The local currency had shed 2 paise to close at 63.44 on Tuesday.
The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.
On the Sensex chart, losses were mainly driven by Hero MotoCorp, Tata Motors, Axis Bank, Tata Steel, Maruti and SBI -- falling as much as 6.19 per cent.
The Indian basket represents the price of Oman and Dubai sour grade crude.
RBI could opt for a 'deep cut' after winning inflation war, say experts.
This may come as a surprise to many. Retail price inflation in petrol was the lowest at 10.21 per cent in March since November 2020. In diesel, it scraped the bottom of the barrel at 5.19 per cent in the last month of 2021-22 since February 2020. Even liquefied petroleum gas (LPG) was at a nine-month low of 9.97 per cent in the month.
Vijay Mallya who inherited the UB Group from his father as a young 28-year-old, said he has got "nothing to prove".
Lower crude oil prices would impact India's inflation, CAD.
Sentiments in global markets, movement of rupee against the dollar and crude oil prices will dictate near-term trend
From the 30 Sensex pack, State Bank of India, Mahindra & Mahindra, Bharti Airtel, Titan, HDFC Bank, IndusInd Bank, Axis Bank and Bajaj Finance were the biggest laggards. JSW Steel, Tech Mahindra, Larsen & Toubro, Hindustan Unilever, HCL Technologies and Reliance Industries were among the gainers from the pack.
Indian rupee has declined by about 25 per cent since December 31, 2014, and is nearing 80 against the dollar, the Lok Sabha was informed on Monday. The value of the rupee declined from 63.33 against a dollar on December 31, 2014, to 79.41 on July 11, 2022, Finance Minister Nirmala Sitharaman said in a reply quoting RBI data. The exchange rate of the Indian Rupee against the dollar was Rs 78.94 per dollar as of June 30, 2022, Finance Minister Nirmala Sitharaman said in a written reply.
Oil Minister M Veerappa Moily has suggested pricking the ballooning oil bill with everything from a street theatre campaign encouraging lower fuel use, to shutting fuel stations, to increasing imports from Iran.
The staggered increase in kerosene rate may not have the same impact of freeing up the fuel price as for diesel.
Slight recovery in growth is expected only in July-September.
'If you see another 1000-point correction, people may start panicking.'
Hardening prices of manufactured items during the month may refrain the Reserve Bank of India from cutting rates in its policy review on February 8.
The rupee has depreciated 2.35 per cent in the past three months and one per cent in the past month, despite strong capital flows and falling oil prices.
Petrol price on Wednesday touched a new high of Rs 84.45 per litre in the national capital after state-owned fuel retailers hiked prices after a five-day hiatus. Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies. In Delhi, petrol now costs Rs 84.45 per litre and diesel is priced at Rs 74.63. In Mumbai, petrol comes for Rs 91.07 a litre and diesel for Rs 81.34. This is the highest ever price of petrol in Delhi, while diesel is at a record high in Mumbai.
'People know if inflation is not within the tolerance band, then action will be taken so they do not expect inflation to rise above that.'
Cascading effect of rising raw materials will result in inflation, high rates, slow capex
Billionaire Mukesh Ambani's oil-to-telecom conglomerate Reliance Industries Ltd slipped 59 places to rank 155th on the 2021 Fortune Global 500 list released on Monday. Reliance took a beating on the rankings as revenues dropped owing to the COVID-19 pandemic. This is its lowest ranking since 2017. Walmart continues to top the Fortune list with a revenue of $524 billion, followed by China's State Grid at $384 billion.
In fairly active trade at the Interbank Foreign Exchange (Forex) market, the local unit opened lower at 42.20/22 a dollar from Tuesday's close of 42.10/12. It dropped further to a low of 42.67 a dollar due to heavy dollar buying by oil refiners as the global crude oil prices remained near $126 a barrel after striking a new peak of $126.98 a barrel in intra-day trade at New York on Tuesday. Sustained capital outflows also partly affected the rupee sentiment.
Benchmark 10-year bond yields hit a 13-month peak as bond traders priced in more aggressive monetary easing next year.
Stocks and sectors impacted most by GST.
India achieved record foodgrains production this year but the withdrawal of three agri-reform laws and spike in cooking oil prices cast a shadow on the country's resilient agriculture sector that is on course for better harvest in 2022 despite pandemic blues. While soaring production of foodgrains that also helped the government provide free additional rations for COVID-hit poor families for many months together came as a relief, the passing year will be remembered for the long drawn farmers' protest at Delhi borders against the three laws and subsequent repeal of the legislations. The Indian agriculture sector, which was among the few segments that remained robust amid the pandemic gales, is expected to register a growth rate of 3.5 per cent in the current financial year ending March 2022.
Since jobs will remain scarce for the foreseeable future, an unemployment allowance should be the next big social-security initiative, suggests T N Ninan.
Output in the first half of the year was 101.59 million tonnes.
Global markets trends, inflation, release of industrial output data and quarterly earnings will dictate movement of the equity benchmarks this week, analysts said, adding that volatility might continue amid slew of announcements of macroeconomic data at the global level too. Moreover, foreign fund movement, crude oil prices and trend in rupee would also act as major drivers for the equity market, they added. "The direction of global equity markets along with movement in dollar index and crude oil prices will continue to dominate while inflation numbers of the USA on May 11 and inflation and IIP numbers of India on May 12 will also cause volatility in the market," said Santosh Meena, head of research, Swastika Investmart Ltd.
Brokerages lowered their earnings estimates following muted results in Q1FY24. While analysts remain optimistic about the stock's medium-term prospects, they highlight near-term concerns stemming from lower realisations due to changes in the product mix and margin pressures resulting from new plane additions.
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.
'For the RBI, it is also strategic to allow the rupee to over-depreciate, then come and buy the rupee, and benefit from its appreciation. Speculators who have driven the rupee too low then make losses,' says Ashima Goyal.
As many as 140 stocks hit their respective 52-week low levels.
September import growth was the second lowest this fiscal year, after the April growth figures of 4.6 per cent, bringing the trade deficit down to $13.98 billion
Muted quarterly earnings, mixed cues from global markets and unabated foreign fund outflows added to the volatility
Imports rise at highest pace in more than 2 years as crude oil price spikes.
If oil prices stay at their new level of $72 or drop further, India will be in the happy position next year of enjoying a surplus on the trade account.
Rupee fell to its 9-month low of 62.03 against the dollar.
American refiners closed some of their production, leading to futures trade benchmarked to the West Texas Intermediate going negative.
The broader NSE Nifty, after shuttling between 10,651.60 and 10.532.70 points on alternate bouts of buying and selling, closed 6.20 points, or 0.06 per cent, down at 10,576.30.
