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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Rupee Opens at Fresh 9-Month Low; Down 18 paise

rupee-down-capitalheightThe Indian rupee opened at fresh 9-month low at 68.74 per dollar on Thursday. It has slipped 18 paise versus previous close 68.56.

The rupee is near to its record closing low of 68.85 per dollar, which it has tested on August 28, 2013.

Mohan Shenoi of Kotak Mahindra Bank said, “Dollar rally across the board is continuing. December US Fed rate hike is now certain. While rupee has weakened sharply against dollar, it has in fact strengthened against currencies like euro and yen.”

“We expect the USD-INR to trade in a range of 68.65-69/dollar for the day,” he said.

The dollar surged to a more than 13-year peak, bolstered by upbeat US economic data that showed the economy on track for steady growth and reinforced expectations of interest rate increases by the Federal Reserve next month and in 2017.

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Sensex, Nifty sluggish; SBI down 2%, auto stocks rise

bear-marketThe market is sluggish with the Nifty hovering around 7950. The 50-share index is up 28.25 points or 0.4 percent at 7957.35 and the Sensex is up 56.65 points or 0.2 percent at 25821.79. About 1048 shares have advanced, 1346 shares declined, and 169 shares are unchanged.

Auto stocks are rising with Bajaj Auto, Hero MotoCorp and Maruti leading the pack. HUL and Adani Ports are other gainers in the Sensex. Among losers are BHEL, SBI, L&T, GAIL and NTPC.

The rupee slipped from its initial recovery, dropping 7 paise to Rs 68.23 in late morning deals following bouts of dollar demand from importers despite higher domestic equities.

Overseas, the US dollar took a breather against basket currencies in early Asian trade, as investors consolidated the gains built on expectations of increased fiscal spending and higher inflation under a Trump administration.

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Rupee Ends Stronger at 67.81/$

Indian RupeeThe Indian rupee closed stronger as the US currency retreated a tad against other currencies and ahead of US Federal Reserve Chair Janet Yellen‘s testimony to the US Congress today.

On the economy front, India’s retail price inflation fell to a 14-month low of 4.2% in October from 4.39% a month ago as inflation in fruits and pulses softened, raising the chances of an interest rate cut by the Central Bank.

Indian government announced some new measures to ease the cash crunch caused by the move, including allowing farmers to draw money from banks against loans sanctioned to them.

The Indian Rupee closed higher by 20 paise at 67.81/$. The local unit hit a high of 67.93/$ and a low of 68.02/$ today.

The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.91 while for the Euro it was 72.56. The RBI’s reference rate for the Yen stood at 62.10; reference rate for the Great Britain Pound (GBP) stood at 84.3178.

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Rupee opens at 67.15 per dollar; slips 52 paise

indian-rupeeThe Indian rupee slipped in the early trade on Friday. It has opened lower by 52 paise at 67.15 per dollar versus 66.63 Thursday. NS Venkatesh of Lakshmi Vilas Bank said, “The rupee today is expected to further signs of strengthening against basket of currencies as the RBI circular on S4A will be credit positive for banking.” “We expect the USD-INR pair to trade in a range of 66.58-66.68/dollar for the day,” he added. The dollar climbed to over 3 month high against the yen as investors adjusted to the reality of a Donald Trump administration and increased inflation expectations.

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Rupee Depreciates 9 paise Against US Dollar

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The rupee opened lower by 9 paise at 67.59/$ against US Dollar on Wednesday as against the previous close of 67.48/$.

The Indian rupee opened lower by 9 paise at 67.59/$ against US Dollar on Wednesday as against the previous close of 67.48/$. On the global front, Federal Reserve Chair Janet Yellen was optimistic about the economy and played down the risk of a recession. She also added that the UK’s vote on EU membership and a potential economic slowdown in China had raised concerns about the strength of the global economy. Meanwhile, ECB President Mario Draghi said ECB was ready for all contingencies in case of Brexit.

Market participants are cautious ahead of the UK referendum scheduled on Thursday.

The Indian currency ended lower by 18 paise at 67.48$. The local unit had hit a high of 67.62 and a low of 67.65. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.47 and for Euro stood at 76.45. The RBI’s reference rate for the Yen stood at 64.59; reference rate for the Great Britain Pound (GBP) stood at 99.2582.

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Rupee Opens at 67.40 Against US Dollar, Down 10 paise

Budget2016_Rupee_up_down_fiscal_deficit_356x200_3409_356

The local unit had hit a high of 67.45 and a low of 67.49.

The Indian rupee opened lower by 10 paise at 67.40/$ against US Dollar on Tuesday as against the previous close of 67.30/$.

British Pound is garnering strong momentum, in light of an ever changing perception on Brexit. The currency markets now seem to be betting big on the ‘Remain vote’.

The Indian currency ended lower by 22 paise at 67.30/$. The local unit had hit a high of 67.45 and a low of 67.49. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.40 and for Euro stood at 76.53. The RBI’s reference rate for the Yen stood at 64.44; reference rate for the Great Britain Pound (GBP) stood at 98.1538.

 

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Rupee crashes to 1-month low; opens at 67.65/$

Rupee-down-against-dollar-The Indian rupee opened lower by 57 paise at 67.65/$ against US Dollar on Monday as against the previous close of 67.08/$.

The Indian rupee opened lower by 57 paise at 67.65/$ against US Dollar on Monday as against the previous close of 67.08/$.

On the economy front, Raghuram Rajan made public his intention of returning to academia after the end of his term in September. There are seven candidates to replace Reserve Bank of India governor Raghuram Rajan, according to reports.

Globally, markets are bracing for increased volatility and heavy trading, as investors position themselves to parse out the consequences of a Brexit vote. British PM warned that British exit from the EU would push the country into a huge recession.

The Indian currency ended higher by 13 paise at 67.08/$. The local unit had hit a high of 67.45 and a low of 67.78. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.16 and for Euro stood at 75.45. The RBI’s reference rate for the Yen stood at 64.39; reference rate for the Great Britain Pound (GBP) stood at 95.5535.

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