Business Daily from THE HINDU group of publications
Friday, May 16, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, May 16, 2008 ePaper | Mobile/PDA Version | Audio |
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Economy Markets - Stock Markets Our Bureau
Mumbai, May 15 Stocks gained on Thursday on positive reports on the Indian economy by global ratings firm Moody’s and the positive outlook for some sectors that stand to gain from a depreciating rupee. Indications of monsoon progressing well also seemed to be lending support to the markets, said analysts. The positive close of the US markets on Wednesday too added to the positive sentiment. Moody’s has in its latest report expressed confidence in the Indian economy’s strong fundamentals which were capable facing short-term challenges like a sharp slowdown in global growth, a reversal in capital flows, or weak government finances. “With the fourth quarter performance turning out to be on expected lines, most of the fear and panic are over. Inflation is cyclical in nature and part and parcel of an economy experiencing high growth,” said Ms Anita Gandhi, Head of Institutional Business, Arihant Capital Markets Ltd. Positive developments for some big corporates also played a part in the 375-point gain for the Sensex which closed at 17,353. The Nifty closed 103 points up, at 5,115. Sensex heavy weight Larsen & Toubro was up on news of the sale of its ready-mix concrete business to Lafarge for over Rs 1,400 crore. Moody’s sees slowing of GDP growth to 7.7% this fiscal IIP numbers resurrect concerns for India Inc Monsoon onset over Kerala by May 29: IMD More Stories on : Economy | Stock Markets
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