Markets cheer European bank stimulus. Sensex gains 273 points.
The Indian rupee tumbled in line with its Asian peers due to persistent risk-off sentiment on the back of broad dollar strength.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.
The S&P BSE Sensex gained 94.65 points to end at 24717.99.
Rate-sensitive sectors like banks, realty and auto witnessed heavy selling pressure ahead of the RBI Monetary policy which is scheduled on September 29.
The 30-share Sensex ended at 25,638.11, down by 248 points.
A 2008-style bank run seems unlikely, but if it did happen, the sector is much better prepared.
Indian central bank may soon edge out its counterpart in the Netherlands from the top-10 list, as latter's holding has largely remained unchanged.
ICICI Bank was the top gainer in the Sensex pack, rising over 3 per cent, followed by ITC, SBI, HCL Tech, Axis Bank, Bajaj Finserv and Tech Mahindra. NSE Nifty advanced 32 points to 15,856.05.
A firm opening in the European market uplifted the mood.
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.
India-Turkiye ties are strained over Ankara's Islamabad tilt, its arms links with Pakistan, and fallout from the Pahalgam terror attack.
The world watched with great concern how the markets would react to the first downgrade of US' credit rating.
Out of 30 Sensex shares, 19 ended lower while 11 gained
Finance Minister Nirmala Sitharaman on Wednesday said the country's economic growth remains a priority for the government, as inflation has come down to a manageable level. Job creation and equitable distribution of wealth remain the other focus areas, she said at India Ideas Summit. "Some of course are red-lettered (priorities), some may not be. Red-lettered ones would of course be jobs, equitable wealth distribution and making sure India is moving on the path of growth.
Markets slumped for fourth straight session this Monday as investors braced for the central bank meeting with caution.
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.
ECB's long-term refinancing operations solves nothing.
'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.'
Equity indices overcame a wobbly start to clock gains for the third session on the trot on Tuesday, propped up by banking, metal and energy stocks amid a mixed trend in global markets. A recovery in the rupee also bolstered sentiment, traders said. The 30-share BSE Sensex advanced 246.47 points or 0.45 per cent to settle at 54,767.62 after starting the trade on a weak note. In a volatile session, the benchmark hit a high of 54,817.52 and a low of 54,232.82 during the day.
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.
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.
The Reserve Bank of India has no plans to change the repo rate as of now, a senior official told Reuters of Friday.
BSE IT index was the biggest sectoral loser, down 1.5% dragged by TCS
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.
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.
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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.
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 dollar index was down by around 0.15 per cent against a basket of six major global currencies.
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.
Dollar selling by exporters and banks also supported the rupee, forex dealers said.
Titan surged 2.98 per cent, followed by IndusInd Bank, ITC, JSW Steel, Infosys, Tech Mahindra, Tata Consultancy Services and Maruti. Hindustan Unilever, Asian Paints, Bharti Airtel and HDFC Bank were among the laggards.
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.
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.
