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Sensex climbs 300 points on positive economic data, rupee recovery

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Mumbai | The BSE benchmark Sensex reclaimed the 38,000-mark by surging over 300 points in opening trade Friday on heavy buying by domestic institutional investors as the industrial production grew at 6.6 per cent in July and retail inflation cooled to a 10-month low.

The 30-share barometer pushed higher by 318.85 points, or 0.85 percent, to 38,036.81. The gauge had risen 304.83 points in the previous session on Wednesday. Sectoral indices were green across the board, with metal, power, PSU, realty and oil & gas stocks posting sizeable gains of up to 1.66 percent.

The NSE index Nifty was trading above the 11,400-mark, up 84.90 points, or 0.75 percent, at 11,454.80.

Buying activity picked momentum after data released by Central Statistics Office (CSO) on Wednesday showed that industrial production grew at 6.6 percent in July, while retail inflation cooled to a 10-month low of 3.69 percent in August.

The rupee’s recovery by 50 paise to 71.68 against the dollar in early trade on the government’s assurance that all steps would be taken to ensure the domestic currency does not depreciate to unreasonable levels also added to the momentum.

PowerGrid, emerged top gainer in the Sensex pack, rising 3 percent, followed by Yes Bank at 2.11 percent.

Other big gainers that lifted both the key indices were Maruti Suzuki, Sun Pharma, Vedanta, SBI, Adani Ports, IndusInd Bank, ONGC, NTPC, ICICI Bank, Coal India and Tata Steel.

However, stocks of software exporters such as Wipro, Infosys, and TCS were under pressure after the rupee continued its recovery against the dollar.

Domestic institutional investors (DIIs) remained net buyers, picking up shares worth a net of Rs 541.44 crore on Wednesday. However, foreign portfolio investors (FPIs) gave up shares worth a net of Rs 1,086.39 crore, provisional data showed. Stock exchanges remained closed Thursday on account of Ganesh Chaturthi.

Most other Asian markets too were in a better shape, tracking positive cues from Wall Street on optimism over China-US trade talks.

Hong Kong’s Hang Seng rose 0.79 percent, while Japan’s Nikkei was up 0.97 percent in their early deals. Shanghai Composite Index, however, was down 0.26 percent. The US Dow Jones Industrial Average had closed 0.57 percent higher on Thursday.

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Rupee rises 67 paise against US dollar on falling crude prices

Anil Rajpurohit

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Mumbai | The rupee appreciated 67 paise to 72 against the US dollar at the interbank foreign exchange Wednesday after crude prices fell to a one-year low in the global market, easing concerns over expanding current account deficit and inflation.

The rise in the rupee was also supported by dollar-selling by exporters and banks and the US unit’s weakness against some currencies overseas, traders said.

Furthermore, a higher opening in the domestic equity market too supported the rupee.

Brent crude, the international benchmark, dropped almost 7 per cent to a one-year low of USD 65 a barrel after the US President Donald Trump urged Organization of the Petroleum Exporting Countries (OPEC) and Saudi Arabia to maintain their current policy of gradually increasing output, which helps to cap oil prices.

At the interbank forex market, the rupee commenced with strength at 72.18 and appreciated further to quote 67 paise higher at 72 against the US dollar.

The rupee had gained 22 paise to close at 72.67 against the US dollar Tuesday.

Foreign institutional investors (FIIs) had sold shares worth Rs 494.95 crore Tuesday, as per provisional data.

Meanwhile, the benchmark BSE Sensex rose 156.56 points, 0.45 per cent, to 35,301.05 in early trade.

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Rupee recovers 29 paise to 72.60 against dollar in early trade

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Mumbai | The rupee recovered by 29 paise to 72.60 against the US currency in early trade Tuesday, owing to easing global crude oil prices and better-than-expected macro economic data on the domestic front.

Besides, fund inflows by foreign investors and the US dollar’s weakness against some currencies overseas also supported the domestic unit, dealers said. At the Interbank forex market, the rupee opened with strength at 72.81 and advanced to 72.60 against the dollar, showing a rise of 29 paise over its previous close of 72.89.

Retail inflation fell to a one-year low of 3.31 per cent in October on the back of cheaper kitchen staples, fruits and protein-rich items, official data released Monday showed. Industrial production grew at the slowest pace in four months at 4.5 per cent in September mainly due to poor performance of mining sector and lower offtake of capital goods.

The industrial production measured in terms of Index of Industrial Production (IIP) was 4.1 per cent in September 2017. Meanwhile, the international benchmark, Brent crude slipped below the USD 70-mark by falling 0.84 per cent, to USD 69.53 a barrel in Asian trade Tuesday.

Monday, the rupee dropped by 39 paise to settle at 72.89 against the US currency as oil prices rebounded after Saudi Arabia announced plans to cut production and the dollar strengthened in global markets. Foreign institutional investors (FIis) bought shares worth Rs 832.15 crore Monday, provisional data showed. The benchmark BSE Sensex fell by 56.31 points, or 0.16 per cent to 34,756.68 in early trade.

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Sensex up 46 points in choppy trade on better macro-data

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Mumbai | The benchmark indices turned choppy in morning trade Tuesday and oscillated between gains and losses, driven by better-than-expected macro economic data and fresh foreign fund inflows amid global sell-off.

The 30-share index fell over 140 points in opening trade but soon recovered the lost ground to quote higher by 46.12 points or 0.13 per cent at 34,859.11. Similar movement was seen on the wide-based Nifty, which fell by 42 points, but soon gathered momentum and was trading higher by 21.45 points or 0.20 per cent at 10,503.65.

Traders said the benchmarks opened lower tracking global sell-off, but better-than-expected macro economic data supported investor sentiment. Besides, easing global crude oil prices, which slipped below the USD 70 a barrel mark and recovery in the rupee also supported the uptrend. The global benchmark, Brent crude was trading down 0.98 percent at USD 69.43 per barrel.

Meanwhile, the rupee recovered by 29 paise to 72.60 against the US currency in early trade Tuesday. The 30 share index had lost 425 points in the previous two days. Sectoral index, led by oil & gas, PSU, metal, power and IT gained up to 1.06 percent.

Major gainers include, Asian Paints, Coal India, Axis Bank, Adani Port, Vedanta, PowerGrid, TCS, Tata Steel and ONGC, rising up to 1.14 per cent. The losers include, Tata Motors, Sun Pharma, Bharti Airtel, Hindustan Unilever, IndusInd Bank, Bajaj Auto and Wipro falling up to 2.26 per cent.

Meanwhile, retail inflation fell to a one-year low of 3.31 percent in October on the back of cheaper kitchen staples, fruits and protein-rich items, official data released Monday showed. Industrial production grew at the slowest pace in four months at 4.5 per cent in September mainly due to poor performance of mining sector and lower offtake of capital goods. The industrial production measured in terms of Index of Industrial Production (IIP) was 4.1 percent in September 2017.

Meanwhile, on a net basis, Foreign institutional Investors (FIIs) bought shares worth Rs 832.15 crore, while domestic institutional investors (DIIs) sold shares of Rs 1,073.84 crore Monday, provisional data showed. Asian markets were trading lower tracking losses at the Wall Street.

Japan’s Nikkei plugned 3.21 percent, Korea’s KOSPI fell 1.52 percent, Hong Kong’s Hang Seng down 1.23 percent and Shanghai Composite Index shed 0.21 per cent in early trade Tuesday. The US Dow Jones Industrial Average tumbled 2.32 percent Monday.

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