Markets Trade Positive On CAD Numbers
Suparna / 06 Mar 2014
The markets opened strong on account of a lower current account deficit (CAD) for the December quarter, down to 0.9% of GDP from 6.5% of GDP in same period last fiscal. A sharp decline in CAD resulted in the Indian Rupee to open higher by 23 paisa at 61.53 per USD on Thursday as against previous day's closing of 61.75 a USD.
The CAD for the December quarter stood at USD 4.2 billion, down to 0.9% of GDP. Decline in trade deficit and gold imports contributed to an improvement in CAD numbers. The Indian markets are trading higher, with Sensex and NSE Nifty up by 0.46% in today's early morning trade. Nifty is trading up by 28 points to trade at 6357 and the Sensex trades at 21374, up by 97 points. Positive global cues also aided the Indian markets to open on a positive note and extend yesterday’s gains.
The Indian rupee appreciated to its highest level since January 17. It opened higher by 23 paisa to 61.53 per dollar on Thursday as against previous day's closing of 61.75 a dollar. The Rupee gained against the dollar owing to a decline in CAD.
The advance-decline ratio is the positive side at morning session today. On the NSE, 1878 shares are trading in gains and 1367 shares are down.
Top Nifty Gainers: Ambuja Cements is the top gainer in today’s morning session and is trading higher by 2.77%. It is followed by Jaiprakash Asso, GAIL, HCL Tech and UltraTechCement.
Top Nifty Losers: ITC is the top loser for today’s morning session and is trading lower by 0.60%. It is followed by HUL, SBI, Tata Motors and TCS.
On the sectoral front, 12 out of 13 indices are trading in green. Oil & Gas is the top gainer as it surged by 102 points this morning. It was followed by Capital Goods and Bankex, which were up by 94 points and75 points respectively. Mid-Caps and Small-Caps are up by 82 points and 56 points respectively in this morning session.
Global markets are trading in positive at this morning. Nikkei is trading up by 267 points. Hang Seng, is up by 116 points. KOSPI and the Shanghai Composite were trading with nominal gain this morning.
Buzzers: Alstom India stock is up by 4% and trade day high at Rs 364.20, after the company said it won a contract worth Rs 679 crore from the state-run BHEL to supply two supercritical boilers for a super thermal power project in Odisha.
Nifty Future is trading at 6372 level above its support level which is at 6350.
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