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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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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