Sensex in India Jumps 0.9%; Rupee Advances

Mukesh Buch
18 Sep, 2015
New York City

Sensex rebounds and looks beyond hoopla surrounding Fed induced uncertainty. Power Grid Corp received approval from shareholder to raise up to $2 billion. Ultratech Cement received an approval from the Environment Ministry to expand production capacity in Maharasthra.

[R]6:00 PM Mumbai – Sensex rebounds and looks beyond hoopla surrounding Fed induced uncertainty. Power Grid Corp received approval from shareholder to raise up to $2 billion. Ultratech Cement received an approval from the Environment Ministry to expand production capacity in Maharasthra.[/R]

Stocks in Mumbai looked ahead after the U.S. Federal Reserve held rates as expected and focused on the domestic corporate news.

Investors’ hopes were dashed after the U.S. Fed held out for a possible rate before the year’s end but did not provide any more specific time frame.

World markets have been volatile for the last six week ahead of the rate decision but the latest Fed action failed to remove a layer of uncertainty and now the focus has shifted to the next meeting scheduled in the last week of October

Rupee strengthened 79 paisa to 65.67 against one U.S. dollar.

The Sensex Index advanced 254.94 or 0.9% to close at 26,218.91. The CNX Nifty increased 82.75 or 1.1% to 7,981.90.

For the week, Sensex Index and CNX Nifty soared 2%.

Gainers & Losers

ARSS Infrastructure Projects Limited rose 1.2% to ₹32.60 on media report the company plans to transfer its 51% holding in ARSS BUS Terminal Pvt Ltd to Welspun Enterprise Ltd, to settle a long simmering dispute.

Entertainment Network India Limited jumped 4.6% to ₹686.75 after the company secured new licences for FM radio stations.

Indiabulls Housing Finance Limited decreased 1.3% to ₹721 after the lender said Mauritius-based Copthall Mauritius Investment Ltd agreed to acquire 5% in the company.

Kitex Garments Limited advanced 2.2% to ₹767.70 and the garment retailer plans to launch its brand of infants wear in the U.S. market in the next twelve months.

MindTree Limited increased 1.7% to ₹1,399.95 after the software developer entered into a strategic partnership with Dubai-based flydubai.

Power Grid Corporation of India Limited gained 1.9% to ₹133.50 after the power producer received approval from shareholder to raise up to ₹14,000 crore.

Ultratech Cement Limited edged up 0.3% to ₹2,948 after the cement maker received an approval from Environment Ministry to expand production capacity at its Awarpur plant in Maharasthra.

The company plans to investment ₹248 crore.