Press Esc to close
Thursday 28 July 2016
News updated at 2:08 AM IST
Weather
Max: 29.1°C
Min : 20.1°C
In Bengaluru
Sunny day

Waning Syria fears lift Sensex

Mumbai, Sept 10, 2013 DHNS
File Image

Key benchmark indices on Tuesday galloped as the rupee extended recent recovery against the dollar on receding geopolitical risks from Syria, with the benchmark BSE index Sensex breaching the psycological 20,000 mark during the day. 

The BSE Sensex was up 727.04 points or 3.77 percent to close at 19,997.10, its highest closing level since July 24, 2013. The CNX Nifty gained 216.35 points or 3.81 per cent to settle at 5,896.75, its highest closing level since 25 July 2013. 

Experts pointed out that upbeat trade data that revealed India's trade deficit for the month of August narrowing down to $10.9 billion from $12.26 billion in July, also contributed to the rally. The deficit narrowed on the back of improving exports and declining imports, and was down 11 per cent. 

Given nearly 15 per cent drop in rupee so far in the year 2013, there are a few data points which indicate that the macroeconomic slowdown and other headwinds may be behind India. "The one single data point that one should watch out for over the next 2-3 months is trade deficit. It would be interesting to see the trade deficit stay at current levels," MD & HoR, BNP Paribas Manishi Raychaudhuri said.

Hopes of further measures, according to analysts, from new RBI Chief Raghuram Rajan will keep the momentum intact in the rupee. "The currency appreciation that we have seen since last week, is essentially due to certain announcements after the new RBI governor took charge. However, the fundamental factors behind rupee fall continue to signal a weakening trend," said Dhananjay Sinha, Co- Head, Institutional Research- Economist & Strategist at Emkay Global Financial Services LtdBSE 4.99  per cent. 

As for external factors, easing concerns over Syria and fall in crude oil prices markets across the globe including India to post a smart rally. Asian stocks rose to three-month highs on receding fears of a US military strike against Syria which kept oil prices under pressure. 


Go to Top

Photo Gallery
Varun Dhawan, John Abraham and Jacqueline Fernandez during promotion of their upcoming movie...

Varun Dhawan, John Abraham and Jacqueline Fernandez during promotion of their upcoming movie...

A man dives to catch the ball during fotball practice in a public park in Kolkata...

A man dives to catch the ball during fotball practice in a public park in Kolkata...

CRPF personnel march during their 77th anniversary function at Kadarpur in Gurgaon on Wednesday....

CRPF personnel march during their 77th anniversary function at Kadarpur in Gurgaon on Wednesday....

Commuters walk with their belongings as buses were off the roads as the KSRTC employees' strike...

Commuters walk with their belongings as buses were off the roads as the KSRTC employees' strike...

Girls applying Henna in a competition organised as part of the Teej Festival at a school...

Girls applying Henna in a competition organised as part of the Teej Festival at a school...

Farmers cutting the ripened paddy plants in a flooded locality at Hajo in Kamrup district...

Farmers cutting the ripened paddy plants in a flooded locality at Hajo in Kamrup district...

Boys walk with an umbrella during rains in Srinagar on Wednesday...

Boys walk with an umbrella during rains in Srinagar on Wednesday...

A boy rows his makeshift raft in the weed covered Sabarmati river in Ahmedabad...

A boy rows his makeshift raft in the weed covered Sabarmati river in Ahmedabad...

A One-horned Rhino swims through flood waters in Kaziranga National Park in Assam on Wednesday...

A One-horned Rhino swims through flood waters in Kaziranga National Park in Assam on Wednesday...

Buffaloes being herded to a safer place from flood affected Singimari Village in Kamrup district...

Buffaloes being herded to a safer place from flood affected Singimari Village in Kamrup district...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523