Reacting to market specific developments, the domestic unit touched a low of 66.74 in intra-day trade before concluding at 66.65.
Rupee ends day stronger against the dollar.
Consistent capital inflows and a recovery in local equities helped the local unit to trim initial losses
Benchmark indices ended on a flat note on Thursday as fag-end selling wiped out intra-day gains amid weak global trends. The BSE benchmark Sensex slipped 8.03 points or 0.02 per cent to settle at 53,018.94. During the day, it had gained 350.57 points or 0.66 per cent to 53,377.54. Similarly, the broader NSE Nifty fell 18.85 points or 0.12 per cent to close at 15,780.25.
Sensex witnessed the biggest single day gain since May 2009 in absolute terms.
Investors remained cautious in the face of the expiry of November series contracts in the derivatives segment, which also dampened sentiment.
China last year pegged its defence budget at 1.45 trillion yuan, a 7.1 per cent increase. This year the defence spending is increased to 1.55 trillion yuan.
Markets opened marginally higher helped by a rebound in index heavyweights
Given the economic trends, it might make sense to allocate some savings to gold.
Equity benchmarks shrugged off lacklustre global cues to clock smart gains on Tuesday, buoyed by strong buying interest in index heavyweights Reliance Industries and HDFC twins. However, a depreciating rupee and unabated foreign fund outflows capped the gains, traders said. The 30-share BSE Sensex rallied 562.75 points or 0.94 per cent to settle at 60,655.72.
One hundred and forty nine new individuals joined the rich list club of 1,103 Indians across 122 cities who cumulatively accumulated a wealth of Rs 100 trillion. Bengaluru -based Kaivalya Vohra, 19, of grocery delivery application Zepto is the youngest self-made and the youngest rich individual, according to IIFL Wealth Hurun India Rich List 2022. The report found 1,103 Indians with a networth of Rs 1,000 crore each - an increase of 62 per cent over five years. There are 221 billionaires (Rs 100 crore networth) in India on the 2022 list - down 16 compared with last year, while 13 people born in the 1990s made it to the list, all self-made.
The blazer worn by Australian cricketing great Donald Bradman during his first series as Test captain sold for A$132,000 ($91,410.00) on Monday, local media reported.
Srinivas Bhogle and Purnendu Maji present Rediff.com's Most Valuable Player Index of IPL 2023 after Game 52.
On the Sensex chart, Bajaj Finance, Bajaj FinServ, SBI, IndusInd Bank, Dr Reddy's, Tech Mahindra, ITC and Kotak Bank were the prominent gainers - rising up to 7.29 per cent. NSE Nifty climbed 102.40 points to end at 15,737.75.
The stubbornly high global crude oil prices are opening up a can of worms to heightened inflation risks and likely to disrupt government's fiscal maths along with deteriorating global financial conditions.
The domestic currency has tumbled by 104 paise, or 1.63 per cent, in last six trading days.
Srinivas Bhogle and Purnendu Maji present Rediff.com's Most Valuable Player Index of IPL 2023 after the league stage.
Increased demand for the dollar from importers affected the value of the rupee
A firming trend in domestic stock markets, however, capped the rupee fall to some extent
The rupee resumed lower at 64.20 per dollar.
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports' competitiveness and the sector requires more support. "Creation of employment is the biggest challenge faced by the country...We would urge the government to provide fiscal support to units which provide additional employment in the export sector," the exporter's body said.
Kotak Bank was the top gainer in the Sensex pack, rising over 3 per cent, followed by IndusInd Bank, Bajaj Finance, HDFC Bank, ICICI Bank, Bajaj Finserv, Maruti and SBI.
Srinivas Bhogle and Purnendu Maji present Rediff.com's Most Valuable Player of IPL 2023.
The main losers on the Sensex were Tata Steel, Hero Moto, BHEL, ONGC & Maruti Suzuki.
On Monday, the rupee had lost 14 paise to close at 66.62 against the US dollar.
Monday's morning trade sees increased selling of USD by exporters.
On Monday, the rupee had moved up by 3 paise.
The US dollar turned expensive against a basket of global currencies which hit the rupee sentiment
Equity benchmarks mustered gains for the first time this week on Thursday as investors piled into the recently-battered metal, bank and IT stocks amid expiry of monthly derivative contracts. Snapping its three-session losing streak, the 30-share BSE Sensex rallied 503.27 points or 0.94 per cent to settle at 54,252.53. On similar lines, the broader NSE Nifty gained 144.35 points or 0.90 per cent to end at 16,170.15.
Cautious optimism over US-China trade talks after US President Trump said his trade negotiators had received two "very good calls" from Beijing also influenced the local currency, dealers said.
Expectations of good foreign capital inflows into equity market in view of firm trend in the stock market also boosted the rupee value against the dollar.
A sustained rise in equity market also boosted the rupee sentiment.
The rupee had firmed up by 28 paise to close at 3-week high of 66.97 in Monday's trade.
Dollar's strength against other currencies overseas capped the rupee's gain
The wait for India to become a $5-trillion economic powerhouse by 2024-25 (FY25) is going to take longer than what the finance ministry had originally intended, according to the International Monetary Fund (IMF). The vision will instead be achieved in 2028-29 (FY29), reveals the IMF data, illustrating a four-year delay. Chief Economic Advisor (CEA) V Anantha Nageswaran had in February said India would become a $5-trillion economy by 2025-26 or the following year, on the back of 8-9 per cent sustained growth rate in real gross domestic product (GDP). However, the IMF data conveys that the economy will be $4.92 trillion in FY28, clearly alluding to the fact that the target will be realised in FY29.
Srinivas Bhogle and Purnendu Maji present Rediff.com's Most Valuable Player Index of IPL 2023 after Game 42.
The lawsuit seeks an injunction to stop the entire rule from going into effect.
Infosys was the top gainer in the Sensex pack, rallying around 7 per cent, followed by TCS, IndusInd Bank, ONGC, HDFC Bank and HCL Tech. On the other hand, ITC, Bajaj Finance, Kotak Bank and Sun Pharma finished in the red.
'At current valuations, we believe large-caps offer better downside support.' 'Hence, we are suggesting a small tilt towards them.'
PowerGrid was the top gainer in the Sensex pack, surging over 4 per cent, followed by Bharti Airtel, Tata Steel, NTPC, HDFC Bank, UltraTech Cement and Kotak Bank. On the other hand, TCS, Nestle India, Reliance Industries and HCL Tech were among the laggards.
