Economy

Sensex jumps 191 points to 31404.24, ignores weak IIP data

Sensex jumps 191 points to 31404.24, ignores weak IIP data”

Short-covering in recently beaten down stocks by speculators and a mixed trend on other Asian bourses, tracking weekend gains in the U.S. markets, influenced trading sentiment, brokers said. Meanwhile, the Nifty was trading higher by 52.40 points or 0.54% at 9,763.20 with 41 components gaining. The 50-stocks index has crucial support placed around the level of 9,702 and the next important support stands at the level of 9,650.

Housing Development Financial Corp and HDFC Bank advanced 2.6 per cent and 1.1 per cent, respectively, and were among the leading gainers.

The benchmark BSE Sensex was up 230 points or 0.74 percent at 31,439 in early trade after tumbling around 3.5 percent last week in view of geopolitical tensions, disappointing quarterly results and market regulator SEBI's crackdown on shell companies.

The Sensex has so far touched a high of 31,501.29 points and a low of 31,298.90 points during the intra-day trade.

The markets broke their five-session losing streak even though it was announced on Friday that India's industrial output for June had declined by 0.1%, the first contraction in four years.

"The broader NSE's Nifty, too, rose in the morning hours".

The Indian rupee traded 15 paise down at 64.11 to the dollar at 11.42 am on Monday. The BSE Realty index slipped almost 10 per cent during the week, while the auti and Capital goods indices declined 6 per cent and 4 per cent, respectively.

The Nifty50 fell by 109.45 points, or 1.11 per cent to close at 9,710.80 points, while the Sensex closed at 31,213.59 points - down 317.74 points, or 1.01 per cent.



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