MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena8 hours ago
The current upsurge was in continuation to a rise of 351.61 points on Thursday, and surpassed its previous intra-day record high of 22,792.49 set on April 10.
The Sensex rose to all time intra day of 22795.58 before closing up by by 135.99 points, or 0.60 per cent, to 22,764.83 points.
On similar lines, the National Stock Exchange's Nifty spurted by 38.25 points, or 0.56 per cent, to 6,817.65.
Brokers said the market remained in bullish mood ever since the front-runner Infosys, Tata Consultancy Services and HCL Technologies posted better earnings. Gains in mining stocks led by Sesa Sterlite and trend setter Reliance Industries supported the Sensex rise.
Sesa Sterlite rose the most by 4.78 per cent among index stocks after the court allowed resumption of mining in Goa.
A firming trend in the Asian region and higher opening in Europe on improving global economy further supported the uptrend, brokers said.
Larsen & Toubro, Axis Bank, Bharti Airtel, BHEL, Coal India, Hero MotoCorp and ICICI Bank were among the major gainers.
In 30-BSE index components, 18 stocks ended with gains led by
The capital goods sector index gained the most by rising 2.91 per cent to 12,425.63 points followed by the metal index by 2.23 per cent to 10,495.19.
The bank index rose by 1.34 per cent to 14,822.16 and auto index by 1.33 per cent to 13,674.22.
Rupee hits one-month low
India's rupee dropped to the lowest level in almost a month on speculation importers will step up dollar purchases to meet month-end payments.
Global funds sold a net $162 million of Indian stocks and bonds in the first three days of last week, according to the latest exchange figures. The rupee's losses will be limited amid optimism about the nation's rising foreign reserves, according to brokerage Mecklai & Mecklai Ltd. The stockpile rose $2.8 billion in the week ended April 11 to a 2011 high of $309 billion, central bank data showed on April 18.
“The rupee is under pressure as oil and defence importers will demand the greenback to pay month-end bills,” said Amogh Moghe, a Mumbai-based currency trader at Mecklai & Mecklai. “Rising reserves will cap big losses in the currency.”
The currency weakened 0.5 per cent from April 17 to 60.5925 per dollar in Mumbai, according to prices from local banks compiled by Bloomberg. That's the weakest since March 25. Indian financial markets were shut April 18 for a public holiday.
India's foreign reserves will probably climb to a record $329 billion by March 2015, Indranil Sen Gupta, a Mumbai-based economist at Bank of America Merrill Lynch, predicted in a phone interview on April 16.
MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
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