The benchmark S&P BSE Sensex snapped two days of losses and closed 124 points higher as the rupee recovered from an all-time closing low on expectations the government would take more steps to support the currency. The 30-share Sensex resumed higher at 18,687.30 and traded between 18,621.67 and 18,829.26 before closing at 18,789.34, a gain of 124.46 points or 0.67%. The 50-share Nifty index on the NSE firmed up 46.55 points, or 0.84%, to finish at 5,565.65. The SX40 index on the MCX-SX closed at 11,153.85, up 81.09 points, or 0.73%.
Moody’s revises Asian steel outlook to negative
Moody’s has revised the outlook for the Asian steel industry to ‘negative’ from ‘stable’, as it expects profits of steel firms in this region to decline in the second half of 2013 on the back of slow demand growth, over-supply coupled with destocking.
Indian shares ‘likely to fall’, says Morgan Stanley
Morgan Stanley said RBI’s cash tightening measures last month have made Indian shares much more vulnerable to global cues, especially the expected tapering of US monetary stimulus. “As RBI’s moves echo into the economy, we believe that share prices in India are likely to fall led by banks,” Morgan Stanley said in a note dated Wednesday.
Markets to remain closed today
The BSE, NSE and forex markets will remain closed today on account of ‘Id-ul-Fitr.’ The wholesale commodity and futures markets will also be closed for the festival. However, bullion market will be open.