After a listless start and a subsequent sharp rally, the Indian market tumbled in early afternoon trade, but bounced
back strongly amid high volatility and ended with impressive gains on
Friday.
While concerns about growth ahead of GDP data contributed to the market's fall from higher levels, the rupee's recovery against the U.S. dollar pulled it out of the red in the closing minutes.
In his address to the Parliament, the Prime Minister Manmohan Singh today said that the rupee fall was a matter on concern but the government will not meet the rupee decline with capital control measures. The Prime Minister said the sharp dip in rupee was due to unexpected external factors, adding that Fed tapering has caused general weakness in global currencies, and that the depreciation will have a positive impact on export competitiveness in coming months.
The market shrugged off a report that showed the Centre's fiscal deficit ballooned to almost 63% of Budget Estimates for 2013-14 in just first four months of the current financial year. In April - July period, the deficit stood at Rs 3.40 lakh crore, which was 62.8% of Rs 5.42 lakh crore pegged in the Budget, according to data released by the Controller General of Accounts (CGA).
The BSE benchmark Sensex ended the session with a gain of 218.68 points or 1.19% at 18,619.72, around 60 points off the day's high of 18,679.26, and nearly 350 points off the day's low.
The Nifty index of the National Stock Exchange, which touched a low of 5360.20 and a high of 5493.30 during the day, settled at 5471.80, recording a gain of 62.75 points or 1.16%.
In the currency market, the rupee, which had tumbled to 68.85 against the U.S. dollar earlier this week, recovered strongly and was quoting around 66.30 a dollar a few minutes before trading ended on the Indian stock markets.
Healthcare, consumer durables, bank, information technology and FMCG stocks ended mostly higher. Oil and PSU stocks too found good support. Power, automobile, realty and capital goods stocks saw some buying but failed to retain gains. Metal stocks traded weak.
Bajaj Auto ended stronger by 5.7%. Cipla ended nearly 5% up and Tata Consultancy Services gained almost 4%. HDFC Bank also ended nearly 4% up.
Hindustan Unilever, HDFC, Hero Motocorp, Wipro, GAIL India, Dr Reddy's Laboratories, Sun Pharmaceutical Industries and State Bank of India gained 1.5% - 3.7%. BHEL, Reliance Industries and ITC posted modest gains.
Asian Paints, Ambuja Cements, Ultra Tech Cement, HCL Technologies, Reliance Infrastructure, Bank of Baroda and Punjab National Bank gained 1% - 4%.
Jindal Steel & Power ended lower by over 9% following the company's board approving the buy-back of equity shares from its existing shareholders, at a price not exceeding Rs 261 per share, up to an aggregate amount not exceeding Rs 1000 crore from the open market through the stock exchanges.
Grasim Industries, Ranbaxy Laboratories, Tata Steel, Hindalco, Tata Motors, Sesa Goa, Tata Power, NMDC, Mahindra & Mahindra, Jaiprakash Associates, Axis Bank and DLF lost 1% - 3.2%.
Jayant Agro, Shasun Pharmaceuticals, Eros International and Mphasis saw some strong buying on stock specific news.
The market breadth was slightly positive. Out of 2408 stocks traded on BSE, 1156 stocks moved up. 1074 stocks declined and 178 stocks ended flat.
While concerns about growth ahead of GDP data contributed to the market's fall from higher levels, the rupee's recovery against the U.S. dollar pulled it out of the red in the closing minutes.
In his address to the Parliament, the Prime Minister Manmohan Singh today said that the rupee fall was a matter on concern but the government will not meet the rupee decline with capital control measures. The Prime Minister said the sharp dip in rupee was due to unexpected external factors, adding that Fed tapering has caused general weakness in global currencies, and that the depreciation will have a positive impact on export competitiveness in coming months.
The market shrugged off a report that showed the Centre's fiscal deficit ballooned to almost 63% of Budget Estimates for 2013-14 in just first four months of the current financial year. In April - July period, the deficit stood at Rs 3.40 lakh crore, which was 62.8% of Rs 5.42 lakh crore pegged in the Budget, according to data released by the Controller General of Accounts (CGA).
The BSE benchmark Sensex ended the session with a gain of 218.68 points or 1.19% at 18,619.72, around 60 points off the day's high of 18,679.26, and nearly 350 points off the day's low.
The Nifty index of the National Stock Exchange, which touched a low of 5360.20 and a high of 5493.30 during the day, settled at 5471.80, recording a gain of 62.75 points or 1.16%.
In the currency market, the rupee, which had tumbled to 68.85 against the U.S. dollar earlier this week, recovered strongly and was quoting around 66.30 a dollar a few minutes before trading ended on the Indian stock markets.
Healthcare, consumer durables, bank, information technology and FMCG stocks ended mostly higher. Oil and PSU stocks too found good support. Power, automobile, realty and capital goods stocks saw some buying but failed to retain gains. Metal stocks traded weak.
Bajaj Auto ended stronger by 5.7%. Cipla ended nearly 5% up and Tata Consultancy Services gained almost 4%. HDFC Bank also ended nearly 4% up.
Hindustan Unilever, HDFC, Hero Motocorp, Wipro, GAIL India, Dr Reddy's Laboratories, Sun Pharmaceutical Industries and State Bank of India gained 1.5% - 3.7%. BHEL, Reliance Industries and ITC posted modest gains.
Asian Paints, Ambuja Cements, Ultra Tech Cement, HCL Technologies, Reliance Infrastructure, Bank of Baroda and Punjab National Bank gained 1% - 4%.
Jindal Steel & Power ended lower by over 9% following the company's board approving the buy-back of equity shares from its existing shareholders, at a price not exceeding Rs 261 per share, up to an aggregate amount not exceeding Rs 1000 crore from the open market through the stock exchanges.
Grasim Industries, Ranbaxy Laboratories, Tata Steel, Hindalco, Tata Motors, Sesa Goa, Tata Power, NMDC, Mahindra & Mahindra, Jaiprakash Associates, Axis Bank and DLF lost 1% - 3.2%.
Jayant Agro, Shasun Pharmaceuticals, Eros International and Mphasis saw some strong buying on stock specific news.
The market breadth was slightly positive. Out of 2408 stocks traded on BSE, 1156 stocks moved up. 1074 stocks declined and 178 stocks ended flat.
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