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Sensex falls over 150 points; Nifty slips below 10,900 level

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Mumbai | The BSE Sensex fell over 150 points and NSE Nifty slipped below the 10,900 level in early trade on Monday on losses in auto, banking, power and pharma stocks amid sustained selling by domestic institutional investors and mixed Asian cues on worries about global growth and China-US tariff tiff.

The 30-share barometer was trading 191.15 points, or 0.52 percent, lower at 36,355.33. The gauge had lost 424.61 points on Friday. The NSE Nifty was trading down by 48.80 points, or 0.54 percent, at 10,894.80. Sectoral indices led by auto, banking, capital goods, consumer durables and healthcare were trading in the negative terrain, falling up to 1.55 percent.

The laggards were Hero MotoCorp, M&M, ONGC, Vedanta, Coal India, Yes Bank, L&T, ICICI Bank, Asian paint, Maruti Suzuki, Bajaj Auto, ITC, RIL, HUL, IndusBank, SBI, Axis Bank, PowerGrid and Sun Pharma, dropping up to 2.98 percent. However, Tata Steel, Kotak Bank, Infosys, TCS, HDFC, HDFC Bank and HCL Tech were trading higher on scattered buying by investors.

“Volatility is likely to continue amid growing concerns over the trade fight between the US and China, also Markets to closely track domestic macroeconomic data like IIP, CPI and WPI scheduled this week,” said Hemang Jani, Head – Advisory, Sharekhan by BNP Paribas.

Meanwhile, on a net basis, domestic institutional investors (DIIs) sold shares worth Rs 960.04 crore, while foreign portfolio investors (FPIs) bought shares worth Rs 843.73 crore on Friday, provisional data released by the stock exchanges showed.

In the Asian region, Hong Kong’s Hang Seng was up 0.13 percent and Shanghai Composite Index, which reopened after a long week, was up 0.83 percent in their late morning deals. Japan’s financial markets are closed for a public holiday. Korea’s Kospi fell 0.16 per cent and Singapore Straits Times was down 0.58 percent.

The US Dow Jones Industrial Average ended 0.25 percent lower on Friday.

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Rupee extends slide, down 7 paise to 71.23 vs USD

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Mumbai  The rupee slipped by 7 paise to close at 71.23 against the US dollar on Friday, pressured by heavy foreign capital outflows and firming oil prices.

This is the third straight session of loss for the domestic currency, during which it has depreciated by 53 paise.

On a weekly basis, the rupee registered a loss of 8 paise.

At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 71.22 and fell further to touch the day’s low of 71.44.

The local unit covered some lost ground, before finally ending at 71.23 per dollar, down by 7 paise against its previous close.

On Thursday, the rupee had tumbled 36 paise to close at 71.16 per US dollar.

Forex traders said heavy selling in domestic equities coupled with foreign capital outflows affected the movement of the rupee.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 966.43 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 853.25 crore Friday, provisional data showed.

“India’s rupee and sovereign bonds declined owing to the continuous rise in crude prices and sustainable foreign outflow. Domestic equity markets also closed on weak wicket, which also weighed on the rupee,” HDFC Securities’ Head, PCG and Capital Markets Strategy, V K Sharma said.

Sharma further said the rising dollar index also weighed on the local unit.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.11 per cent to 97.08.

Meanwhile, brent crude, the global oil benchmark, was trading higher at USD 65.01 per barrel, up by 0.68 per cent.

Benchmark equity indices reeled under selling pressure for the seventh straight session Friday. The 30-share BSE Sensex declined 67.27 points, or 0.19 per cent, to end at 35,808.95. The broader NSE Nifty settled at 10,724.40, down by 21.65 points, or 0.20 per cent.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.2515 and for rupee/euro at 80.4168. The reference rate for rupee/British pound was fixed at 91.2261 and for rupee/100 Japanese yen at 64.55.

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Indian cities among top 5 fastest growing office rental markets globally?

Ali Azar

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One of the world’s biggest real estate consultants – Knight Frank, has just released their Global Outlook 2019 report, which evaluates 33 cities across the globe and gives an insight on expected office rental growth for 2019 among other things.

Leading the pack for growth of prime office rental markets in the world are Australian heavyweights Melbourne and Sydney, with growth in office rentals expected to touch 10.1% and 8.6% in 2019 on the back of tight supply due to employment growth and relatively low levels of real estate development in recent years.

Indian cities took up two out of top five spots for the fastest growing office markets globally. Bengaluru and New Delhi have emerged among the top five in the world taking up position 3 and 4 respectively, thereby beating Asian giants such as Hong Kong and Singapore as per the report by Knight Frank.

Bengaluru, which saw a prime rental value of ₹ 125 per square foot per month in 2018, is expected to see a growth in rents in the range of 6.6% in 2019, due to the buoyant Information Technology and Start-up sector and lack of quality Grade A space supply. Mirroring the same trend, New Delhi with prime rental values of ₹ 326 per square foot per month is expected to see a rise of approximately 6.5% in 2019 on the back of constricted fresh supply.

In comparison, Mumbai’s prime office rentals, which stands at around ₹ 300  per square foot per month will experience a subdued growth of just 0.3% in 2019 and features nowhere in the list. Rounding up the top 7 globally after Melbourne, Sydney, Bengaluru and New Delhi are Boston, Amsterdam and Berlin.

Across the globe, uncertainty surrounding trade tensions and political events has led to a pause in developments, thereby causing vacancy rates and driving rental growth up worldwide.

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Rupee gains 26 paise against US dollar in opening trade

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Mumbai | The rupee appreciated by another 26 paise to 70.44 against the US dollar in opening trade on Wednesday after retail inflation fell to a 19-month low of 2.05 percent in January.

The weakness in the dollar against some currencies overseas as investors shifted their focus to riskier asset amid the US-China trade truce hopes, also supported the rupee’s upmove.

Besides, retail inflation falling to a 19-month low of 2.05 percent in January over the previous month, and selling of the American currency by exporters supported the rupee, forex dealers said.

Industrial output growth remained subdued at 2.4 percent in December 2018 on account of contraction in the mining segment and poor show by the manufacturing sector.

The rupee had gained 48 paise to end at a one-month high of 70.70 against the US dollar Tuesday, registering its sixth straight session of gain. In the last six trading sessions, the rupee has gained 110 paise. The benchmark BSE Sensex rose 184.68 points, or 0.51 percent, to trade at 36,338.30.

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