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Today on Market Wrap: 1. Sliding rupee, rising oil make analysts cautious; book profit now, they say 2. Sun Pharma shares gain 4% after declining 7% in past three days 3. Sensex ends 305 pts higher, Nifty at 11,370 as rupee recovers
The benchmark indices ended higher as the rupee recovered and value buying at lower levels.
The rupee bounced back from its fresh lifetime low, recovering around 70 paise to trade at 72.20 against the greenback. Earlier in the day, it hit a new record low of 72.91 per dollar, weighed down by inflationary concerns and amid weakness in global currencies against the dollar.
The S&P BSE Sensex ended at 37,718, up 305 points while the broader Nifty50 index settled at 11,370, up 82 points.
Among sectoral indices, the Nifty FMCG index ended 2.4 per cent led by a rise in the share prices of GlaxoSmithKline Consumer Healthcare and ITC. The Nifty Pharma index, too, rose 1.1 per cent led by Sun Pharmaceutical Industries.
Rising oil prices that are closing on $80 per barrel mark once again and a sliding rupee that is nearing an all-time low of 73 to a US dollar have dented the stock market sentiment with the S&P BSE Sensex slipping nearly 1,000 points in the last two trading sessions.
The developments have made analysts cautious, who suggest investors’ should book partial profit at the current levels and avoid fresh investment in the markets till rupee and oil prices stabilise.
Shares of Sun Pharmaceutical Industries have moved higher by 4% to Rs 655 per share, bouncing back 6% from their early morning low of Rs 620 per share on the BSE on Wednesday.
The stock of drug firm has fallen 7% in past three trading days till Tuesday, on reports that company received six observations by US Food and Drug Administration (FDA) for Halol unit and inspection of the company’s Mohali facility. The stock hit a 52-week high of Rs 679 on September 9, 2018, in intra-day trade.
The markets will remain closed on Thursday on account of Ganesh Chaturthi. On Friday, the investors will react to July industrial production and August CPI inflation data, which will be announced later today.