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Softening of prices of crude and gold have also boosted the sentiment on bourses. The fall in prices of crude oil and gold has helped in narrowing the current account deficit (CAD) which in turn has pepped up the market sentiment. It is to be noted that CAD is the difference between export and import bill. Crude oil comprises of 50 percent of the country’s total import bill while gold consists of 10 percent of it.
Amidst hope that a better fiscal health (due to lowering of CAD in long term) may prompt global rating agencies to upgrade India’s sovereign rating, the market sentiment remains upbeat.
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