A surge in gold imports pushed up India’s trade deficit to $17.7 billion in April, despite a rise in exports (1.6 per cent ) for the fourth consecutive month. Gold and silver imports increased by 138 per cent to $ 7.5 billion in the month from $3.1 billion in April 2012.
The announcement of the precariously high trade deficit sent the Bombay Stock Exchange (BSE) into a downward spin, with the benchmark 30-share S&P Sensex suffering its biggest fall of over 430 points in the current calender year.
It also marked the Sensex’s highest percentage fall in more than 14 months to end below the
20,000-mark at a one-week low of 19,691.67. Weakness in global markets too contributed to keep the market subdued.
The announcement of the precariously high trade deficit sent the Bombay Stock Exchange (BSE) into a downward spin, with the benchmark 30-share S&P Sensex suffering its biggest fall of over 430 points in the current calender year.
It also marked the Sensex’s highest percentage fall in more than 14 months to end below the
20,000-mark at a one-week low of 19,691.67. Weakness in global markets too contributed to keep the market subdued.