Sensex heads for 39K

Mumbai : Market benchmark BSE Sensex rose by 202 points to close at a fresh record high while the NSE Nifty ended above the 11,700-mark for the first time led by gains in RIL, HDFC twins and Maruti.

Continuing its record-breaking run for the second session, the BSE Sensex rose by 202.52 points or 0.52 per cent to close at a new all-time high of 38,896.63 after global markets rejoiced a trade deal between the US and Mexico.

The 50-issue Nifty also advanced 46.55 points or 0.40 per cent to close at a record high of 11,738.50. It also hit a record intra-day

high of 11,760.20, surpassing its previous record of 11,700.95.

“Buoyed global sentiment on account of US-Mexico trade agreement elevated domestic indices to new highs,” said Vinod Nair, Head of Research, Geojit Financial Services.

Asian and European stock markets climbed following another Wall Street record after the trade deal between the US and Mexico.

Covering-up of short positions by participants ahead of August month expiry in the derivatives segment on Thursday too supported the bull-run.

Analysts expect domestic benchmark indices to continue gain on Wednesday tracking global markets and on strong buying momentum of domestic institutional investors.

“Liquidity is driving the markets due to buying from domestic institutional investors,” said Amit Kumar Gupta, a portfolio manager at Adroit Financial Services.

Expectations of accelerated economic growth and better corporate earnings in Jul-Sep and Oct-Dec, due to the festival season, is seen aiding sentiment.

Let rupee find its fair value: Niti Aayog

Mumbai: A day after the rupee hit a new life-time low, Niti Aayog vice-chairman Rajiv Kumar on Tuesday said that the currency should be allowed to find its “natural level” and termed calls for a stronger rupee as a “falsifiable belief”. The rupee has been breaching its lifetime highs against the dollar over the last few months and ended at 70.10 at on Tuesday. By losing over 9 per cent year-to-date, the rupee is the worst performing major currency amongst its emerging market peers. Calls for a stronger rupee is a “falsifiable belief” and a “confusion” in our minds, Kumar said speaking on the sidelines of an event here. “Allow the rupee to depreciate to find its fair value.” Kumar also said we have to do away with the mentality of judging an economy’s strength with the level of its currency as there is “nothing” in a stronger currency.

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