- Current account deficit: Once a CAD, now a heroIndian stocks to watch: Tata Motors, Tata Power, Glenmark, moreNSE Nifty rises to 2014 high as foreign investors spark rally, ICICI Bank leadsBSE Sensex extends gains for 3rd day after India's current account deficit declines sharply in Dec
Benchmark indices posted further gains on Thursday on the back of a sharp fall in the current account deficit (CAD), reported on Wednesday. The BSE benchmark, the Sensex was trading 87.38 points or 0.41% higher at 21,364.24 points at 11.30 am IST, while the NSE's Nifty was trading 27.90 points or 0.44% higher at 6,356.55 points. The 30-share Sensex closed at its all-time high of 21,373.66 points on January 23.
India's CAD for the December quarter fell to 0.9% of the gross domestic product (GDP), its lowest level in 8 years.
Experts feel markets are likely to rally further. "Markets are likely to remain strongly positive today on run-up to elections and decent current deficit data. Most sectors are likely to do well. Immediate support for Nifty is at 6280, while resistance is at 6414 levels," said HDFC Securities in its morning note.
Among sectoral indices, the BSE Capital Goods (0.91%), BSE Metal (1.23%) and BSE Realty(2.35%) were the major gainers. Among individual stocks, GAIL (2%), Hero MotoCorp (1.84%) and Hindalco Industries Ltd (1.69%) were the major gainers on the 30-share Sensex. Most Asian indices were trading in the green. The Nikkei (1.61%), Hang Seng (0.54%), Straits Times (0.55%), Kospi (0.12%) and Jakarta Composite (0.21%) were trading higher. Markets would be eyeing the US jobs data, which would be out on Friday, for further cues.