Rate cut hopes buoy equity markets 

Mumbai, April 4 (IANS) Hopes of a rate cut in the monetary policy review, coupled with positive macro-economic data and value buying swelled the Indian equity markets on Monday.

The equity markets made healthy gains during the last hour of trade, as a rise in investor participation increased foreign funds inflow and value buying lifted prices.

In the process, equity markets pared their initial losses, which occurred on the back of caution over a likely US rate hike and weak crude oil prices.

Consequently, both the key indices of the Indian equity markets provisionally closed the day’s trade in the green.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) ended in the positive territory. It inched up by 43 points or 0.56 percent, to 7,756.05 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 25,333.98 points, provisionally closed at 25,399.65 points (at 3.30 p.m.) — up 130.01 points or 0.51 percent from the previous day’s close at 25,269.64 points.

The Sensex touched a high of 25,424.15 points and a low of 25,223.49 points during the intra-day trade.

The BSE market breadth favoured the bulls — with 1,644 advances and 968 declines.

The barometer index had closed in the negative territory on Friday, the last trade session. It had declined by 72.22 points or 0.28 percent.

Kuwait’s crude oil exports to Japan jump 12.2 percent

Tokyo, April 4 (IANS/WAM) Kuwait’s crude oil exports to Japan jumped 12.2 percent in February from a year earlier to 8.13 million barrels, or 280,000 barrels per day (bpd) — up for the second month in a row, government data showed.

Kuwait News Agency KUNA quoted the Japanese Natural Resources and Energy Agency as saying that Kuwait supplied 8.1 percent of the Asian nation’s total crude imports as Japan’s fourth-biggest oil provider.

Japan’s overall imports of crude oil fell 1.9 percent year-on-year to 3.46 million bpd for the third consecutive monthly drop.

Shipments from the Middle East accounted for 82.5 percent of the total, up 0.1 percentage points from the year before.

Saudi Arabia remained Japan’s No.1 oil supplier, but imports from the kingdom declined 4.4 percent from a year earlier to 1.20 million bpd.

Japan is the world’s-third biggest oil consumer after the US and China.

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