Business Optimism, Indian rupee, BSE Sensex, NSE Nifty, Gold price, Natural gas on July 07, 2014
Tue Jul 08 2014, 08:39 hrs
A stable government at the Centre seems to have had an impact on the country's business climate, as India Inc's optimism index for the third quarter of this year has registered an increase of over 11 per cent over last year, a Dun & Bradstreet report has said. The Business Optimism Index (BOI), which measures the pulse of the business community, stood at 145.5 during Q3 2014, an increase of 11.4 per cent as compared to Q3 2013.
The benchmark Sensex crossed the 26,000-mark for first time in its history and extended gains for the second consecutive day today surging 138 points on hopes Narendra Modi government will announce growth-oriented policies in its maiden Budget on Thursday. Persistent capital inflows were also another factor behind the spurt in share values, traders said.
The 30-share BSE index after commencing the session above the historic 26,000 mark, climbed to touch a new intra-day record high of 26,123.55. It finally ended 138.02 points, or 0.53 per cent up, at a new closing peak of 26,100.08. The gauge surpassed its previous closing high of 25,962.06 on Friday when it had gained 138.31 points.
The Indian rupee today slipped 29 paise, logging its biggest drop in nearly three weeks, to end at 60.01 versus the dollar on rising demand for the US currency from custodian banks. The Indian rupee fell despite the stock benchmark Sensex ending above the 26,000-level for the first time in its history ahead of the Union Budget.
Gold prices continued to slide for the fifth straight session at the bullion market here due to consistent selling by investors and speculators as well as lacklustre demand from jewellery-makers. Silver retreated after recent sharp move on the back of subdued industrial demand. Local traders are playing safe and stayed on the sidelines ahead of the Narendra Modi Government's maiden budget next week amid expectations of duty cut on the metal, a bullion trader said.
Tracking a weak trend overseas and easing spot demand from jewellers at prevailing levels, gold prices dropped by another Rs 150 to Rs 28,200 per ten gram in the national capital today. Silver also remained under pressure and lost Rs 200 to Rs 44,900 per kg owing to lack of buying support from industrial units and coin makers.