Kotak Bank was the top gainer in the Sensex pack, rising over 3 per cent, followed by IndusInd Bank, Bajaj Finance, HDFC Bank, ICICI Bank, Bajaj Finserv, Maruti and SBI.
Travel companies and agencies are offering early bird discounts going up to 40 per cent. Priyadarshini Maji reports
The proposed Rs 10,000 crore (Rs 100 billion) of bond purchase would be done on Monday.
India's foreign exchange reserves dipped by $1.327 billion to $317.313 billion in the week ended September 5 on a slide in the currency assets and gold stockpile, the Reserve Bank said.
China's foreign exchange reserves hit a new high of $ 2.85 trillion in 2010 but the 18.7 per cent increase over last year sparked concerns about the country's already excessive liquidity which was blamed for high level inflation in the country.
Forex dealers said a slew of measures like plunging stock markets, dollar gaining strength against its rivals in the overseas market weighed against the local currency which lost a whopping 81 paise against the Greenback on Monday.
The country's foreign exchange reserves declined by $810.7 million to $318.579 billion for the week ended August 22, on account of drop in foreign currency assets.
Increased demand for the dollar from importers affected the value of the rupee
HCL was followed by Tech Mahindra, Asian Paints, Bharti Airtel, HDFC Bank, L&T, TCS, M&M, Nestle India and Infosys. NSE Nifty rose 23.75 points or 0.20 per cent to 11,896.80.
IndusInd Bank was the top gainer in the Sensex pack, rallying over 4 per cent, followed by Bharti Airtel, Axis Bank, ICICI Bank, Bajaj Finance, Sun Pharma, HDFC and Kotak Bank. On the other hand, Titan, Maruti, ITC, Asian Paints, HCL Tech and Bajaj Auto were among the laggards.
India's foreign exchange reserves rose $2.25 billion in the week ended November 5 to $300.21 billion on foreign portfolio inflows and changes in the value of global currencies.
'It was because of the huge selloff in the Indian equities that the rupee fell so sharply against the dollar on Friday.'
PowerGrid, Tech Mahindra, Infosys, Nestle India and HCL Tech too ended with losses.
According to analysts, IT firms like Infosys, TCS and HCL Technologies are likely to benefit the most on account of larger US exposures and dollar billing.
Leading US-based money changer Western Union on Wednesday announced a strategic tie-up with Indian Overseas Bank to provide money transfer service to Indian diaspora.
HCL Tech was the top gainer in the Sensex pack, rising around 4 per cent, followed by Kotak Bank, Infosys, Reliance Industries, UltraTech Cement and Tech Mahindra. On the other hand, Titan, Sun Pharma, ICICI Bank, Axis Bank, SBI and Bajaj Finance were among the main laggards.
SBI was the top loser in the Sensex pack, shedding over 4 per cent, followed by Bajaj Finserv, Axis Bank, ONGC, ITC, ICICI Bank, Bajaj Finance, Kotak Bank and HDFC Bank.
India's projected economic growth for 2022 has been downgraded by over two per cent to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on Thursday. The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection for 2022 to 2.6 per cent from 3.6 per cent due to shocks from the Ukraine war and changes in macroeconomic policies that put developing countries particularly at risk. The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-East Asia.
Foreign currency assets, a major component of the overall reserves, rose by $1.404 billion to $338.897 billion in the reporting week
Tuesday's top gainers included SBI, UltraTech Cement, HDFC Bank, L&T, Bharti Airtel, Maruti Suzuki and Kotak Bank.
Country's foreign exchange reserves declined sharply by $3.433 billion to $351.920 billion.
The employment situation remains dire. Whatever can be done to promote greater low-skill employment should be pursued aggressively, advises former chief economic adviser Shankar Acharya.
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.
A month-long national lockdown to arrest the spread of COVID 2.0 could shave off 100-200 bps of GDP, leading to a 300 bps risk to annual growth, a brokerage report has flagged while expressing doubts over the ability of local lockdowns to control the pandemic. The second wave of the coronavirus inflection has caught the government off-guard with the daily cases jumping over 6.5 times in the past 30 days. With close to 3.53 lakh fresh daily infections, the country is the worst hit globally.
Dr Reddy's, Maruti, Bharti Airtel, Bajaj Auto, Infosys, TCS and Bajaj FinServ were the major losers. On the other hand, IndusInd Bank, Sun Pharma, ICICI Bank and HDFC Bank ended with gains.
On the Sensex chart, index heavyweight HDFC rallied over 8 per cent. Other prominent gainers were IndusInd Bank, Mahindra and Mahindra, Asian Paints, Bajaj Finance, HDFC Bank and Ultratech Cement.
Forex traders said a stronger dollar also dragged the rupee down.
ICICI Bank was the top gainer in the Sensex pack, soaring over 6 per cent, followed by SBI, HDFC, PowerGrid, Sun Pharma, IndusInd Bank, Titan, Bajaj Auto and HDFC Bank. On the other hand, NTPC, Reliance Industries, Nestle India, HCL Tech and Infosys were among the laggards.
IndusInd Bank was the top gainer in the Sensex pack, rallying around 7 per cent, followed by ICICI Bank, Axis Bank, HDFC, Bharti Airtel, SBI, Bajaj Finance and HDFC Bank. On the other hand, RIL was the top laggard, crashing over 8 per cent. HCL Tech, TCS, Tata Steel, Asian Paints, Bajaj Auto, Maruti and UltraTech Cement also ended in the red.
The marginal decline in reserves was on account of fall in foreign currency assets
'You can put 25 per cent right now; put another 25 per cent when Nifty corrects another 500 points.' 'At 13,500 put another 25 per cent and at 13,000 one can get fully deployed.'
Bajaj Finance was the top gainer in the Sensex pack, rallying over 4 per cent, followed by SBI, Tech Mahindra, Asian Paints, Bajaj Finserv, IndusInd Bank, ICICI Bank and M&M.
RBI Also advises imposing a limit on these, beside mandating a system within two months to share information in this regard.
ONGC was the top gainer in the Sensex pack, rallying 5.52 per cent, followed by Titan, Reliance Industries, HDFC Bank and Bajaj Finance. NSE Nifty surged 161.75 points to close at 10,901.70.
On the Sensex chart, IndusInd Bank, SBI, Dr Reddy's, NTPC, ICICI Bank, HCL Tech and Bajaj FinServ emerged as major laggards.
In the previous week, the reserves had fallen by $121.3 million to $360.905 billion.
Foreign currency assets surged $2.541 billion to $284.571 billion in the period.
Maruti was the top loser in the Sensex pack, shedding around 3 per cent, followed by L&T, IndusInd Bank, Axis Bank, ONGC, Reliance Industries, Asian Paints and HDFC. On the other hand, HCL Tech, TCS, Sun Pharma and Tech Mahindra were among the gainers.
The 5-nation BRICS group on signed an agreement to create a $100 billion pool of foreign-exchange reserves to help each other.
Foreign currency assets, a major part of the overall reserves, surged $493.2 million to $282.029 billion for the period under review, Reserve Bank of India said on Friday.
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