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BSE Sensex jumps 219 points to over two-week high after PM's pep-talk

The BSE Sensex rose for the third day, jumping 219 points to end at over two-week high, after Prime Minister Manmohan Singh assured that the rupee's decline will be addressed without capital controls or reversal of reforms.

BT Online Bureau | August 30, 2013 | Updated 17:14 IST
PM's pep-talk lifts Sensex to over 2-week high
Photo: Reuters

The BSE Sensex rose for the third day on Friday, jumping 219 points to end at over two-week high, after Prime Minister Manmohan Singh assured that the rupee's decline will be addressed without capital controls or reversal of reforms.

While the stock markets were volatile as the prime minister began his speech in 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. 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 Good and Services Tax (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 Laboratories, 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.

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 Thursday's close of 66.55.

With inputs from PTI

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