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BSE Sensex ends 62 points higher on buying in IT stocks

The wide-based 50-issue Nifty of the National Stock Exchange also edged up by 9.65 points, or 0.17 per cent to 5,850.20.

BT Online Bureau | September 17, 2013 | Updated 18:24 IST
Sensex ends 62 points higher on buying in IT stocks
Photo: Reuters

In a lacklustre trade ahead the outcome of the US Federal Reserve two-day meeting starting Tuesday, and mid-quarter monetary policy review by the Reserve Bank of India (RBI) later this week, the benchmark BSE Sensex improved further by 62 points to end at 19,804.03 on buying in IT, Metal, FMCG and auto counters.

The 30-share index of the Bombay Stock Exchange moved in a range of 19,819.10 and 19,635.44 before settling at 19,804.03, showing a rise of 61.56 points or 0.31 per cent. The wide-based 50-issue Nifty of the National Stock Exchange also edged up by 9.65 points, or 0.17 per cent to 5,850.20.

IT stocks rose on a weak rupee, which boosts revenue of the companies firms in rupee terms as the sector derives a lion's share of revenue from exports.

Cautious operators as well as retail investors are eyeing the two-day policy meeting of the Federal Open Market Committee (FOMC) starting Tuesday and expected cutbacks in its bond-purchase programme which has kept global markets flush with liquidity in recent years.

They are also waiting for new RBI Governor Raghuram Rajan's maiden monetary policy review on September 20, even as his options are limited to initiate a rate cut following rise in the headline inflation to six-month high of 6.1 per cent in August.

The government has also been battling slowing economic growth, widening current account and fiscal deficits and a weaker rupee.

Meanwhile, Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said inflation, besides forex market, is expected to weigh on the central bank's decision on its policy.

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