Mumbai: Hefty buying in banks, oil & gas, capital goods and metals stocks helped the equity benchmarks end at all-time closing high on Thursday. The rupee too has seen strong appreciation of 57 paise intraday due to steep fall in current account deficit (CAD) in the quarter ended December 2013.
The 30-share BSE Sensex closed at 21513.87, up 237.01 points or 1.11 per cent after hitting an intraday high of 21525.14 while the 50-share NSE Nifty climbed 72.50 points or 1.15 per cent to 6401.15.
Experts believe the market is gearing up for sharp upmove before general elections, adding 6500-6700 on the Nifty can't be ruled out in short term. An improvement in CAD, positive global cues and consistent support from foreign institutional investors (FIIs) too fueled the part rally today, they feel.
The broader indices too joined the rally with the BSE Midcap and Smallcap indices soaring over a per cent. Advancers beat decliners by a ratio of 1680 to 1012 shares on the Bombay Stock Exchange. Indian rupee touched three-month high of 61.18 a dollar intraday after the current account deficit (CAD) of the country narrowed to 0.9 per cent in Q3FY14.
CAD slipped sharply to USD 4.2 billion (0.9 per cent of GDP) in October-December quarter of FY14 from USD 31.9 billion (6.5 per cent of GDP) in same quarter last year. The fall was primarily on account of a decline in the trade deficit as merchandise exports picked up and imports moderated, particularly gold imports. This was also lower than USD 5.2 billion (1.2 per cent of GDP) in Q2 of 2013-14.
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