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After three days of moderate movement, the Indian markets regained their momentum as the benchmark Sensex at the Bombay Stock Exchange rose by 319 points or 1.3 per cent to close at a new all time high of 24,693 on Friday.
The broader Nifty at the national Stock Exchange too rose by 90 points or 1.25 per cent to close at a new high of 7,367.
Friday’s gains have taken the total rise in the markets at over 10 per cent in the month of may alone, backed by strong inflows from Foreign Institutional Investors. While the FIIs invested a net of Rs Rs 416.8 crore on Friday, the total for the month of May stood at Rs 14,640 crore.
Gains in the mid cap and the small cap indices continued to outperform the Sensex as they rose by 1.8 and 1.9 per cent respectively on Friday. In the month of May alone while the mid cap index at BSE has risen by 18.4 per cent, the small cap index has grown by 22 per cent.
The markets got support from a strong result announced by the State Bank of India. Power, oil & gas and capital goods sectors emerged as the biggest gainers as the three rose by over 2 per cent during the day. The power index was the biggest gainer with a rise of 3.7 per cent.
Other than SBI, the other major gainers during the day were Tata Powers (6.3 per cent) and Maruti (5.3 per cent).
Rs retreats from 11-month highs on $ demand
Retreating from 11-month high level, the rupee on Friday depreciated five paise to end at 58.52 against the US dollar but managed to clock the fourth successive weekly rise.
Sustained capital outflows weighed on the rupee while strong local equities limited the rupee fall to some extent, a forex dealer said.
At the Interbank Foreign Exchange (Forex) market, the domestic currency commenced slightly better at 58.45 a dollar from previous close of 58.47. It then moved erratically in a range of 58.33 and 58.56, before settling at 58.52, a net fall of five paise or 0.09 per cent.
The dollar index, an indicator of six major global rivals, was up by 0.21 per cent on global economic optimism.