Equity Tips-Rupee Hits 4 Months High after State Election Results

Best results of State Election

The Bharatiya Janata Party ( BJP), was the clear winner in three big states according to the poll results of Sunday, with the count close in a fourth. The partially convertible rupee was trading at 61.04/05 per dollar at 0913 am, after hitting as high as 60.84 to the dollar at the open, its strongest level since August 12. It had closed Friday at 61.41/42.

Stock Market Predictions

The market sentiment was boosted by a strong performance of Bharatiya Janata Party (BJP) in assembly elections. The market sentiment was also boosted by data showing that foreign funds remained buyers of Indian stocks on Friday, 6 December 2013. Gains in Asian stocks also boosted sentiment on the domestic bourses. In the foreign exchange market, the rupee edged higher against the dollar. 

Asian stocks rose on Monday, 9 December 2013, after better-than-forecast growth in US jobs and Chinese exports boosted investor confidence cuts to Federal Reserve stimulus won't derail the global economic recovery. 

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