Sensex Reclaims Rs 60K, Closes A Tad Lower On Profit Taking

| Updated: October 29, 2022 2:01 pm

Sensex reclaimed the Rs 60,000 mark in early trades on Friday but profit-taking at higher levels dragged it down below the psychologically important level and it ended at 59,960 points, up 203 points on the day. 

This was the second consecutive session of gains for the index despite fears of another rate hike by the US Fed on November2 .The RBI made a similar change at its mid-policy meeting on November 3 and a 75-basis  point (100bps=1 percentage point) by the European Central Bank on Thursday.

According to Joseph Thomas , head of research, Emkay Wealth Management, leading indices closed the week narrowly higher while some of the key indexes like the midcap and small cap ones closed lower. 

Thomas said that “The special additional meeting of the (RBI’s rate setting committee) and the possibility of further rate hikes is something that the market is pondering over”. In the inter-bank forex market, the rupee showed a marginal strength and closed at 82.47 to the dollar , compared to 82.50 on Thursday.

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