A firm opening in the European market uplifted the mood.
Foreign portfolio investors (FPIs) turned net buyers in October after being net sellers in the previous month. In October, FPIs bought shares worth nearly Rs 8,430 crore ($1 billion) against net selling of Rs 13,405 crore ($1.6 billion) in September. Positive flows during three of the previous four months have pushed the domestic markets towards fresh all-time highs. At present, the Sensex and Nifty are less than 2 per cent shy of breaching record highs logged in October 2021. A rally in equity markets in the US and Europe is in hopes that the Federal Reserve may go soft on rate hikes after its November meeting.
Grand schemes for macroeconomic policy coordination have a mixed record.
Markets extended gains in afternoon trades and touched the highs of the day with buying interest seen in banking and realty shares. The Sensex was up 247 points at 17,085. Nifty is up 81 points at 5,180.
The world watched with great concern how the markets would react to the first downgrade of US' credit rating.
Markets slumped for fourth straight session this Monday as investors braced for the central bank meeting with caution.
From the Sensex pack, Infosys, HCL Technologies, Infosys, NTPC, Mahindra & Mahindra, Tata Consultancy Services, Nestle, Tech Mahindra and Bajaj Finance were the major gainers. Power Grid, Larsen & Toubro, Maruti, Titan, HDFC Bank, Wipro, HDFC and ITC were among the laggards.
Out of 30 Sensex shares, 19 ended lower while 11 gained
Powered by a rally in index heavyweight Reliance Industries, equity benchmark Sensex broke its four-session losing run to close above the 55,000-mark on Thursday despite a weak trend overseas. Investors made a cautious return to IT, pharma and bank stocks after their recent sell-off. However, a depreciating rupee and persistent foreign fund outflows capped the gains, traders said. Overcoming a lacklustre start, the 30-share BSE Sensex surged 427.79 points or 0.78 per cent to close at 55,320.28.
ECB's long-term refinancing operations solves nothing.
The rupee was also pressured as the euro fell for a second day on Friday, hurt by the European Central Bank's surprise interest rate cut and a downgrade to France's credit rating, while the dollar inched up before a key US jobs report.
'When I came here in 2002, I said you can grow at 8%.' 'And I was told that was crazy, and (now) here we are.'
The RBI Governor says he does not have a specific foreign exchange rate target, which raises concerns that the central bank is unlikely to defend any particular level strongly.
BSE IT index was the biggest sectoral loser, down 1.5% dragged by TCS
The Reserve Bank of India has no plans to change the repo rate as of now, a senior official told Reuters of Friday.
Signs of recovery in Spain and commitment from Germany must be met with the willingness to let the euro fall.
The rupee had eased by five paise to close at 60.50 against the dollar in the previous session on Thursday.
Top gainers in the Sensex pack included Vedanta, ICICI Bank, ONGC, Kotak Bank, Axis Bank, SBI, M&M, Infosys, PowerGrid, HCL Tech, NTPC, Bajaj Finance and Reliance Industries, rising up to 2.72 per cent.
The dollar index was down by around 0.15 per cent against a basket of six major global currencies.
If the CBDCs don't offer interest, why will people shift from cash to CBDCs?, asks Tamal Bandyopadhyay.
Globally, the dollar index was down by 0.20 per cent against a basket of six major rivals while New York crude oil was trading below $89 a barrel in Europe on Thursday.
The benchmark indices ended on a strong note on Tuesday, amid positive global cues, led by heavyweights such as Infosys, HUL and HDFC. The Nifty closed above its crucial psychological levels of 5,400 up 55 points to close at 5,421 and the Sensex advanced 194 points to close at 17,885.
Sustained dollar selling by exporters and some banks in anticipation of further fall in the US currency in overseas markets helped the local unit gain for the second day in a row.
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Some analysts believe that markets are expected to remain unclear and would have to wait until tomorrow's US non-farm payrolls data.
Dollar selling by exporters and banks also supported the rupee, forex dealers said.
The domestic equity market on Thursday snapped the five-day losing streak as the benchmark Sensex recouped its lost ground and closed 78 points higher on fag-end value buying in banking, energy and financial stocks. A positive opening in the European market helped the investor sentiments even as clouds hovered over the health of the global banking system amid Credit Suisse woes and bank failures in the US. Halting its five-day losing streak, the 30-share BSE benchmark rose 78.94 points or 0.14 per cent to close at 57,634.84 points, with 17 of its constituents ending in the green.
Bilderberg, which has been called the high priests of glabalization, is accused of running a shadowy global government.
The rupee on Wednesday appreciated by 11 paise to 55.53 against the US dollar in early trade on the Interbank Foreign Exchange, following a higher opening on the stock market amid selling of the American currency by exporters.
Images from the Euro 2024 Round of 16 match between Austria and Turkey, at Leipzig stadium, Leipzig, Germany, on Tuesday.
Nifty moved up 175 points to end the day at 5,193.
Spot gold rose $8.32 an ounce to $1,474.56 by 0624 GMT, well below a lifetime high around $1,920 an ounce hit in September 2011.
Bajaj Finance was the top loser in the Sensex pack, tanking over 10 per cent, followed by Axis Bank, Maruti, M&M, Tech Mahindra and ONGC. The gainers included ITC, Bharti Airtel, Kotak Bank and Hero MotoCorp.
The details of the operations to help Spain and Italy to raise funds at competitive rates would be worked out in the coming weeks.
India should not be left behind. It should join the seven central banks which are studying feasibility and safeguards necessary to eliminate risks, particularly from hacking, advises former foreign secretary Shyam Saran.
Sliding for the fourth straight day, the BSE Sensex shed 152 points in choppy trade on Wednesday amid mixed global cues ahead of the US Federal Reserve's policy decision.
Monetary policy easing, coupled with the relaxation of lending rules and greater election-driven fiscal spending in the first quarter of 2019, will provide some support to growth during the first half of 2019-20 fiscal
I still hold 25 per cent in equities, says Marc Faber.
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