The defence minister also took an indirect dig at Gandhi for "doubting" the government's intention in the handling of the border row with China and said politics can not be done on the basis of "falsehood".
Following a gap of several months, global brands like Walmart have started lifting orders from Tiruppur's garment makers, leading to growth in knitwear exports in January after five months. Knitwear exports from Tiruppur increased 1.5 per cent in dollar terms and 11.6 per cent in rupee terms in January. According to the Tiruppur Exporters' Association (TEA), global majors have started placing more orders from the region.
Mahindra and Mahindra was the top gainer in the Sensex pack, surging over 16 per cent, followed by Maruti, Titan, Bajaj Finance, HDFC, Bajaj Auto and Hero MotoCorp. On the other hand, HUL, Tech Mahindra, IndusInd Bank and Nestle were the laggards.
Commemorating 75 years of India's independence, SBI has launched a 75-day Utsav Deposit Scheme, offering 6.10 per cent for fixed deposits. Senior citizens will get an additional 0.50 per cent and the offer is on until October 30, SBI said.
The S&P BSE Sensex slipped 305 points to end at 25,400 and the Nifty50 dropped 87 points at 7,783.
A theory that is doing the rounds is that with election nearing, this depreciation of the rupee will allow politicians of all hues to bring back their ill-gotten wealth.
India's external debt rose by 8.2 per cent year-on-year to $620.7 billion as of March 2022, which according to the finance ministry is sustainable. While 53.2 per cent of it was denominated in the US dollar, Indian rupee-denominated debt, estimated at 31.2 per cent, was the second largest, as per the status report on India's external debt released by the ministry. "India's external debt continues to be sustainable and prudently managed. As of end-March 2022, it stood at $620.7 billion, growing by 8.2 per cent over the level a year ago.
Volatility ain't going away any time soon. 2013 was the most volatile year for the rupee in at least the last 10, with 2009 not far behind.
Jet fuel prices on Monday were hiked by a steep 5.3 per cent - the tenth straight increase this year -- to an all-time high, in line with a surge in global energy prices. The price of aviation turbine fuel (ATF) -- the fuel that helps aeroplanes fly -- was hiked by Rs 6,188.25 per kilolitre, or 5.29 per cent, to Rs 1,23,039.71 per kl (Rs 123 per litre) in the national capital, according to a price notification of state-owned fuel retailers. This is the 10th straight increase in jet fuel prices this year.
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Issue in two months for Australian projects; group to invest another $15 billion in infrastructure projects by 2020.
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India's trade deficit widened to $20.1 billion in May because of high gold imports while exports declined by over a per cent, raising concerns about economic recovery.
The top gainers on the Sensex were Cipla, Bharti Airtel, Maruti Suzuki, Hero Moto & Sesa Sterlite.
Officials from State-run refiners contend that savings from purchase of Russian oil are used to offset a part of the losses in revenues from selling transport fuels and LPG at State-set rates.
India imports 1.2 billion barrels of oil, and oil prices are falling, falling...
Markets extended losses to end 1.5% down on Tuesday, amid weak global cues, after investors turned cautious ahead of key economic data and booked profits in rate sensitive shares while the further fall in the rupee continued to weigh on investor sent.
A surge in foreign inflows is seen as the major reason behind the latest market surge.
A sharp sell-off in the Indian equities markets after a spike in crude oil prices should not be surprising. Historically there is a negative correlation between stock valuations in India and the price of Brent crude oil, which is the benchmark for the Indian crude oil basket. Between 2011 and 2014, crude oil traded above $100 a barrel for an extended period, the Sensex-trailing price/earnings (P/E) was 18X, on average, during the period, nearly 22 per cent lower than the current index P/E of 23X.
BSE Realty index zoomed by almost 7% followed by counters like Metal, Oil & Gas, Auto, Banks, Auto, Healthcare and Power, all surging between 1-5%.
While RBI's foreign exchange reserves have swelled to over $400 billion, it has a 'sell' position of $981 billion.
Aviation Turbine Fuel, or ATF, price at Delhi was cut by Rs 3,025.34 per kilolitre, or 4 per cent, to Rs 71,800.21 per kl, according to Indian Oil Corp, the nation's largest fuel retailer.
The rupee had lost 10 paise to close at 54.62 on Monday.
HCL Tech was the top loser in the Sensex pack, skidding over 4 per cent, followed by Tech Mahindra Dr Reddy's, Wipro, TCS, Titan and Infosys. NSE Nifty plunged 167.80 points to 17,110.15.
RBI governor Raghuram Rajan is likely to cut rates in next monetary policy.
Addressing the annual Dussehra rally at the iconic Shivaji Park ground in Mumbai, Thackeray lashed out at Shinde, whose rebellion in June this year brought down the Thackeray-led Shiv Sena-NCP-Congress government in the state.
Broader market underperformed the headline indices
The trend still looks bullish but there are bursts of profit-booking above 7,250.
Government-controlled oil-marketing companies (OMCs) have held back petrol and diesel price revisions for a week and are expected to continue doing so, ostensibly owing to political reasons. It appears that the Centre has informally conveyed to the three major OMCs to not revise fuel prices for the time being, two people in the government said. This informal directive follows the talks between the Centre and states on cutting taxes and bringing the auto fuels under the good service tax regime not fetching the desired results, so far.
Jet fuel prices on Wednesday were cut by 1.3 per cent -- the first reduction after 10 rounds of price hikes -- on softening international crude oil rates. Simultaneously, prices of commercial LPG - used by business establishments such as hotels and restaurants - were reduced by Rs 135 per 19-kg cylinder. The price of aviation turbine fuel (ATF) -- the fuel that helps aeroplanes fly -- has been reduced by Rs 1,563.97 per kilolitre, or 1.27 per cent, to Rs 1,21,475.74 per kl (Rs 121 per litre) in the national capital, according to a price notification of state-owned fuel retailers.
Investing in the US market provides Indian investors a hedge against the rupee's long-term tendency to depreciate against the dollar.
The focus is on corporate results at one level but global news will also have an impact
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The 30 Sensex companies alone, which are among the biggest companies in the country, now account for nearly 50% or about Rs 47 lakh crore of total investor wealth.
Petrol and diesel prices were on Tuesday hiked by 80 paise a litre while domestic cooking gas prices were increased by Rs 50 per cylinder, ending an over four-and-half month election-related hiatus in rate revision, sources said. Petrol in Delhi will now cost Rs 96.21 per litre as against Rs 95.41 previously while diesel has gone up from Rs 86.67 per litre to Rs 87.47. Simultaneously, the price of a non-subsidised LPG cylinder has been increased to Rs 949.50 for each 14.2-kg bottle in the national capital.
In Delhi, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 650 each to Rs 27,470 and Rs 27,270 per 10 grams respectively.
Gold prices regained Rs 32,000 per ten gram level after nine months in the national capital on Tuesday on increased stockists buying as rupee plunged to historic low of 66-level.
Gold prices rebounded by Rs 190 to Rs 31,000 per ten grams in the national capital today on pick up in festive season demand.
Silver advanced by Rs 150 to Rs 34,200 per kg on increased offtake.
India is poised to be the fastest-growing major economy in the world and an engine of global growth despite global headwinds, says leading industrialist and Aditya Birla Group Chairman Kumar Mangalam Birla. The economic activity in India has witnessed a sharp recovery to pre-pandemic levels on the back of a rapid and widespread rollout of the vaccination programme, Birla said in the latest annual report of UltraTech Cement Ltd. "A strong digital ecosystem, fiscal and monetary policy and various government schemes helped small and medium enterprises and the worst affected sections of the population to survive while reviving demand and bringing the economy back on track," said Birla while addressing UltraTech's shareholders.
RBI is unlikely to stem the slide against the dollar as the greenback is rising rapidly against all currencies in the world.
The benchmark Indian crude oil basket is now estimated to average $77.88 a barrel for FY19, compared to the government's earlier estimate of $65 a barrel for the year and $56.39 for FY18
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