IndusInd Bank was the top loser in the Sensex pack, shedding around 3 per cent, followed by Dr Reddy's, NTPC, Maruti, Axis Bank, Bajaj Auto, Bharti Airtel and HDFC. NSE Nifty declined 76.15 points to 15,691.40.
A weak dollar in overseas market in view of the Federal Reserve's cautious stance on interest rate strengthened the rupee value.
The 30-share Sensex ended higher by 46 points at 26,360 and the 50-share Nifty gained 16 points at 7,891.
.jpg)
The BofAML report said that five year money can be raised by issuing the 7 to 9 per cent coupon bonds to stabilise markets, just as it was done in 1998 and 2001.
After three sessions of weakness, the rupee strengthened by 50 paise against the dollar.
'Investors should focus on largecap funds, flexicap funds, business cycle funds, or hybrid-category funds.'
We may now be experiencing the darker side of the massive monetary stimulus of past years, said Rajan.
RBI staff tell Governor Urjit Patel that the central bank's image of efficiency and independence has 'gone into smithereens in no time.'
To provide exporters/importers greater flexibility in risk management, RBI enhanced the limit available to exporters to 50 per cent
RBI will be cautious easing rates further given oil price uncertainties
In a response to the August 3 order, the Centre, represented by Solicitor General Tushar Mehta, said till the time either the legislature or the poll panel steps in, the top court must lay down "dos and don'ts" for political parties in the 'larger national interest.'
.jpg)
ITC, Infosys, Wipro and HDFC Bank among the major losers.
Gold demand in India -- one of most avid purchasers -- is interwoven with culture, tradition, the desire for beauty and the desire for financial protection.
Investors' wealth on Thursday tumbled over Rs 2.81 lakh crore as stocks declined in line with selloff in global equities. The 30-share BSE benchmark index tanked 581.21 points or 1 per cent to settle at 57,276.94. During the day, it cracked 1,418.79 points to 56,439.36. In tandem with weak trend in equities, the market capitalisation of BSE-listed firms tanked Rs 2,81,147.38 crore to Rs 2,59,97,419.48 crore.
Foreign portfolio investors (FPIs) have pulled out Rs 17,696 crore from the Indian markets in December so far amid uncertainty due to a new coronavirus strain, Omicron, and expectations of faster tapering by the US Federal Reserve. According to the depositories data, FPIs took out Rs 13,470 crore from equities, Rs 4,066 crore from the debt segment and Rs 160 crore from hybrid instruments between December 1-17. In November, FPIs were net sellers to the tune of Rs 2,521 crore in Indian markets.
The rupee on Wednesday declined by 16 paise to close at its fresh lifetime low of 77.60 against the US dollar amid unabated foreign fund outflows and a stronger greenback in overseas markets. At the interbank foreign exchange market, the rupee opened lower at 77.57 and later hit the day's low of 77.61 as the dollar rebounded in global markets following hawkish comments from US Federal Reserve chief Jerome Powell. Crude oil prices also surged over 1 per cent, which weighed on the rupee.
Days ahead of the annual monetary policy, trade bodies today urged the Reserve Bank not to hike its key-rates as they fear a further tightening could push lending rates up and thus hamper growth.
Benchmark Sensex declined 224 points on Wednesday, snapping its four-session winning streak, mainly due to sell-off in IT and pharma counters amid rising concerns over possible aggressive interest rate hikes to tame high inflation. The 30-share index rebounded more than 1,200 points from the early lows before settling at 60,346.97 points, a total loss of 224.11 points or 0.37 per cent compared to Tuesday's closing level. The broader NSE Nifty closed lower 66.30 points or 0.37 per cent at 18,003.75 points.
Index heavyweight RIL surged 3% to end above Rs 1,000 mark while IT majors were also the top gainers.
.jpg)
The RBI has bought Rs 124.62 billion worth of bonds since its announcement on Aug. 20 that it would occasionally buy bonds to relieve some of the cash tightness in the banking system.
Says GDP growth rate from 2014-15 to 2015-16 will be greater than that of 2014-15 from 2013-14
The partially convertible rupee ended at 62.2825/2925 per dollar.
Tata Motors was the top gainer on better-than-expected June quarter revenues
The market capitalisation of BSE-listed companies reached an all-time high of Rs 261.73 lakh crore on Thursday, helped by a massive rally in the equities where the benchmark Sensex zoomed 958 points to end at a fresh lifetime peak. The 30-share BSE benchmark jumped 958.03 points or 1.63 per cent to settle at its new closing peak of 59,885.36. During the day, it gained 1,029.92 points to touch an intra-day record high of 59,957.25.
Top gainers in the Sensex pack were TCS, Bharti Airtel, Infosys, Axis Bank, L&T, ITC, PowerGrid, HCL Tech and Tata Steel, ending up to 2.39 per cent.
Given Indian corporates's high indebtedness, new credit will be used for servicing loans rather than building factories. This is setting us up for more companies on life support and more zombie banks, warns Rahul Jacob.
A higher opening in the domestic equity market also supported the rupee but dollar's gain against other currencies overseas limited the rise of domestic unit, forex dealers said.
Hawkish guidance by the US Fed raises concerns it could tie the hands of RBI from trimming rates.
The domestic currency had lost 49 paise to close at a three-month low of 60.55 on Thursday on capital outflows after the US Fed trimmed its monthly bond buying programme by another $10 billion.
RBI has cut the rates thrice so far in 2015 by 25 bps each.
'We are not entirely out of the woods.' 'The broader trajectory remains tentative.' 'However, we may expect some near-term bounce.'
Experts said a future rate cut would depend on the inflation.
Raghuram Rajan, whose current three-year tenure ends on September 4, has already said no to a second term.
There has been a stellar rise for the Indian markets this far in calendar year 2021 (CY21) with the S&P BSE Sensex surging over 19 per cent. The gain in mid-and small-cap indices on the BSE has been sharper with both these indexes surging around 38 per cent and 54 per cent, respectively during this period. Rampant spread of Covid pandemic's Delta variant and the ensuing lockdown and mobility curbs across India, rising prices key commodities, including crude oil and its impact on inflation, possibility of tightening of policy stance by major global central banks, especially the US Federal Reserve (US Fed) have been some of the key headwinds that the markets successfully negotiated during this period.
Historically, March has been a volatile month for Indian equity markets. To begin with, it marks the end of a financial year, wherein there is some compulsive portfolio rebalancing trade by large funds - domestic and foreign. Retail investors, too, prefer to 'cash in' on their gains and losses before the financial year runs out.
The 30-share Sensex ended up 248 points at a record closing high of 27,346.
Markets slumped for fourth straight session this Monday as investors braced for the central bank meeting with caution.
Benchmark indices finished higher on hopes of economic reforms
The recent weakness of the rupee has been due to yuan's devaluation.
India has been relatively insulated from the severe headwinds in the West. However, with a third of the global economy expected to slip into recession in calendar year 2023, the impact will strongly be felt on India's exports and trade economy, leading economists said in a panel discussion at the Business Standard BFSI Insight Summit in Mumbai on Wednesday. The panel comprised former Reserve Bank of India executive director and former Monetary Policy Committee member Mridul Saggar, State Bank of India Chief Economic Advisor Soumya Kanti Ghosh, Citibank India Chief Economist Samiran Chakraborty, ICRA Chief Economist Aditi Nayar, and IndusInd Bank Chief Economist Gaurav Kapoor. The topic of the panel discussion was No recession in sight: Is India decoupled from developed economies?
