The Hindu Business Line : Sensex rally continues

STOCK prices moved up for the second day in a row with key stock indices closing at their all-time high as foreign investors continued to invest in Indian equities.

At close, the BSE Sensex rose 108.71 points to 9,648.08 and the NSE's S&P CNX Nifty was up by 21.05 points to close at 2,904.40.

Rupee appreciates: The rupee appreciated against the greenback in tandem with a global rally of some of the major currencies against the dollar. The domestic currency opened at 44.84, up from 45.04 on Tuesday. It then touched an intra-day low of 44.76 and finally closed the day at 44.79.

A dealer at a private bank said other major currencies moved up because the US manufacturing data (ISM index) released on Tuesday was worse than expected.

The euro moved up from $1.19 on Tuesday to $1.2075. Dealers also said that the minutes of the Federal Open Market Committee meeting reflected the gradual halt in the US interest rate hike cycle.

The rise in stock prices was in line with most of the Asian and other international markets.

The overall trend in the market was positive as evident from the fact that 1,417 stocks advanced while 1,120 declined.

Among the major gainers in today's trading was Gujarat Ambuja which rose 8.2 per cent at Rs 87.75. Banking sector was in limelight with the banking sector index of BSE and NSE gaining most among the various sectoral indices.

The major gainers were Bank of India, Union Bank and PNB. Traders said the markets closing at an all-time high today indicate that it had enough steam to go up further. But they cautioned that a stock-specific valuation-based approach should be followed.

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