'A stable and strong Pakistan with an anti-India mindset and hatred is not good for us.'
Wipro was the biggest loser in the Sensex pack, slipping nearly 2 per cent, followed by IndusInd Bank, State Bank of India, Kotak Mahindra Bank, ICICI Bank, HDFC Bank, Infosys, Tata Consultancy Services, HDFC and Bajaj Finserv. On the other hand, Nestle, Mahindra & Mahindra, ITC, HCL Technologies, Asian Paints and Maruti were among the gainers.
Sharp fall in domestic stock market also affected the rupee sentiment.
India's forex reserves declined by $1.27 billion to $561.58 billion for the week ended January 6, the Reserve Bank said on Friday. The overall reserves had increased by $44 million to $562.85 billion in the previous reporting week after two consecutive weeks of the slide. In October 2021, the country's foreign exchange kitty reached an all-time high of $645 billion.
Benchmark interest rate hiked by 50 basis points to 3-year high at 5.90 per cent. Economic growth projection for FY23 cut to 7% from 7.2% estimated in August. GDP expected to grow at 6.3% in September quarter, 4.6% each in December and March quarters.
All nine Adani stocks saw a rise in their share price in H1FY23, ranging from 6.1% in case of Adani Ports to 102% in case of Adani Power.
The Indian benchmark S&P BSE Sensex today eased by 14.59 points, or 0.05 per cent after touching its all-time intra-day peak.
The gains, they say, would not be sustained, and too much volatility in exchange rates does not benefit them.
Indian investments in equity and debt account for the second-highest remittances outgo (about a quarter).
India's forex reserves increased by $3.034 billion to $576.76 billion as of January 27, making it the third consecutive week of a jump in the kitty. The overall reserves had risen by $1.727 billion to $573.727 billion in the previous reporting week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The fall was led by banking stocks, with IndusInd Bank, Kotak Bank, Federal Bank, Axis Bank, ICICI Bank, HDFC Bank and SBI declining up to 2.36 per cent.
A gradual weakening of the rupee, however, may add to inflationary pressures.
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Narrowing of the current account deficit will help arrest depreciation of the rupee and ease inflation concerns, industry groups said.
The Indian rupee dropped by 58 paise to a lifetime low of Rs 52.73 per US dollar in early trade on Tuesday on persistent demand for the American currency from banks and importers amid sustained foreign capital outflows from the equity market.
After sinking 586 points during the day, the 30-share index ended 503.62 points, or 1.29 per cent, lower at 38,593.52. The broader NSE Nifty plunged 148 points, or 1.28 per cent, to 11,440.20.
Jet fuel or ATF prices were on Thursday were cut by a steep 4.5 per cent, the first reduction in rates in six months.
Dollar weakness was a major contributor to the rupee recovery as the skittish investors continued to lighten their long positions.
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BMW Group India is announcing a price increase of up to 5 per cent across the BMW and Mini product range effective August 15, 2013, according to a company statement.
'Valuations are very attractive, and most companies are cash-rich with strong dividend yields.'
The upward revision in growth forecast for current fiscal comes in the backdrop of GDP expanding 8.2 per cent in April-June quarter, higher than Fitch's expectation of 7.7 per cent.
Finance Minister P Chidambaram on Monday said the currency will find its level as steps being taken by the government to contain fiscal and current account deficits will improve investor sentiments.
Of the 70 international feeder funds, more than half have made losses in 2014.
To make space for the extra row, Vistara has opted for the smartLav concept offered by Airbus
The depreciating rupee against dollar has a short-term benefit for the IT industry and the sector should not depend on currency management for profits, a top functionary of industry body Nasscom said.
The rupee had depreciated against the dollar in the last quarter after continually appreciating for the past three quarters, this reversal is likely to help the revenue growth this quarter, domestic brokerage Sharekhan said in its IT earnings preview. The rupee had depreciated against the dollar in the last quarter after continually appreciating for the past three quarters, this reversal is likely to help the revenue growth this quarter.
The rupee fell to more than one-month low of 65.75 against the US dollar on Thursday.
It is high time to manoeuvre the rupee more effectively and predictably, even as it has to be recognised that such tweaking of the rupee needs to be accompanied by reforms to the real sector and factor markets.
RBI is expected to cut policy rates by 50 basis points by 2016.
Fresh foreign capital outflows also affected the rupee sentiment, a forex dealer said.
The Rupee is expected to weaken further against the dollar.
The rupee has not depreciated enough against other currencies.
A rate cut by the Reserve Bank is likely to help the rupee, which today hit a record low of 57.54 versus dollar, says a Bank of America Merrill Lynch (BofA-ML) report.
India's forex reserves increased by $1.78 billion to $573.78 billion in the week ended January 20, the Reserve Bank of India said on Friday. This is the second consecutive week of a rise in the kitty after the $10.42 billion jump to $572 billion during the preceding week. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The rupee is expected to remain under pressure in the near term, given the strengthening of the dollar against major global currencies and widening of the trade deficit.
According to the IHS Markit India Business Outlook, predictions of softer activity growth underpin the downward revisions of profit outlook, subdued hiring plans and relatively muted capital expenditure.
Asian markets were trading mixed with shares in China witnessing profit taking after sharp gains in the previous session.
India's forex reserves dropped by $691 million to $562.808 billion as of December 23, making it the second consecutive week of decline in the kitty, according to the RBI data. The overall reserves had dropped by $571 million to $563.50 billion in the previous reporting week, snapping a five-week trend of an increase in the kitty. In October 2021, the country's foreign exchange reserves reached an all-time high of $645 billion.
Indian companies will have to repay overseas debt worth $7.5 billion in the June quarter.
India's forex reserves zoomed by $10.42 billion to $572 billion as on January 13, making it one of the biggest weekly jumps in the kitty in recent times. In the previous reporting week, the overall reserves had dropped by $1.268 billion to $561.58 billion. In October 2021, the country's forex kitty reached an all-time high of $645 billion.
Despite the possibility of the economy bottoming out, the investment cycle could remain weak for another couple of years and earnings downgrades should continue.
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