The market surges to a 7-week high, bolstered by a sharp strengthening of the rupee and a decline in August trade deficit. The Sensex crosses 20,000 with a 700 point rally and ended 19997.10 up 727.04 points or 3.77 per cent. The Nifty adds 216.35 points or 3.81 per cent to close at 5896.75.
About 1491 shares have advanced, 817 shares declined, and 147 shares are unchanged. Tata Motors, Bharti Airtel, Hero Motocorp, L&T and Sesa Goa are top gainers in the Sensex. On the losing side are Dr Reddys'Lab, SBI and TCS .
Rice stocks are on fire on Tuesday as Russia lifted its eight-month-old ban on import of rice, peanuts from India. This move will make these companies consider the prospect of exporting rice to Russia at a time when India is looking at boosting exports.
The Russian Federation had imposed the ban due to the presence of khapra beetles pest in rice and aflatoxin contamination of peanuts. Kohinoor Foods is locked at 10 per cent upper circuit at 14:43 hours IST. There were pending buy orders of 25,540 shares, with no sellers available. LT Foods rose 0.92 per cent to Rs 71 while KRBL declined 0.8 per cent to Rs 24.20.
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