MUMBAI: Ignoring weak global cues, the benchmark BSESensex on Tuesday rose by 100 points to 26,686.51 on fag-end buying in banks and auto stocks after CBDT said it won't use coercive methods to recover MAT dues from FIIs.
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Above normal progress in monsoon till now and narrowing of trade deficit to a three months low in May also boosted market sentiment, traders said.
"India's trade deficit narrowed to a three-month low in May, helped by lower gold imports, bolstering the outlook for its current account balance; thereby aiding the sentiment," said Gaurav Jain, Director at Hem Securities. Sentiments turned positive following revival of buying by participants after trade deficit narrowed to USD 10.4 billion in May against USD 11.2 billion in the same month a year ago, equity brokers said.
Globally, Asian markets retreated for the second straight session, tracking a global sell-off as Greece struggles to find a compromise with its creditors.
However, some wary operators preferred to cover their short positions ahead of the two-day monetary policy meet of the US Federal Reserve's monetary committee starting Tuesday.
www.sevagiri.com
Above normal progress in monsoon till now and narrowing of trade deficit to a three months low in May also boosted market sentiment, traders said.
"India's trade deficit narrowed to a three-month low in May, helped by lower gold imports, bolstering the outlook for its current account balance; thereby aiding the sentiment," said Gaurav Jain, Director at Hem Securities. Sentiments turned positive following revival of buying by participants after trade deficit narrowed to USD 10.4 billion in May against USD 11.2 billion in the same month a year ago, equity brokers said.
Globally, Asian markets retreated for the second straight session, tracking a global sell-off as Greece struggles to find a compromise with its creditors.
However, some wary operators preferred to cover their short positions ahead of the two-day monetary policy meet of the US Federal Reserve's monetary committee starting Tuesday.
Source - TOI
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