From the Sensex pack, Bharti Airtel, Titan, Tata Consultancy Services, Hindustan Unilever, Infosys, Nestle, Reliance Industries, Mahindra & Mahindra, HDFC Bank and Tata Motors were the biggest gainers. However, IndusInd Bank, Bajaj Finance and UltraTech Cement were the laggards.
The rupee gained 11 paise to 82.68 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels. Forex traders said sustained foreign fund outflows weighed on the local unit and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 82.69 against the dollar and marginally rose to 82.68, registering a rise of 11 paise over its previous close amid a positive trend in domestic equities.
For now the probability of the tradable rally remains very low, says Sonali Ranade
Clearly the DXY is overbought and needs to work off overbought conditions. That will trigger consolidation in US equity markets that are just as overbought, says Sonali Ranade
On the face of it, it is not advisable chase this rally, says Sonali Ranade
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
It does feel like we are close to the end of the rupee's rally, says Jamal Mecklai.
The dollar's preliminary moves after the low 80.90 are supportive of a like dollar rally back to 85.50. We should see confirmation of that in the early part of next week, says Sonali Ranade
There is no ignoring the fact that world equity markets at this point are in unsustainable parabolic trajectories. The question is when, not if, a deep and sharp correction arrives. Investors need to be prepared for a quick exit if they are riding the rallies at this late stage, says Sonali Ranade
There is no indication that the rally in the dollar is likely to end soon, says Sonali Ranade
Once the US dollar launches into its final bull leg from the 79 region towards 84, the appreciating currency should put a lot of pressure on commodities that will perhaps trigger the capitulation that the market needs in commodities liker gold, silver and WTI crude, says Sonali Ranade.
We have not yet internalised the need for reliability in our schema to emerge as an industrial society, says Sonali Ranade
Don't catch falling knives or chase bear rallies no matter how enticing those eight pc green blips look. They may be mouse traps, warns Sonali Ranade
Hoard cash. There will be plenty of time and opportunity at far lower levels, warns Sonali Ranade in her weekly Market Notes
The dollar is king in an intermediate correction, says Sonali Ranade
A lot will depend on how the equity markets in the US play out in April-May this year. A correction there, long overdue, could change all the variables in the current equations, says Sonali Ranade
Time to take profits and move to the sidelines in an euphoria, says Sonali Ranade
Rupee falls 5 paise against dollar, ends at 61.92.
It was the RBI which destroyed our $-job economy. It is for the RBI to resurrect it by instituting news ways of managing the INR, says Sonali Ranade
Rupee rebounds from one-week low, up 9 paise against dollar.
The global brokerage firm further said that BoP would be INR-supportive.
Keep exit plans handy, D-day could be the second week of August, writes Sonali Ranade in Market Notes.
A stable dollar will at minimum reduce incremental cross-currency pain for Indian cos.
A gradual increase works best for the US, as well as global markets, says Nizam Idris managing director, head of strategy (fixed income and currencies), Macquarie Bank.
Waiting for capitulation in commodity markets is the better route to profits, says Sonali Ranade.
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