The Bombay Stock Exchange's 30-share Sensex closed at 19,504 up 117 points. The National Stock Exchange's 50-share S&P CNX Nifty closed up 26 points at 5,930.
Forex dealers said rupee was under pressure throughout the session as dollar gained against rivals on hopes that European Central Bank will cut its main interest rate to a record low in a bid to support the region's economic growth.
Both Europe and the US can learn a lesson from American history to overcome their debt problems.
What is killing the risk appetite of the bond buyers is the inconsistency in the central bank's approach. It needs to allow the yield to find its own level, gradually. To ensure that, the RBI may adopt a similar approach with which it handles a slipping rupee, asserts Tamal Bandyopadhyay.
Markets would be keenly looking for fiscal deficit & subsidy figures and borrowing and divestment program.
European Central Bank's decision to take up an unlimited bond-buying plan is the reason
In New York market, the US dollar fell against the euro on Wednesday pushing the shared currency to its highest level in more than two months, after European Central Bank President Mario Draghi said the ECB is prepared to buy sovereign bonds of countries.
Markets surged to end over 2 per cent higher on Friday, amid strong global cues after ECB's bond buying programme, led by index heavyweights. The 30-share Sensex provisionally ended up 337 points at 17,684 and the 50-share Nifty ended up 104 points at 5,342.
The rupee had lost 13 paise to close at 55.66 on Tuesday because of fag-end dollar demand from importers.
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country. Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
The crisis and the painful, austerity-induced recession will focus anger on a relentless Germany.
A lower opening in the domestic equity market put pressure on the rupee.
The Nifty ended at 5,060, down 94 points.
The ECB on Thursday cut its main refinancing rate to zero from 0.05 per cent.
Among the Sensex firms, Bajaj Finance emerged as the biggest gainer by climbing 2.95 per cent. Tata Motors, Bajaj Finserv, IndusInd Bank, Sun Pharma, Mahindra & Mahindra, State Bank of India, Larsen & Toubro, HDFC, HDFC Bank, Maruti, Reliance Industries and Bharti Airtel were the other major winners. HCL Technologies, Axis Bank, ICICI Bank, Tech Mahindra and Titan were among the laggards.
'India is not so distant from years of high and entrenched inflationary expectations that it should start trying to play games with the economy the way the West's central bankers think they are entitled to,' argues Mihir S Sharma.
We may now be experiencing the darker side of the massive monetary stimulus of past years, said Rajan.
As per the official figures disclosed by Switzerland's central bank, the Swiss National Bank, total deposits of Indian individuals and companies with all the Swiss banks put together stood at about $2.5 billion at the end of 2010.
Among the Sensex firms, Wipro, Axis Bank, Titan, UltraTech Cement and HDFC Bank, HDFC, HCL Tech and Reliance were the gainers.
The European Central Bank is likely to cut interest rate in its meeting on Friday, which might prop up the government securities trading in India, market sources said on Thursday.
While the Fed and the ECB slash and raise rates when needed, the RBI seems to move in just one direction.
Maruti Suzuki fell 0.7% even after its March quarter profit grew by 15.8% to Rs 1,709 crore in Q4
A year ago, Greece's bankers thought they were on the cusp of a new era.
"I'm short the dollar," Gates, chairman of Microsoft, said in an interview at the World Economic Forum in Davos, Switzerland.
Thomas Schaefer, who was Hesse's finance chief for 10 years, had been working "day and night" to help companies and workers deal with the economic impact of the pandemic.
Domestic equity investors' wealth eroded by more than Rs 4.43 lakh crore on Monday as fears of a financial contagion triggered by one of the biggest bank failures in the US roiled market sentiments. After a strong opening, Indian stocks went into a tailspin with the benchmark 30-share BSE Sensex tumbling nearly 900 points to close at 58,237.85 points -- sliding for the third straight trading session. The NSE Nifty too declined 258.60 points to end at 17,154.30 points.
But gains in the rupee were kept in check as domestic shares faltered, ending a five-session gain.
Overseas investors were one of the heavy buyers.
The rupee has lost ground since pre-Budget, against three major hard currencies (yen, dollar and euro). The European Central Bank and the Bank of Japan maintained status quo in recent policy meetings
Market benchmarks gave up intra-day gains to close in the red for the sixth session on the trot on Friday, capping a bruising week which saw a massive dash for safety amid rate hikes by global central banks and fears of slowing growth.
The IMF has encouraged both the UK and the EU to work collaboratively towards a smooth transition.
Inflows from Europe, falling crude oil to come to the rescue if rupee cracks against the dollar.
Banks and importers preferred to increase their dollar position at the current level, a forex dealer said.
Three major central banks have hit the zero limit, the Fed, the European Central Bank and the Bank of Japan.
The International Monetary Fund (IMF) on Tuesday said it is expecting some slowdown in the Indian economy next fiscal year and projected the growth to 6.1 per cent from 6.8 per cent during the current fiscal ending March 31. The IMF on Tuesday released the January update of its World Economic Outlook, according to which the global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024. "Our growth projections actually for India are unchanged from our October Outlook.
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In New York, the US dollar gained against most rivals on last Friday, as a week of data reassured investors that December's dismal employment report wasn't indicative of a broader shift in the economy.
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