Indian Stock Market Trades Higher; INR Loses Ground Again

Indian Stock Market Trades Higher; INR Loses Ground AgainIndian Stock Market opened positive on Monday and BSE Sensex was trading with a gain of 100 points at 18620 during afternoon session. The stock markets were higher as majority of blue-chip stocks were trading positive. NSE Nifty was up by 20 points.

C Rangarajan, Chairman PMEAC has expressed positive sentiment about financing of the current account deficit. Rangarajan expects the CAD to decrease to $70 billion. He added that the decline in gold imports will help the CAD numbers.

Indian currency was trading lower compared to USD and Euro. USD-INR was at 64.15 with US dollar gaining nearly 1.5%. Euro-INR was at 85.77, up by 1.44 percent.

Among major gainers in today's trade were Sesa Goa (up by 7%), Ranbaxy Labs (up by 7%), JP Associates and Ambuja Cements. Among major losers were IDFC, GAIL, Axis Bank and ICICI Bank. Many market experts are feeling that banking stocks have been hammered a lot in the recent trading sessions and there are few stocks which could rise in short term.

Asian markets were trading positive. European markets have opened flat. FTSE will not trade today due to bank holiday in England.