An evening walk down D-St: Investors book profits at higher levels; IT gains as rupee weakens
S&P BSE Sensex fell by 341 points from its intraday high of 39,041 as investors preferred to book profits ahead of earnings. Valuation premium and the recent surge in crude oil prices also put investors on the sidelines.
Crude oil prices are trading at a 5-month high driven upwards by OPEC’s ongoing supply cuts, US sanctions against Iran and Venezuela, fighting in Libya as well as strong US jobs data, said a Reuters report. Brent Crude has ralliedhere was a feeling among the participants that markets fell after ruling BJP released its manifesto for the general elections, but experts feel that wasn’t the case.
BJP manifesto touched upon doubling farmers’ income by 2022. The government also announced pension for small and marginal farmers on reaching 60 years of age. It was largely on predicted lines. over 30 %
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