Sensex surges over 700 points to hit 20,000 as rupee rebounds

[danish_vij]

Trade deficit shrinks in August. Trade deficit in August dropped to USD 10.91 billion from USD 12.27 billion in previous month. Imports declined to USD 37.05 billion from USD 38.10 billion while exports increased to USD 26.14 billion from USD 25.83 billion during the same period.

Mumbai: India’s benchmark index, or Sensex, rallied over 700 points on Tuesday, marking its fourth consecutive session of gains.
The markets found support from the Indian rupee that rose to a two-week high as receding geopolitical risks from Syria and strong exports in August helped improve sentiment.
Gains were also spurred by the Rs.1,800 crore worth of buying in Indian shares by foreign investors in the previous two sessions.
The 30-share S&P BSE Sensex provisionally closed 3.70%, or 712.4 points, higher at 19,982.48, while the National Stock Exchange’s 50-share Nifty gained 3.69%, or 209.50 points, to 5,889.90 points. At one point of time, the Sensex had gained 3.81%, or 734.36 points, to hit 20,004.42.
The Auto index was the biggest gainer among sectoral indices, up 6.02%.
Shares of Tata Motors Ltd climbed 9.88% to Rs.349.20, Housing Development Finance Corp. Ltd (HDFC) gained 6.16% to Rs.808.90, while Larsen and Toubro Ltd gained 7.11% to Rs.807.20.
Among losers, shares of Dr Reddy’s Laboratories Ltd lost 0.89% to Rs.2,263.65.
The Indian rupee was trading at 64.32 per dollar, stronger from the Friday’s close of 65.2450 on strong inflows from foreign portfolio investors and as banks sold dollars in anticipation of an increase in inflows because of measures announced by the Reserve Bank of India last week.
On the exchanges, 1,518 stocks advanced, while 815 shares declined and 138 remained unchanged.
Asian shares climbed, too. The Jakarta Composite Index gained 3.98% to 4,358.14 points, Philippine Index gained 1.55% to 6,089.72 points, while Japan’s Nikkei 225 gained 1.54% to 14,423.36 points.
Sensex surges 700 points as rupee rebounds, Syria fears ease - Livemint
BSE Sensex hits 20,000, Nifty at 5900; rupee strong - Moneycontrol.com
to all the haters and idiots who said indian rupee falling will cross 100 and economy will collapse.

 

[Jade]

Rupee is under valued. It should trade around 55Rs/USD. Hope it is rebounds to that level.

 

[Parul]

Rupee is under valued. It should trade around 55Rs/USD. Hope it is rebounds to that level.

Ameen! Ho Raha Bharat Niram

 

[illusion8]

to all the haters and idiots who said indian rupee falling will cross 100 and economy will collapse.

Don't take those losers seriously dude.

 

[indian_foxhound]

I wonder where they have gone,.... btw today only I read china might be in economic crisis....

 

[danish_vij]

Don't take those losers seriously dude.

yeah thats y was waiting for sensex to shoot so that i can show trollers how dumb they sounded!

 

[Splurgenxs]

We have still a long ways to go in completely eliminating this mess, and ill be looking forward to that day,such news gives me no respite. this is just short term measure taking effect , im more worried about the long term cus economists cant do jack about that only good leadership and genuine visionary legislations will help.

yeah thats y was waiting for sensex to shoot so that i can show trollers how dumb they sounded!

This is noting to be ecstatic about and one shouldn't get affected by absolute illiterate rant bashing either.

 

[danish_vij]

We have still a long ways to go in completely eliminating this mess, and ill be looking forward to that day,such news gives me no respite. this is just short term measure taking effect , im more worried about the long term cus economists cant do jack about that only good leadership and genuine visionary legislations will help.





This is noting to be ecstatic about and one shouldn't get affected by absolute illiterate rant bashing either.

bro anyways....u in chandigarh .....i'm too a punjabi

 

[[Bregs]]

Very welcome developments in markets after lots of blood bath, Indian economy is resilient and it has the capacity to bear the typpe of shocks Rupee gave it

 

[Splurgenxs]

bro anyways....u in chandigarh .....i'm too a punjabi

nice,im a kahsur Punjabi to be precise.

 

[BigDaddyWatch]

This is some short term relief from the measures taken by the new chief of the RBI. A sort of a honeymoon period for the new man. But if India is unable to deal with its twin deficits (budget and current account) from its structual problems then the Rupee and the stockmarkets will hit south again very soon.

 

[Truth Finder]

1)Rupee is undervalued by 40%- Bank of America( they estimate it at 50)

2)Rupee undervalued by 40%; see no rate cut on Sept 20: BofA - CNBC-TV18

 

[Bang Galore]

Very welcome developments in markets after lots of blood bath, Indian economy is resilient and it has the capacity to bear the typpe of shocks Rupee gave it

It would be foolish to pull out the champagne glasses. There is a very serious problem that has not been addressed on the fiscal front. GoI has simply lost control of the economy & we are in for a period of slow to medium growth. We must not overemphasise this recovery it could well be temporary akin to a dead cat bounce. Unless further measures are taken to rein in the fiscal deficit (current account deficits might be more manageable with a depreciation), we are in for quite a rough ride. Unbridled optimism is neither warranted or justified here.

 

[[Bregs]]

It would be foolish to pull out the champagne glasses. There is a very serious problem that has not been addressed on the fiscal front. GoI has simply lost control of the economy & we are in for a period of slow to medium growth. We must not overemphasise this recovery it could well be temporary akin to a dead cat bounce. Unless further measures are taken to rein in the fiscal deficit (current account deficits might be more manageable with a depreciation), we are in for quite a rough ride. Unbridled optimism is neither warranted or justified here.

Who said all has changed i said welcome developments in past 3 days in market

 

[TopCat]

Rupee fell with the hint of Federal Reserve's reversal of quantitative easing. They have not done so yet... Hold your breadth guys.. i am still looking at Rupee trading past 70's in near future.

It would be foolish to pull out the champagne glasses. There is a very serious problem that has not been addressed on the fiscal front. GoI has simply lost control of the economy & we are in for a period of slow to medium growth. We must not overemphasise this recovery it could well be temporary akin to a dead cat bounce. Unless further measures are taken to rein in the fiscal deficit (current account deficits might be more manageable with a depreciation), we are in for quite a rough ride. Unbridled optimism is neither warranted or justified here.

Nothing has changed on the ground.