Advertisement

HindustanTimes Sun,13 Jul 2014

Gold import curbs, US data lift Sensex to 30-month high

HT correspondent, Hindustan Times  Mumbai, July 23, 2013
First Published: 22:22 IST(23/7/2013) | Last Updated: 02:50 IST(24/7/2013)

The benchmark Sensex on Tuesday rose 143 points, 0.7%, to 20,302, the highest level in 30 months as markets cheered the Reserve Bank of India’s (RBI’s) fresh curbs on gold imports and a drop in US home sales suggested the Fed would continue with its stimulus programme.

Advertisement

Gains also tracked global shares that rose towards five-year highs on Tuesday helped by China’s plans for avoiding a hard landing in its slowing economy.

Investor wealth, measured by market capitalisation of traded companies on the BSE, rose R40,000 crore to R66 lakh crore.

The NSE Nifty also rose 46 points, or 0.8%, to end at an almost two-month high of 6,078.

“Moves by the government to stabilise a sliding rupee have helped in boosting confidence in the markets,” said Dipen Shah, senior vice-president, private client research, Kotak Securities.

Consumer goods shares, led by ITC and Hindustan Unilever (HUL), also rallied to record highs with investors shifting to defensive stocks in an uncertain economic environment.

Both companies, which touched fresh 52-week highs, contributed to half of the index's gains.

All sectoral indices ended higher, gaining around 3.85%.

Going forward, global cues and earnings numbers from index majors like Maruti, ITC, ACC, HUL and Wipro are expected to decide the course of the markets, said experts.


Advertisement
more from Business

Doubling of tax on debt mutual funds to hit retirees

On Thursday, finance minister Arun Jaitley gave investors and the mutual fund industry a jolt by increasing the long-term capital gains tax on debt mutual funds to 20% from 10%. The definition of long-term has also been changed to 36 months for non-equity MFs from 12 months.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved