S&P 500 rises for second day on better GDP number - Nirmal Bang

U.S. stocks rose, sending the S&P's 500 Index higher for a second day, as data showed the economy expanded at a faster pace in Q2 and concerns over Syria eased.

Asian stocks swung between gains and losses, with energy producers leading declines as the price of oil fell after the U.K parliament voted against military strikes on Syria.

The decision by RBI to lend dollars to oil companies to meet their demand came as a breather both for the rupee and the stock market. The rupee appreciated 3.4% to close at 66.55 to the dollar, the biggest gain since Jan 1998. By allowing oil companies to directly borrow through the swap window RBI has ensured that a large component of demand has been removed from the market. The covering up of short positions by traders on Thu, the last day of Aug settlement in the derivatives or futures and options segment, supported the stock market. Market is expected to open on a flattish note but may see some profit booking during the day.

Source : Equity Bulls

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