (NDF) contracts before the second stimulus package announcement. The rupee closed at 48.76/78 on Thursday.

It snapped a three-day losing streak. In fairly active trade at the interbank foreign exchange market, the rupee opened lower at 48.90/92 and crossed the 49 mark to an intra-day low of 49.07 triggered by lack of greenback supplies following poor attendance due to New Year Holidays overseas. — PTI

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