Advertisement

HindustanTimes Wed,22 Oct 2014

Rate cut hopes take Sensex to 6-week high

HT Correspondent , Hindustan Times  Mumbai, April 25, 2013
First Published: 09:55 IST(25/4/2013) | Last Updated: 21:34 IST(25/4/2013)

 Maintaining its momentum for the fourth day, the Bombay Stock Exchange (BSE) benchmark Sensex on Thursday rose 228 points or 1.2% to end at six-week high of 19,407, as auto, metal, banking and power stocks saw good demand amid hopes of an interest rate cut by the Reserve Bank of India on May 3.

Advertisement

“Hopes of at least 0.25 % rate cut is helping markets rise. A (credit) rating upgrade cannot also be ruled out,” said Gautam Sinha Roy, vice-president, equities, Motilal Oswal Securities.

Similarly, the broader National Stock Exchange (NSE) Nifty also rose by 79 points or 1.4 % to finish at 5,916.30. In the last four sessions, the Sensex has gained over 675 points.

“I think there is a case for a (ragings) upgrade because we have taken the kind of decisions that most of countries in the world have not been able to take,” said Arvind Mayaram, secretary, economic affairs said after meeting a with representatives of rating agency S&P.

A similar meeting with Fitch took place on April 12. S&P currently rates India as 'BBB-', the lowest in the investment grade, with a negative outlook.


Advertisement
more from Business

Rupee up 14 paise against dollar in early trade

Maintaining its rising trend for the fourth straight day, the rupee strengthened by another 14 paise to 61.17 against the US dollar in early trade on Wednesday on sustained foreign capital inflows amid government announcing key reforms in the oil and gas sector.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved