Rupee ends October at 94.95 with best monthly gain in eight months; Sensex and Nifty reclaim ground
The rupee closed October at 94.95 against the US dollar, its best monthly gain since February, while the Sensex closed at 74,459.53 and the Nifty reclaimed 23,000 at 23,053.10.
The rupee ended October at 94.95 against the US dollar, gaining around 1% in its best monthly performance since February, while the Sensex closed at 74,459.53 and the Nifty reclaimed the 23,000 mark at 23,053.10.
Rupee closes October on a high
The rupee closed October at 94.95 against the US dollar, gaining around 1% during the month in its strongest monthly performance since February, The Economic Times reported, helped by Reserve Bank of India measures to curb dollar demand and support the currency.
On Friday 30 October itself, the rupee strengthened about 0.27% to 94.95, against 95.26 in the previous session, even as crude oil prices surged, The Hindu BusinessLine reported. Moneycontrol's weekly round-up put the rupee largely unchanged on the week, at 94.95 on 30 October against 94.94 on 23 October, after trading in a 94.90 to 95.37 range.
Elevated crude prices and continued foreign portfolio outflows still weighed on the currency, The Economic Times noted, and analysts it cited saw immediate resistance at 95.00 and support at 94.90.
Sensex and Nifty reclaim 23,000
Equity benchmarks closed October on a firmer footing on Friday, their third consecutive session of gains. The Sensex rose 308.49 points, or 0.42%, to 74,459.53, while the Nifty 50 gained 116.35 points, or 0.51%, to 23,053.10, reclaiming the 23,000 mark for the first time in eight sessions, according to Moneycontrol and BusinessLine.
Information technology, healthcare and pharma stocks led the session's buying, BusinessLine reported, with Trent the top Nifty gainer, up nearly 7% after strong quarterly results. Adani Ports and Shriram Finance were among the laggards.
For the week as a whole, the Sensex surged 1,335.7 points, or 1.82%, and the Nifty gained 453.1 points, or 2%, Moneycontrol reported.
Foreign buying returns, but breadth stays weak
Foreign institutional investors turned net buyers during the week, purchasing equities worth Rs 6,304.67 crore, Moneycontrol reported, ending a long selling streak, while domestic institutional investors bought Rs 3,109.79 crore.
The headline gains masked weakness underneath: BusinessLine reported that nearly two and a half times as many stocks fell as rose on Friday, and both the Nifty Midcap 100 and Smallcap 100 ended in the red, falling 0.93% and 1.85% respectively, while India VIX climbed around 3% to 15.6.
Brent crude remained the dominant worry, with December futures surging to $117.8 a barrel, their highest since April, and on course for a gain of more than 12% in October, a headwind for an energy-importing economy like India.
What to watch next
The week ahead brings a heavy earnings calendar and the US midterm elections on 3 November, both likely to keep volatility elevated, BusinessLine reported. Analysts cited by the outlets expect the Nifty to find support around 22,800, with a decisive close above 23,200 needed to signal a stronger recovery.
This article reports market closes only and is not investment advice; index levels and currency rates move through the trading day, and the figures here are the reported closes for 30 October.
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Frequently asked questions
What did the rupee close at in October?
The rupee closed October at 94.95 against the US dollar, gaining around 1% in the month, its best monthly performance since February, helped by RBI measures to curb dollar demand.
Where did the Sensex and Nifty close?
On Friday 30 October, the Sensex closed at 74,459.53, up 0.42%, and the Nifty 50 closed at 23,053.10, up 0.51%, reclaiming the 23,000 mark for the first time in eight sessions.
Did foreign investors return?
Yes, for the week: foreign institutional investors bought equities worth Rs 6,304.67 crore, ending a long selling streak, while domestic institutional investors bought Rs 3,109.79 crore, according to Moneycontrol.