Sensex, Nifty May Stay flat; Idea, Tata Steel in Focus

stock market news capitalheightThe SGX Nifty indicates a tepid start for Indian market as US markets slipped the most in four weeks as Trump-fuelled rally fades. Asia markets were mixed, taking cues from the US where a post-election rally appeared to stumble.

Traders also looked ahead to key global events set to take place this week, including a meeting on Wednesday between the world’s largest oil producers, and the release of the US nonfarm payroll report on Friday.

Japanese shares were likely pressured by a slightly stronger yen, which traded at 111.94 against the dollar on Tuesday morning in Asia, climbing from levels near 113.00 in the previous week.

US stocks declined for their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits on the heels of a record-setting week.

Back home, the 30-share BSE Sensex was up 33.83 points at 26350.17 and the 50-share NSE Nifty gained 12.60 points at 8126.90 while the BSE Midcap index jumped 1 percent and Smallcap rose 0.66 percent on positive breadth. About 1658 shares advanced against 936 declining shares on the exchange.

In a move to spur deposits, the Reserve Bank of India has eased current cash withdrawal limits of legal tender notes at banks and ATMs on or after November 29. New Rs 2000 and 500 notes will be issued for such withdrawals.

Idea Cellular may be in focus as it puts its entire tower assets on the block. It eyes a billion dollars from the sale of nearly 11,000 telecom towers.

Tata Steel has entered into an agreement to sell its speciality business in the United Kingdom. Liberty House will buy the assets for 100 million pounds.

Among asset classes the dollar edged down against a basket of major currencies surrendering some gains after a sharp rally that followed Donald Trump’s surprise victory in the US Presidential election. The dollar had surged more than 4 percent against a basket of currencies in the wake of the election earlier this month- but has now retreated from its 14-year high.

Prices pared gains after a source said OPEC experts ended their meeting on Monday without agreeing on concrete details of a planned reduction in oil output by individual countries. Details are supposed to be presented to an OPEC ministerial gathering tomorrow. With OPEC scrambling to rescue the deal, analyst are warning of a sharp price correction if the producer group fails.

Gold prices rose more than 1 percent, recovering from their lowest levels since February as the dollar and long-dated US treasury bond yields retreated from recent highs.

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Abbott India Soars 4.8% Post Q2 FY17 Results

Abbott India  Q2 FY17 results

Abbott India Q2 FY17 results

Abbott India soared 4.8% on the BSE. The company reported 23% increase in standalone net profit at Rs 75 crore for the quarter ended September 30. The company’s net profit in the corresponding quarter of the previous fiscal year was Rs 61 crore.

The scrip opened at Rs 4700 and has touched a high and low of Rs 4950 and Rs 4675 respectively. So far 12800 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 9978.47 crore.

The BSE group ‘B’ stock of face value Rs 10 has touched a 52 week high of Rs 6050 on 31-Dec-2015 and a 52 week low of Rs 4360 on 13-Jun-2016. Last one week high and low of the scrip stood at Rs 5035 and Rs 4471.2 respectively.

The promoters holding in the company stood at 74.99 % while Institutions and Non-Institutions held 8.66 % and 16.35 % respectively.

The stock is currently trading above its 50 DMA.

Abbott India Ltd
BSE 4,925.40 229.65 (4.89%)
NSE 4,939.55 246.70 (5.26%)

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Live Stock Market Updates – Nifty holds 8,100 mark; Bharti Airtel up 4.6%

nse-buildingThe domestic market are trading flat due to lack of directional cues from global markets.The Indian stock market has opened in red as the Sensex is down 118.97 points, while the Nifty50 is down 39.25 points. Banking stocks slip in opening trade after RBI hikes CRR on incremental deposits. The central bank hopes to curtail surging banking system liquidity that risks stocking inflation.

At 1:24 PM, the S&P BSE Sensex is trading at 26,333, up 17 points, while NSE Nifty is trading at 8,136 up 22 points. Out of 1,889 stocks traded on the NSE, 400 declined, 1,150 advanced and 339 remained unchanged today.

A total of 17 stocks registered a fresh 52-week high in trade today, while 13 stocks touched a new 52-week low on the NSE.

The BSE Mid-cap Index is trading up 0.69% at 12,267, whereas BSE Small-cap Index is trading up 0.82% at 12,127.

Power Grid, BPCL, Idea Cellular, Bharti Airtel and Hero MotoCorp are among the gainers, whereas Bank of Baroda, ICICI Bank, SBI, Wipro and TCS are losing sheen on BSE.

Some buying activity is seen in media, metal, auto, pharma and IT sectors, while PSU Bank, Bank Nifty and Private Bank are showing weakness on NSE.

The INDIA VIX is down 2.01% at 17.2575.

Suzlon Energy has secured a fourth consecutive order for 50.40MW wind power project from a business house. The project consists of 24 units of S95 90m tubular tower with rated capacity of 2.1 MW. Located in the district of Anantapur, Andhra Pradesh, the project is scheduled for completion in March 2017. The stock is currently trading at Rs 14.87, up by Rs 0.29 or 1.99% from its previous closing of Rs 14.58 on the BSE.

ICICI Bank Ltd is currently trading at Rs 255.1, down by Rs 4.75 or 1.83% from its previous closing of Rs 259.85 on the BSE. Around 21.3 lakh shares were traded in a single block.

Thirumalai Chemicals reported a net profit of Rs 37 crore for the first half of financial year 2017 as against a profit of Rs 4 crore a year ago. The stock is currently trading at Rs 719.05, up by Rs 34.2 or 4.99% from its previous closing of Rs 684.85 on the BSE.

Amtek Auto Ltd has informed BSE that a meeting of the Board of Directors of the Company meeting will be held on November 30, to consider the proposal of infusion of fresh equity by the new investors and restructuring of the Company as proposed by investors.

Cipla rose 1.6%. Cipla Ltd is in discussions to sell Cipla Vet, its animal health division, as per media report. According to the report, the company hired global investment bank Rothschild to find potential buyers.

Shares of airline stocks rose on Monday as uncertainty over the deal to cut output by the Organization of the Petroleum Exporting Countries at a meeting on Wednesday pushed oil prices down. SpiceJet reported a rise of 103% in its net profit for the second quarter of 2016-17. The company’s Q2 net profit stood at Rs 58.9 crore from Rs 29 crore reported in the corresponding quarter of 2015-16.

Ashok Leyland inched up 1.2%. Ashok Leyland has completed the acquisition of Nissan Motor Co. Ltd.’s stake in each of the three joint ventures formed between the two companies.

Aurobindo Pharma is trading lower at Rs 736. Arrow Generiques SAS, the French subsidiary of Aurobindo Pharma, has signed an agreement to acquire select commercial products in France from Teva.

BEML zoomed 2.5%. The company reported standalone net loss narrowed to Rs 16.6 crore for the second quarter ended September 30, 2016, against that of Rs 24.6 crore in the corresponding quarter of previous fiscal.

Strides Shasun gained 1%. Strides Shasun’s wholly owned subsidiary Strides Arcolab International, UK has entered into an agreement with Moberg Pharma, Sweden to acquire the ‘PediaCare’ brand for a total consideration of $5 million plus inventory value at closing.

Hathway Cable & Datacom slipped 2.6%. The company has reported a net loss of Rs 40 crore for the quarter under review as compared to a net loss of Rs 32 crore for the same quarter in the previous year.

The BSE Oil and Gas index is trading up 1.6% or 190 points at 11,943 as against the previous close of 11,753.

The BSE Oil and Gas index opened at and hit a high of 11,953.45 and a low of 11,705. The oil stocks are trading higher as international oil prices decline after a planned meeting today between OPEC and non-OPEC producers was canceled.

Oil rebounds from 2% losses as OPEC embarks on a last-ditch diplomatic push to reach a production cut and will meet in Vienna on Wednesday; a meeting with non-OPEC producers today was canceled after Saudi Arabia decided not to attend and suggested the oil-club doesn’t necessarily need to curb output.

Hindustan Petroleum Corporation Ltd is currently trading at Rs 479.4, up by Rs 17.2 or 3.72% from its previous closing of Rs 462.2 on the BSE. The scrip opened at Rs 464 and has touched a high and low of Rs 481.25 and Rs 462.35 respectively. So far 2129614 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 46954.05 crore.

Bharat Petroleum Corporation Ltd is currently trading at Rs 659.9, up by Rs 20.25 or 3.17% from its previous closing of Rs 639.65 on the BSE. The scrip opened at Rs 639.65 and has touched a high and low of Rs 663.85 and Rs 639.65 respectively. So far 1597983 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 92504.17 crore.

Indian Oil Corporation Ltd is currently trading at Rs 304, up by Rs 7.5 or 2.53% from its previous closing of Rs 296.5 on the BSE. The scrip opened at Rs 297 and has touched a high and low of Rs 306.3 and Rs 295.5 respectively. So far 1239474 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 143977.58 crore.

Oil India Ltd is currently trading at Rs 442.05, up by Rs 5.15 or 1.18% from its previous closing of Rs 436.9 on the BSE. The company will announce its Q2 numbers today.

Rajshree Sugars & Chemicals climbed 5.3%. The company has entered into a share purchase agreement with the prospective buyer, for the sale of the wholly-owned subsidiary Company Trident Sugars, having the sugar factory at Telangana. As per the said agreement, the prospective buyer is expected to close the sale transaction by March 31, 2017.

GPT Infraprojects advanced 1%. The company announced bourses that it has bagged an order value at Rs 73 crore from Rail Vikas Nigam Ltd.

Uflex zoomed 5.6%. The company reported 17% rise in consolidated net profit to Rs 90 crore for the quarter ended on September 30, 2016. It had posted a net profit of Rs 77 crore for July-September quarter in the year-ago period.

State Bank of India slipped 2% on the BSE. The bank said it will raise Rs 56.81 billion by issuance of preferential shares to the central government, its majority shareholder.

The Indian rupee opened higher by four paise at 68.42/$ against the previous close of 68.46/$.

The demonetization drive of the government is likely to see some protests on the street in various parts of the country as few political parties have joined hands for ‘Akrosh Divas.’

Parliament may see less activity today as attention will be on the protests and dealing with the Opposition tirade. The old tradition of Black Friday is losing its charm abroad; online sales on Thanksgiving and Black Friday rose about 18 pc to $5.27 bn.

Saudi Arabia seems to suggest that oil producers need not reduce output. With the Dow Jones having crossed the key milestone of 19000 & the S&P 2200 markets could see consolidation globally as investors take stock of the last fortnight. Also the rise in bond yields in tandem with the US $ may not last & pause here would be prudent as markets digest the gains.

Falling crude prices cooled Asian shares while the dollar has stepped back against Asian peers. India’s foreign exchange reserves fell for the second consecutive by $1.542 bn to $365.5 bn in the week ended Nov 18.

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Tata Chemicals Clocks 1.5% Gain on the Bourses

tata-chemicalsTata Chemicals Ltd is currently trading at Rs 473.1, up by Rs 8.05 or 1.73% from its previous closing of Rs 465.05 on the BSE.

The company has received an approval from the CCI for the proposed acquisition of its urea and customized fertilizers business by Norway’s Yara Fertilisers. Under the deal, Tata Chemicals will sell its urea plant in Babrala, Uttar Pradesh, which has an annual capacity of about 1.2 million tonnes for an estimated Rs 2,670 crore.

The scrip opened at Rs 470 and has touched a high and low of Rs 481 and Rs 467 respectively. So far 332448 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 11847.61 crore.

The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 585.1 on 24-Oct-2016 and a 52 week low of Rs 310.05 on 26-Feb-2016. Last one week high and low of the scrip stood at Rs 468.05 and Rs 445.5 respectively.

The promoters holding in the company stood at 30.8 % while Institutions and Non-Institutions held 48.1 % and 21.1 % respectively.

The stock is currently trading below its 50 DMA.

Tata Chemicals Ltd
BSE 472.15 7.10 (1.53%)
NSE 471.80 5.90 (1.27%)

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Results to watch out for! Oil India, Cox & Kings, Abbott India in focus

stock-marketThe results that are expected today are Oil India, Cox & Kings, Abbott India,Sadbhav Engineering, Hindustan Composites, Himachal Futuristic Communications, Timken India, Jayaswal Neco Industries, Anik Industries, Mahanagar Gas, Net 4 India, Triveni Engineering & Industries, BSL.

Stock Commentary:

Abbott India Ltd ended at Rs 4716.95, down by Rs 27.9 or 0.59% from its previous closing of Rs 4744.85 on the BSE.

The scrip opened at Rs 4773.95 and touched a high and low of Rs 4773.95 and Rs 4660.65 respectively. A total of 2032 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 9978.47 crore.

Abbott India Ltd
BSE 4,695.75 0 (0%)
NSE 4,692.85 0 (0%)

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Infosys, TCS make a killing on weak rupee but should you worry?

infosys-tcsBeaten down technology stocks, which were reeling under Brexit woes and Donald Trump win in the US, saw a new lease of life this week as rupee plunged to a new low on November 24. BSE IT index climbed around 7 percent in this week starting November 18 while both the benchmark indices were marginally up 0.6 percent. Demonetization leading to shortarge of cash in the country is slowing down business and trade volume on Dalal Street is also severely affected.

Meanwhile, rupee fell to a record low of 68.85 per dollar as foreign institutional investors withdrew from emerging markets. And that’s what brought much needed relief to the technology companies as depreciating rupee drives more revenue for export oriented firms.

Gaining momentum from rupee’s weakness, Infosys   , TCS   and Wipro   rose 6.2 percent, 8.4 percent and 6.4 percent respectively in the week.

These companies, however, have been dealing with a lot of trouble and cut guidance for FY17 on growth slowdown especially due to softness in Banking, Financial services and Insurance (BFSI) sector. After Q2 results, Infosys reduced FY17 revenue guidance for the second consecutive quarter and had already warned of risks to guidance from RBS contract cancelation and tepid business in banking, manufacturing & retail segments. The country’s second largest IT company slashed its revenue guidance for FY17 to 8-9 percent from 10.5-12 percent earlier in constant currency terms after considering performance of H2FY17 and near-term uncertain business outlook.

That had lead to a lot of selling in IT stocks this year. In November itself, BSE IT index is down 6 percent while Sensex and Nifty lost around 7 percent in this period. In year-to-date, both BSE IT index and Nifty IT fell 15 percent whereas Sensex was down 1 percent and Nifty was up 0.2 percent.

Though analysts are cautious about the sector but feel that valuations are rather tempting after price corrections. Credit Suisse says that larger IT firms’ price to equity have contracted by 10-30 percent in the last one year due to concerns on structural factors and cyclical reasons and stocks are also trading well below their 3-year average PE and close to their 3-year lows.

It says that Trump’s anti-immigration rhetoric and recent comments could pose uncertainty and worst-case outcome could create 200 basis points margin pressure.

“We have cut target multiples for our universe, which reduces target prices by 4-10 percent. We believe that HCL Tech   and Tech Mahindra   are better positioned with low downside risk— business momentum is good, valuations attractive and any immigration impact would be relatively low. And they will benefit from any pick-up in discretionary spending as well,” the brokerage firm says in a note.

Also, the sector is at a risk of further pressure post Q3 results as generally this quarter is weak due to less number of working days due to US holidays.

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Indiabulls Housing Finance raises Rs 500 cr via NCDs


Indiabulls Housing Finance Ltd has raised Rs 500 crore by issuing debentures on a private placement basis.

“The company has allotted its first tranche of secured redeemable, non-convertible debentures (NCDs) of face value Rs 10 lakh each aggregating Rs 500 crore,” Indiabulls Housing Finance Ltd said in a BSE filing today.

The bonds will carry coupon rate of 8.30 percent (payable annually and at maturity) and the maturity date is November 23, 2018. The tenor of the issue is 2 years.


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Adani Enterprises Gets 100 MW Solar Generation Plant Order in Australia

adaniThe Whyalla City Council today formally reached agreement with the Adani Group for the Indian company to develop a $ 200 million solar generator north of the city.

The project will involve a 100 MW solar generation plant,with potential capacity of up to 150 MW which would make it one of the largest in Australia on one site.

Adani, the largest solar energy generator in India, is planning to have a number of solar projects in Australia with a total capacity of 1,000 MW within the next five years.

The solar projects are in addition to Adani’s $16.5 billion investment in the planned Carmichael coal mine in Queensland’s Galilee Basin as well as rail and port facilities.

Construction of the Whyalla project is due to start mid-2017 and be completed in approximately 12 months.

The workforce will peak at 350 employees, with full time operation staff to number up to five. A land purchase agreement has been signed with the council for the site which is in an industrial land estate.

The solar generated electricity will be fed into the main network which will boost reliability of supply in the region.

Adani currently has solar generation projects in India planned or operational totalling more than 1,400 MW, including one of the world’s largest solar plants at Tamil Nadu in southern India which has a capacity of almost 650 MW.

The solar projects are part of Adani’s global strategic balanced approach topower generation with coal-fired, solar and wind plants.

The company’s CEO of Australian operations, Jeyakumar Janakaraj, said solar opportunities in Australia were enormous because it had the highest solar radiation per square metre of any continent in the world.

Solar energy penetration in Australia – more than 2 million homes have solar PV and/or solar hot water systems – demonstrated acceptance of the renewable energy source.

“Coupled with the company’s $ 3.3 billion dollars of investment to date across its mine, rail and port projects in Queensland, Adani’s plans to pursue solar investment opportunities reflect the confidence the company has in the Australian market,” Janakaraj said.

Whyalla Mayor Lyn Breuer said Whyalla City Council was pleased to be working with Adani on its project, and looked forward to the economic benefits the project would bring.

“We have been working with Adani for quite some time now to reach this agreement, and we are very much looking forward to seeing the project come to fruition,” Breuer said. “Whyalla City Council strongly supports renewable projects, and we believe Adani’s solar generator project will bring major benefits to the City of Whyalla and the region as a whole.”

Member for Giles, Eddie Hughes, warmly welcomed Adani’s intent to build one of Australia’s largest solar farms in Whyalla.

“This is great news for Whyalla,” said Hughes. “For many years we have promoted Whyalla as a perfect location for solar energy production. We have sun, land, a skilled workforce and a supportive community. Those attributes have attracted the interest of Adani.”

“Construction of the plant will provide a boost to employment and it will provide one element in what is shaping up to be a much brighter future next year. I look forward to Adani becoming part of the Whyalla community and making a very positive contribution to the future of our city.”

 Adani Enterprises Ltd
BSE 63.65 1.75 (2.83%)
NSE 63.55 1.90 (3.08%)

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Fantastic Friday! Nifty reclaims 8,100 mark, Sensex surges 456 points

nifty-upThe Sensex, Nifty kickstarted the December series on a positive note. Positive global indices, rupee appreciation and also steel makers extended gains after the government imposed anti-dumping duties on some imports lifted the Indian stock markets on Friday.

The key benchmarks traded at high point as traders opted to buy beaten-down but fundamentally strong stocks amid firm global cues. The benchmark indices Sensex and Nifty reclaimed their psychological 26,300 and 8,100 levels respectively.

On the economy front, PM Narendra Modi pushed for the need to move towards a digital economy, emphasizing that people have the right to use their money, but that can also be done digitally.

The BSE Sensex which opened at 25,953.24 points, closed at 26,316, up 456 points or 1.76% from the previous close at 25,860.17 points. The Sensex touched a high of 26,244 points and a low of 25,874.45 points during the intra-day trade so far.

The NSE Nifty closed with a gain of 142 points at 8,107. The NSE Nifty opened at 8,008 hitting a high of 8,122 and low of 7,977.

The NSE market breadth was skewed in favour of the bulls – with 1,344 advances and 293 declines.

Fitch Ratings said Demonetization will have a “negative” impact on growth in the short run but for the full fiscal, the GDP decline would be “relatively moderate”. However, it expects India’s GDP growth to trend higher than China’s in the medium term, adding that it would accelerate next fiscal on the back of reforms and monetary policy easing.

Sentiments remained up-beat from the start of the session with Finance Minister Arun Jaitley saying that the government’s demonetisation move is going to have a positive impact on the economy, including GDP.

The buying was so fierce that not a single sectoral index on the BSE ended with losses; IT, pharma, banking, finance, energy, media and metal stocks ended with the top gainers. Even the mid-cap and the small-cap stocks participated in today’s rally.

Among the 50-stocks of Nifty, Tech Mahindra, TCS, Infosys, HCL Tech and Sun Pharma were among the gainers on NSE, whereas ACC, Bharti Infratel, Bajaj Auto, Eicher Motors and Bharti Airtel were among the losers today.

The India VIX (Volatility) index was up 2.63% at 17.6125.

The rupee was trading marginally up by 32 paise at 68.41 per US dollar. Gold was trading at Rs 28,576 per per 10 gms and silver was trading at Rs 40,225 per kg.

On the global front, Asian stocks closed higher. The Shanghai Composite index and Hong Kong’s Hang Seng index closed higher by 1%. Nikkei 225 ended in green.

European stocks were trading mostly in red due to lack of cues from the U.S. Markets. CAC 40 is trading in green, while FTSE 100 and DAX are trading lower.

J Kumar Infraprojects rallied 9.6% on the BSE.  J Kumar Infraprojects, on behalf of the J. Kumar Infra – CRTG JV, signed an agreement with the Delhi Metro Rail Corporation (DMRC) worth of Rs 1,344.9 crore on Thursday, 24 November 2016, for Phase-2 of the Mumbai metro project and other projects worth Rs 449.19 crore.

Bata India soare 2.3%. The company has posted a net profit of Rs 35 crore for the quarter ended September 30, 2016 as compared to Rs 54 crore for the quarter ended September 30, 2015.

Talwalkars Better Value Fitness climbed 5% after the management has decided to demerge gym business, thereby transferring gym business of TBVFL to TLL, in the interest of maximising overall shareholder value.

LT Foods gained 1%. The company has inked a 51:49 joint venture with Kameda Seika, to sell rice-based snacks in India.

A total of 15 stocks registered a fresh 52-week high in trades today, whereas 13 stocks touched a new 52-week low on the NSE.

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Sensex Up Over 150pts, Nifty Above 8000; Tata Motors, Infy Gain

sensex-nse9:55 am Market check: The Sensex is up 179.27 points or 0.7 percent at 26039.44 and the Nifty is up 67.10 points or 0.8 percent at 8032.60. About 1396 shares have advanced, 348 shares declined, and 83 shares are unchanged.

Tata Steel and Infosys are up 3 percent while GAIL, TCS and Asian Paints are gainers while Tata Motors, NTPC, Cipla, Reliance and L&T are losers in the Sensex.

9:45 am New IPO: Jagran Prakashan, the publisher of leading Hindi daily Dainik Jagran, today said its subsidiary Music Broadcast Ltd will raise up to Rs 400 crore through initial public offer.

The board of MBL, which operates the popular Radio City FM stations, in a meeting held today approved the IPO of the company.

“We wish to inform you that the board of directors of Music Broadcast Ltd (MBL) at their meeting dated November 24, 2016 has approved an initial public offer,” the company informed BSE.

“The IPO would comprise of fresh issue aggregating upto Rs 4,000 million (400 crore) and offer for sale by existing shareholders,” it added.

9:30 am FII view: Laurence Balanco of CLSA says tactically, he is looking for a minor pullback to relieve the momentum extremes seen in leading markets (US and Japanese equities, US dollar, US 10-year yield, copper).

While these extremes warn of a short-term reversal, the fact that momentum has confirmed the highs suggests that such a pullback should be short-lived and followed by further gains into Q1 2017, he adds.

He says the Achilles heel to this equity market advance would be a US 10-year yield breaking above 3.05 percent, which is the resistance zone provided by the upper boundary of the 35-year downtrend channel.

It is also close to the level where the rolling 12-month correlation between the S&P 500 and the US 10-year yields switches from positive to negative, Balanco feels.

The market has opened firm as the Sensex is up 70.47 points or 0.3 percent at 25930.64. The Nifty is up 29.95 points or 0.4 percent at 7995.45. About 571 shares have advanced, 147 shares declined, and 32 shares are unchanged.

Bharti, TCS, Infosys, Axis Bank and GAIL are top gainers while HDFC twins, L&T, Cipla and ONGC are losers in the Sensex.

The Indian rupee opened flat at 68.72 per dollar on Friday versus previous close 68.73. The government rushed to allay fears after the rupee drops to an all-time low of 68.86 to the dollar before recovering on perceived RBI intervention.

The commerce minister said, rupee fluctuation has been factored in by exporters.

Bhaskar Panda of HDFC Bank said, “High volatility and unidirectional move is the order of the day in the USD-INR market. A surging dollar index, spectre of US interest rate hike have seen net FII outflow to the tune of USD 4 billion leading to almost 4 percent depreciation of the rupee.”

Among global markets, Asia is trading higher amid a lack of direction from US markets that were shut for the Thanksgiving holiday.  Asian stocks steadied on Friday as the Thanksgiving break in the United States pegged the dollar’s relentless surge that had sucked capital out of most emerging markets.

MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.05 percent on Friday. It is poised to end the week 0.8 percent higher, but remains down almost 2 percent from its close on November 8 before Donald Trump’s surprise election to president, whose protectionist campaign promises are widely seen as negative for the region.

Meawhile, European finance ministers will continue Greece bailout talks. The Finance Ministers Of Germany, France, Italy, Spain and Netherlands plan to meet in Berlin today with officials from the international monetary fund to discuss Greece’s debt crisis, the euro zone is aiming for a new agreement on fiscal reform by December 5.

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