BSE Sensex today rallied to a new lifetime high of 36,749.69 on the back of strong gains in banking and FMCG stocks after the GST Council reduced rates on a number of products.
U.S. President Donald Trump may not be happy about the strength of the U.S. dollar, but the greenback’s recent rally may partly be a product of his own making.
Investors are worried about the impact on earnings should the United States’ trade war with China and other major trading partners escalate.
The Sensex rebounded over 145 points while the broader NSE Nifty settled above the 11,000-mark today, driven by a spurt in IT and pharma counters.
The dollar held below a one-year high on Friday as the latest comments from U.S. President Donald Trump spurred investors to take profits after a recent rally, while a weakening Chinese yuan capped risk appetite.
Sensex ended lower by 22.21 points at 36,351.23, while the NSE Nifty shed 23.35 points to 10,957.10.
The dollar rose to a one-year high on Thursday as investors strengthened bets on the currency’s long-term strength following upbeat comments on the U.S. economy by the Federal Reserve’s chairman.
Benchmark Nifty slipped 27 points to close at 10,980.45 today after the opposition tabled a no-confidence motion against the government, which dented investor sentiment.
The dollar rose towards a one-year high on Wednesday in the wake of bullish comments from U.S. Federal Reserve Chairman Jerome Powell about the strength of the U.S. economy.
The euro dropped 0.3 percent to $1.1619 EUR=, still above its 2018 low of around $1.15.