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Will the market rally last?

This article was posted on Sep 12, 2013 and is filed under Market News

Hard to tell, for although these have bounced back from recent lows, markets might not be out of the woods yet, say analysts

A few sessions, they say, is a long time for the markets. Barely a fortnight earlier, it was all gloom and doom, with fear of the US Federal Reserve’s tapering of its $85 billion monthly bond buying programme, amid heightened geopolitical tensions in West Asia that sent crude oil prices flaring.

It was a double whammy for the Indian markets, also reeling under a sliding rupee and a widening current account deficit (CAD).

Come September, suddenly everything started falling in place. While concerns and war clouds have ebbed, a change of guard at the Reserve Bank of India (RBI) which saw a slew of measures announced to stem the rupee’s fall lifted overall sentiment. The trade deficit declined 23 per cent in August to $10.9 billion from $14.2 billion in the corresponding month last year and down 11 per cent month-on-month. August also saw car sales surge for the first time in 10 months. On its part, the government got a few key Bills passed in the monsoon session of Parliament.

Since August 21 when the benchmark indices hit their respective lows of 17,906 (S&P BSE Sensex) and 5,302.55 (CNX Nifty), the Indian markets have risen nearly 12 per cent.

Point out Rakesh Arora and Arjun Bhattacharya of Macquarie Research: “The sharp bounceback in the (Indian) market is akin to the one after P Chidambaram took over as finance minister.”

While the US markets were up on positive macro data, China’s markets also witnessed decent returns on improved manufacturing activity.

For more visit: Business Standard

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