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Market Report

Thursday, 05-Sept-2013


  • After gaining 333 points in the previous session, Sensex surged by 412.21 points, or +2.22 per cent to close at 18,979.76 today. Intra-day, it breached 19,000 level to hit 19,117.52. The National Stock Exchange index Nifty shot up 144.85 points, or +2.66 per cent to close at 5,592.95 today, after touching a high of 5,625.75 intraday on the back of a slew of steps announced by new RBI Governor Raghuram Rajan to boost the currency and the overall economy.

  • Indian markets surged and Rupee staged a swift recovery after the new RBI governor Raghuram Rajan's initial announcements sparked hopes of shoring up an ailing economy and currency. Experts view his move to allow banks to swap their USD liabilities against FCNR(B) (foreign currency non-resident) as a key step. A meaningful improvement in rupee would raise the likelihood of a rollback of some of the RBI's recent liquidity-tightening measures, brokers added.

  • The rupee, which had closed at 67.07 yesterday, sprung to 65.5 levels intra-day and was last trading at 66.2 levels. The passage of Pension Bill in Lok Sabha yesterday raised hopes of more such reforms soon, experts added. Investors became richer by a whopping Rs 1.2 lakh crore today as banks, realty, consumer durables and PSUs rallied.

  • Globally, Asian stocks rose to three-week highs today as Indian shares and the rupee rallied a day after the country's new central bank chief unveiled measures to support the currency and the banking sector. But worries the US Federal Reserve will soon scale back stimulus kept markets in check. Mirroring Asia's performance, European markets started with modest gains but quickly lost steam.

  • No other expert comment today.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)