Indian rupee, BSE Sensex, Gold Price, Car sales (Jan) on Feb 11, 2014
Wed Feb 12 2014, 17:06 hrs
Car sales in India fell 7.6 percent in January, the fourth straight month of decline, according to figures released by the Society of Indian Automobile Manufacturers (SIAM), in a market set to fall for the second straight year. Car sales fell to 160,289 vehicles last month as consumers kept a tight lid on spending, hurt by high interest rates and fuel costs in a slowing economy. Car sales have fallen 5.2 percent so far this fiscal year that ends in March
Markets ended flat on Tuesday ahead of the industrial output data, which would be out on Wednesday. The BSE barometer, the BSE Sensex ended 29.10 points higher at 20,363.37 points.
The BSE Sensex ended 29.10 points higher at 20,363.37 points Among sectoral indices, BSE IT (0.99%), BSE Consumer Durables (0.58%) and BSE Auto (0.77%) were the major gainers. Among individual stocks, Tata Motors (2.83%), Tata Steel (2%) and Oil & Natural Gas Corp (ONGC) (1.40%) were the major gainers. Shares of Tata Motors gained after the automaker reported 195% y-o-y rise in its net profit to Rs 4,804.80 crore in Q3.
Indian rupee, later, moved in a narrow range of 62.19 and 62.44 before settling at 62.22 against dollar, a rise of 21 paise or 0.34 per cent over Monday. Today's 21 paise gain is rupee's best since 59-paise spurt on January 28. The closing of 62.22 is also the highest since 61.93 versus dollar on January 23. Exports grew by a meagre 3.79 per cent in January to USD 26.7 billion but imports, particularly gold, fell, narrowing trade deficit sharply to USD 9.92 billion in the month.
Indian rupee today rose 21 paise, logging its best daily gain in two weeks, to end at 62.22 after trade gap narrowed in January and the dollar fell ahead of Fed Reserve chief Janet Yellen's testimony to US Congress. Fresh dollar selling by exporters and some banks also helped rupee close in the positive terrain even though fears of capital outflows persisted, forex traders said.
Gold advanced further by Rs 130 to Rs 30,800 per ten grams on sustained buying for the ongoing marriage season amid a firming global trend. Silver shot up by Rs 105 to Rs 45,130 per kg on increased offtake by jewellers and industrial units. Traders said frantic buying by stockists and jewellers to meet the rising ongoing marriage season demand mainly kept the precious metals higher for the second day.
Markets ended flat ahead of the industrial output data, which would be out on Wednesday. The BSE Sensex ended 29.10 points higher at 20,363.37 points, while the NSE's Nifty ended 9.25 points higher at 6,062.70 points. Experts expect markets to trade within a narrow range. 'Nifty may trade within a range of 6000 – 6150 in near term. Selling pressure may increase, if Nifty breaks 6000 and close below support level'.