Rupee’s recovery spurs stock market

The benchmark indices of South Korea, Indonesia and Taiwan also gained ground amid hopes that the U.S. and China would soon resolve trade disputes. Nikkei, however, lost marginal ground on Monday. Back in India, the overall market breadth also remained slightly on the stronger side with 1,437 advances against 1,307 declines. The broader BSE Midcap gained over 1% while the BSE Smallcap also moved marginally up on Monday. Mid-cap and small-cap stocks have been gaining ground in the last few trading sessions. “Despite the correction this year, we still believe that mid-cap stocks are expensive,” said Mukul Kochhar, Head Institutional Sales, Investec Capital Services. The rupee opened stronger on Monday compared to its previous close of 70.16 a dollar and appreciated 0.47% or 33 paise to close the day at 69.83 a dollar. The benchmark indices of South Korea, Indonesia and Taiwan also gained ground amid hopes that the U.S. and China would soon resolve trade disputes. Nikkei, however, lost marginal ground on Monday. Back in India, the overall market breadth also remained slightly on the stronger side with 1,437 advances against 1,307 declines. The broader BSE Midcap gained over 1% while the BSE Smallcap also moved marginally up on Monday. Mid-cap and small-cap stocks have been gaining ground in the last few trading sessions. but market participants still think that the selloff in the side counters is far from over. “The only difference now (versus a few months back) is that politics looks more stable – prospects of opposition coalition are looking a little shaky,” he said while adding that rupee remains at risk that could help technology companies. The rupee opened stronger on Monday compared to its previous close of 70.16 a dollar and appreciated 0.47% or 33 paise to close the day at 69.83 a dollar.

Source : https://www.thehindu.com/todays-paper/tp-national/rupees-recovery-spurs-stock-market/article24740757.ece

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