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Rupee recovers 38 paise against US dollar in early trade

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Mumbai  |  The rupee today recovered from its all-time low by rising 38 paise to 69.77 against the US dollar in early trade at the Interbank Foreign Exchange market on fresh selling of the greenback by exporters and banks ahead of US-China trade talks this week.

Besides, the dollar weakened against other currencies overseas as demand for the safe-currency receded on optimism over a reduction in US-China trade tensions, helping the domestic currency rebound, forex dealers said.

A higher opening in the equity market also supported the rupee’s recovery, they said.

The BSE benchmark Sensex rallied by 178.77 points, or 0.47 per cent, to quote at an all-time high of 38,126.65 (intra-day) in early trade today. The broader NSE Nifty too breached the 11,500-mark for the first time.

The Indian currency had collapsed to a historic intra-day trading low of 70.40 before closing at a fresh lifetime low of 70.15 per dollar on Thursday, down by 26 paise or 0.37 per cent.

Forex market was shut on Friday on account of Parsi New Year.

Meanwhile, foreign institutional investors (FIIs) bought stocks worth a net of Rs 147.31 crore, while domestic institutional investors (DIIs) accumulated stocks worth a net of Rs 151.89 crore on Friday.

Capital Markets

Stock Market News : Tuesday Morning Blues

Ali Azar

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Sensex

On expected lines, the stock market started on a jittery note today morning with election blues looming in the air. A handful of other factors, global and local weighed in as well; all contributing to a massive plunge in our headline indices i.e. Sensex and Nifty.

Following the downward trend this week, India’s stock futures tumbled after the shock resignation of the country’s top banker yesterday evening, RBI Governor Urjit Patel. The Singapore traded SGX Nifty, an early indicator of NSE Nifty 50 index in India, fell 1.75% to 10,334 early this morning. US stock markets ended a roller coaster ride last night after Dow erased a 500 point drop and closed higher in a downward trending market since last week. The S&P 500 rose 0.2% to 2637.72 while Nasdaq closed higher by 0.7% to 7020.52. Technology stocks such as Facebook, Amazon, Netflix and Alphabet led the rebound.

As if election uncertainty, weak global cues and Urjit Patel’s resignation wasn’t enough for the stock market to deal with, an important macroeconomic indicator, the rupee-dollar exchange rate was also playing spoil-sport with the rupee losing in excess of 1% hovering around the 72.25 per US dollar mark. All the factors combined have contributed to the Sensex dropping 400 points or 1.15% and Nifty nose-diving 105 points or 1% at 10.10 am. The bank nifty at the same time was 430 points lower which translated into a 1.64% loss for the index.

Uncertainty is the worst enemy of the markets and once the results are confirmed by afternoon, we could be in for a rebound, whatever be the result. With Congress staging an impressive comeback in the exit polls, renewed hope of winning the all-important states of Madhya Pradesh, Chattisgarh and Rajasthan are in the pipeline and we could be in for a very crucial political upset.

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Capital Markets

Sensex rallies over 400 points on strong global cues, falling crude prices

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Sensex

Mumbai | The BSE benchmark Sensex on Friday soared over 413 points to 34,845.15 and the NSE Nifty raced past 10,500 on widespread gains amid fresh foreign fund inflows, fall in global crude prices and rising rupee.

Positive leads from most other Asian markets on easing concerns over the US-China trade war, too, buoyed sentiments here.

The 30-share Sensex climbed 413.15 points, or 1.20 percent, to quote at 34,845.15. The gauge had shed 10 points in Thursday’s volatile session. The NSE Nifty leaped 122.85 points, or 1.18 percent, to 10,503.30. Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 percent, traders said.

Adding to the upbeat mood, strengthening rupee against the dollar and a firm trend at other Asian markets, tracking overnight gains at the Wall Street after US President Donald Trump said trade talks with China were “moving along nicely”. Foreign institutional investors (FIIs), which had been selling on the Indian bourses, made fresh purchases worth Rs 348.75 crore Thursday, while DIIs sold shares to the tune of Rs 509.17 crore, provisional data showed.

The big gainers were Asian Paint, Yes Bank, Bajaj Auto, Hero MotoCorp, IndusInd Bank, Tata Motors, M&M, Maruti Suzuki, SBI, L&T, Axis Bank, ITC, Bharti Airtel, HUL, RIL, Kotak Bank and ICICI Bank, gaining up to 5.80 percent.

Shares of state-run oil market companies such as HPCL, BPCL and IOC rose up to 3.76 percent, largely supported by fall in crude prices in the global market. All the sectoral indices led by auto, consumer durables and oil & gas were trading in the positive zone, with gains of up to 2.65 percent.

Elsewhere in Asia, Hong Kong’s Hang Seng rose 2.37 percent, Shanghai Composite Index was up 1.21 percent, Japan’s Nikkei gained 0.70 percent, and Korea rallied 2.13 per cent. The US Dow Jones Industrial Average had gained 1.06 percent in Thursday’s session.

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Sensex reclaims 35K-mark; rises over 200 points on earnings optimism

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Sensex

Mumbai | The benchmark BSE Sensex gained almost 219 points to reclaim the 35,000-mark in early trade on Tuesday as investors widened their positions ahead of quarterly earnings from some bluechip companies amid positive Asian cues.

Moreover, continuous buying by domestic financial institutions also supported the trading sentiment. Rising for the third straight session, the 30-share index gathered 218.81 points, or 0.63 percent, to 35,083.91 with all the sectoral indices led by auto, realty, consumer durables, capital goods and bankex trading higher by up to 1.15 percent. The gauge had rallied 864 points in the previous two sessions.

The NSE index Nifty too climbed 60.70 points, or 0.58 percent, to trade at 10,573.20. Brokers said increased buying by investors ahead of quarterly earnings from Infosys and a few other bluechip companies later in the day and a firming trend at other Asian bourses after a week of heavy losses, buoyed trading sentiment here.

Major gainers were Asian Paint, IndusInd Bank, Adani Ports, M&M, HUL, ICICI Bank, Yes Bank, Maruti Suzuki, SBI, Tata Motors, ONGC, Vedanta Ltd, HDFC Ltd, Tata Steel, Bharti Airtel, Hero MotoCorp, Infosys and Bajaj Auto, rising by up to 2.80 percent.

Domestic institutional investors (DIIs) bought shares worth Rs 294.78 crore, while foreign institutional investors made purchases worth Rs 67.86 crore on Monday, as per provisional data issued by the stock exchanges.

Among other Asian markets, Japan’s Nikkei rose 0.61 percent, Korea up 0.03 percent and Singapore gained 0.11 percent in their late morning trade. Hong Kong’s Hang Seng, however, was down 0.24 percent. The US Dow Jones Industrial Average shed 0.35 percent on Monday.

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