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HindustanTimes Tue,23 Sep 2014

30 days of Modi govt: Sensex sings again, rupee gains muscle

Gaurav Choudhury, Hindustan Times  New Delhi, June 23, 2014
First Published: 23:50 IST(23/6/2014) | Last Updated: 23:53 IST(23/6/2014)

Backed by expectations of the Narendra Modi-led BJP government taking investment-friendly decisions, India’s equity markets have scaled new highs in the past few weeks, with the benchmark Sensex cantering past the fairytale level of 25,000.

Anxious investors want a strong and decisive policy push to resolving execution bottlenecks, which remain the key to reviving capital expenditure.

More than 700  shares have hit 52-week highs as the BSE Sensex and NSE Nifty scaled new peaks on frenzied buying across counters by FIIs and domestic investors.

Indian markets have hit a sweet spot aided by a gush of dollars of foreign funds that have also helped the rupee regain a lot of lost ground.

A stronger rupee, which has dipped a bit in the last few days following the unrest in Iraq, will make most imported goods such as crude oil cheaper, raising hopes of a cut in transport fuel, particularly of petrol where retail prices are already aligned with global crude prices.


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