Readings: Money supply growth in India, Gold/Dollar Ratio, Sensex highs
India may order lenders to set aside more reserves for a fourth time this year as central bank rupee sales aimed at curbing currency gains flood the economy with cash . . . To stem the currency’s gain, the central bank sold rupees worth $21 billion in the first four months of this fiscal year, almost equal to last year’s entire sales, causing money supply to surge.
Overseas investors bought a net 24.85 billion rupees ($608.6 million) of Indian shares on Sept. 19, nine times the average of the past six months.
While Gold currently remains about $100 below its all-time highs, the ratio of Gold versus the US Dollar index is much closer to all time highs . . .
- Business Standard: Reliance, UBS report fuel Sensex 216 pts
The stocks of Mukesh Ambani- and Anil Ambani-owned companies fuelled the Bombay Stock Exchange (BSE) Sensex by 216 points (1.32 per cent) to 16,564.23 points.
The Anil Ambani-owned Reliance Natural Resource Ltd (RNRL) shot up 35.04 per cent on news that it was applying for gas distribution licence in Mumbai, Delhi, Noida and Gurgaon. There were are also rumours in the market that RNRL could be merged with group company Reliance Energy.
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