Indian benchmark indices remained in the positive territory throughout the whole trading session. Indian equity market gained the momentum in the afternoon trade led by the news of lower than expected CAD for Jan-Mar quarter. 50 stocks index Nifty surged 93 points and ended the day at 5,682.35 while Sensex ended at the day at 18,875.95 jumps 323.83 points.
The current account deficit narrowed to $18.1 billion in January-March versus a $21.7 billion deficit in the same quarter year ago. The current account deficit moderated sharply to 3.6% of the GDP from all time high level of 6.7% reported in the previous quarter.
The current account deficit stood at $87.8 billion, or 4.8% of the GDP in the financial year 2012-13 as compared to $78.2 billion or 4.2% of the GDP in the previous year, according to data released by the Reserve Bank of India (RBI)
Rupee sharply recovered to 60.40 in the early trades against US dollar after hitting the record low of 60.76 yesterday.
Oil & gas sector companies were witnessing buying action in trade in anticipation of a hike in natural gas prices for the first time in three years.
Among the sectoral indices CNX IT was the biggest gainer and surged by 3.27% followed by CNX Energy (2.52%) and CNX Pharma (2.09%) while CNX FMCG was the only lose of the day plunging -0.02%.
Top 5 Nifty gainers: Cairn (5.76%), DLF (5.19%), Ultra Cement (4.69%), ONGC (4.23%) and HCL (3.51%) were among the top gainers.
Top 5 Nifty losers: IDFC (-1.40%), Maruti (-1.39%), Grasim (-0.86%), PNB (-0.68%) and ITC (-0.60%) were among top index losers.
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