Business

Mumbai, Aug 30 (IANS) Benchmark indices ended sharply up on Tuesday after falling sharply on Monday due to delivery-based buying by the FIIs and short covering in the F&O market, dealers said.

At close, Sensex ended 1,564.45 points, or 2.70 per cent, up at 59,537.07, and Nifty closed 445.40 points or 2.58 per cent up at 17,759.30. Nifty bank was up sharply at 3.29 per cent.

All the 30 stocks on the Sensex ended in green.

BSE LargeCap was up 2.59 per cent, BSE MidCap, and BSE SmallCap up 1.97 per cent, and 1.40 per cent, respectively. Bajaj Finserv, Bajaj Finance, IndusInd Bank, Tech Mahindra, and ICICI Bank were major gainers on the BSE.

"Today's rebound indicates the domestic economy's resilience in comparison to its global peers. Although the markets are currently at premium valuations, continued support from foreign investors aided domestic stocks to inch higher. Sectors in swing with the progress of the domestic economy should be able to do well compared to the rest," said Vinod Nair, Head of Research at Geojit Financial Services.

Volumes on the NSE were the highest in more than a week. Among sectors, realty, power, banks, oil and gas, and auto indices rose the most. Broader market underperformed; however the advance decline ratio was sharply positive at 2.96:1.

Global stocks rose on Tuesday as investors sought bargains following two days of declines as Chinese authorities pledged to stimulate the world's second-largest economy. China will step up measures to boost demand and stabilise employment and prices in the second half of the year to optimise economic outcomes, the country's Finance Ministry said on Tuesday, as policymakers strive to prop up faltering growth.

"Nifty has nullified the bearish signals from the downgap created on the previous day and has filled that downgap. It has closed at the highest ever on monthly charts. It will now face resistance at 17965-17992 band while 17522-17623 band could offer support," said Deepak Jasani, Head of Retail Research, HDFC Securities.

--IANS
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Islamabad, Aug 30 (IANS) In view of the skyrocketing prices of vegetables amid the ongoing floods and relentless monsoon rain across Pakistan, the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday demanded the government to give permission for vegetable import from neighbouring India through the Wagah border.

LCCI President Nauman Kabir urged the government to grant permission to import vegetables from India to control its prices, Geo News reported.

"The recent floods have destroyed crops of tomato, onion, potato and other vegetables across the country," he said, adding that the crisis is expected to prevail for the next three months.

The vegetable crisis could further worsen in September, October and November, he added.

It will take a few days to transport vegetables from India to Pakistan via the Wagah border, Geo News reported.

The prices of vegetables skyrocketed as the grocery vendors are charging exorbitant prices from consumers amid the countrywide floods triggered by torrential rains.

The traders are making hefty profits at a time when the death toll from the relentless monsoon rains has exceeded the 1,100 mark and inflicting $10 billion loss on the country's economy.

According to the details, tomato is being sold at 250 PKR per kg in the market while its official price is 190 PKR per kg.

Similarly, the vendors are selling onion at 300 PKR to 320 PKR per kg while the commodity's rate was fixed at 290 PKR by the authorities, Geo News reported.

Potatoes are being sold at 120 PKR to 140 PKR per kg instead of its official rate of 100 PKR per kg.

Ginger's official rate is 360 PKR per kg but it is available for 380 PKR per kg in the market.

Garlic is being sold at 250 PKR per kg while its official rate is 200 PKR per kg.

--IANS
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