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