Tuesday, 31 October 2017

The Rupee Made A Cautious Rise Of 4 Paise To 64.80 Against The US Dollar

The rupee made a cautious rise of 4 paise to 64.80 against the US dollar today as the US Fed's two-day policy meet gets under way.

Exporters and banks continued to give the American currency a wide berth.

However, the dollar's overseas strength and a lower opening in the domestic stock market cast a shadow on the rupee's gains, traders said.

Yesterday, the rupee had bounced back by a healthy 20 paise to end at 64.85 against the US currency on fresh bouts of dollar selling by exporters and banks amid buoyant local equities.

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Equity Benchmarks Opened Flat With A Negative Bias

Equity benchmarks opened flat with a negative bias, led by some profit booking as investors looked for more earnings for cues.

The 30-share BSE Sensex was down 33.60 points at 33,232.56 and the 50-share NSE Nifty fell 11.50 points to 10,352.20.

SBI, IOC and HDFC were early gainers while Infosys was down over 2 percent post buyback.

ICICI Bank, GAIL, Coal India, Bharti Infratel, BPCL, Sun Pharma, Indiabulls Housing Finance and L&T were early losers.


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Monday, 30 October 2017

The Rupee Was Higher By 14 Paise At 64.90 Against The Dollar

The rupee was higher by 14 paise at 64.90 against the dollar after the European Central Bank said it would soon taper off its monetary stimulus.

It got more lift from fresh selling of the US currency by exporters and banks amid stronger domestic equities.

The dollar's weakness against the euro and other currencies overseas following the ECB move triggered the rise in the local unit, traders said.

On Friday, the rupee had taken a big knock by plunging 23 paise to close at 65.05 a dollar.

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Equity Benchmarks Started Off The Week At Record High

Equity benchmarks started off the week at record high, with the Nifty crossing earlier intraday record high. Investors continued to focus on earnings.

The 30-share BSE Sensex was up 117.35 points at 33274.57 and the 50-share NSE Nifty rose 45.80 points to 10,368.80.

ICICI Bank was down over a percent post earnings on profit booking. The stock seems to have already priced in earnings and better-than-expected slippages.

ONGC, Bharti Airtel, Tech Mahindra, HCL Technologies, Maruti Suzuki, Vedanta and Reliance Industries were early gainers.

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Saturday, 28 October 2017

The United States Has Imposed Fresh Import Duties On Chinese Aluminium

The United States has imposed fresh import duties on Chinese aluminium, accusing exporters of dumping their product on the US market at prices below cost.

The move follows a Commerce Department decision in August that also imposed import duties to counteract alleged unfair Chinese subsidies in the aluminium foil industry.

Tamil Nadu Chief Minister K Palaniswami has urged the Centre to take immediate steps to secure the release of 54 Indian fishermen apprehended by Sri Lanka.

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Wall Street Higher On Earnings Results; Euro Down After Catalonia Vote, ECB News

The Nasdaq Composite had its best day in nearly a year on Friday, boosted by strong corporate earnings, while the euro posted its worst week of 2017 after the European Central Bank decided to prolong its bond buying to keep interest rates low.

The Nasdaq Composite added 144.49 points, or 2.2 percent, to 6,701.26, the S&P 500 gained 20.67 points, or 0.81 percent, to 2,581.07, and the Dow Jones Industrial Average rose 33.33 points, or 0.14 percent, to 23,434.19.

Gains were led by robust corporate results and upbeat third-quarter U.S. GDP data. The US economy grew at a 3.0 percent annual rate from July to September, showing resilience even as recent storms hurt consumer spending.

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Friday, 27 October 2017

The Rupee Dropped Sharply By 20 to 65.03 Per Dollar In Early Trade

The rupee dropped sharply by 20 to 65.03 per dollar in early trade today amid gains in the US currency in global markets.

Forex dealers said the dollar strengthened against major global currencies which hit the rupee sentiment.

The euro dropped to three-month lows after the European Central Bank extended its bond purchases and reduced the chances that it would hike interest rates in 2018.

Yesterday, the rupee had gained 7 paise to end at over one-week high of 64.82 on sustained selling of the American currency by banks and exporters.

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The Market Started Off November Series On A Positive Note

The market started off November series on a positive note as equity benchmarks hit fresh record highs but Nifty Bank fell over half a percent due to weak earnings from Yes Bank.

The 30-share BSE Sensex was up 83.71 points at 33,230.84 and the 50-share NSE Nifty rose 15.10 points or to 10,358.90.

Yes Bank plunged 10 percent post earnings while ICICI Bank was down 2.5 percent ahead of earnings later today.

ITC, Maruti and IOC gained ahead of earnings.

Cipla, BPCL, Sun Pharma, Kotak Mahindra Bank, Bajaj Finance, L&T, Bajaj Auto, Aurobindo, Infosys and Tata Motors gained 1-2 percent.

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Thursday, 26 October 2017

HDFC Bank Lost Over A Percent Today On Top Of Nearly 4 Percent Loss

HDFC Bank lost over a percent today on top of nearly 4 percent loss in previous session.

The Reserve Bank of India has asked HDFC Bank to classify a project loan account as a non-performing asset, the bank said in a communication a day after it disclosed its second quarter results.

"The bank has received communication from the regulator advising it to classify the said account as a non-performing asset. The same has been duly complied with," HDFC Bank said in a statement.

The second largest private bank refused to disclose the amount of exposure and name of the loan account.

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Equity Benchmarks Started Off The Trade On A Flat Note Thursday

Equity benchmarks started off the trade on a flat note Thursday, ahead of expiry of October futures & options contracts later today.

The 30-share BSE Sensex was down 47.50 points at 32995.00 and the 50-share NSE Nifty fell 16 points to 10,279.40.

About 594 shares advanced against 436 declining shares on the BSE.

SBI, PNB, Bank of Baroda and Canara Bank rallied 1-6 percent, continuing for second consecutive session after big recapitalisation plan.

Indiabulls Housing Finance, Capital First, Gruh Finance, LIC Housing Finance and DHFL were down 1-4 percent.

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Wednesday, 18 October 2017

Nifty Breaks 10,200, Sensex Falls 100 Pts ; MAS Financial Zooms 44%

The market undertone remained bullish with the support of consistent FIIs buying and short covering. The derivative data indicates bullish scenario to continue.

The Nifty has multiple strong supports at lower levels. Various supports are placed at 10,050 and 10,100, 10,150, and 10,200 spot levels. We are likely to see short covering on every dip.

On the technical front, 10,150-10,190 spot levels are in a strong support zone and the current trend is likely to continue towards 10,300-10,350 in the expiry week.

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Equity Benchmarks Opened Lower On Profit Booking Wednesday

Equity benchmarks opened lower on profit booking Wednesday, with the Sensex falling nearly 100 points, dragged by banks after disappointing numbers from Axis Bank.

The 30-share BSE Sensex was down 98.31 points to 32,510.85 and the 50-share NSE Nifty fell 28.10 points to 10,206.40.

The market breadth was balanced as about 497 shares advanced against 490 declining shares on the BSE.

Axis Bank was biggest loser after sharp rise in slippages in Q2. The stock was down 6.5 percent.

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Tuesday, 17 October 2017

Tata Steel Ruled Out On Monday A Flotation In The Next Two To Three Years

Tata Steel ruled out on Monday a flotation in the next two to three years of the planned merger of its European steel operations with those of ThyssenKrupp.

T.V. Narendran, Tata's managing director for India and South East Asia, told Reuters that the capacity of Tata's Kalinganagar plant in India would like be expanded to 5 million tonnes.

Share price of Jaiprakash Power Ventures has locked at 10 percent upper circuit, testing 52-week high of Rs 8.80 Tuesday as it has received non-binding bids for acquisition of equity stake in the company.

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Equity Benchmarks Opened Mildly Lower On Profit Booking Tuesday

Equity benchmarks opened mildly lower on profit booking Tuesday after the rally in three consecutive sessions.

The 30-share BSE Sensex was down 33.86 points at 32,599.78 and the 50-share NSE Nifty fell 15.10 points to 10,215.80.

Axis Bank, Reliance Industries, GAIL, Bajaj Auto, Yes Bank, IOC and Bharti Airtel were early gainers while Wipro, Bajaj Finance and BPCL were losers.

DCB Bank, JM Financial and Colgate were down 1.5-2.5 percent.

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Monday, 16 October 2017

Bharat Financial Inclusion Share Price Rallied 3 Percent

Bharat Financial Inclusion share price rallied 3 percent after its merger with private sector lender IndusInd Bank.

The deal is subject to approvals from the Reserve Bank of India, market regulator Securities and Exchange Board of India and Competition Commission of India among others.

IndusInd Bank share price declined 1.7 percent.

According to the deal, Bharat Financial shareholders will get 639 shares of the bank for every 1,000 held. The deal is likely to be completed in 9-10 months.

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Equity Benchmarks Started Off The Diwali Week At Fresh Record High On Monday

Equity benchmarks started off the Diwali week at fresh record high on Monday, with the Nifty hitting 10,200 level backed by Reliance Industries and banks stocks.

The 30-share BSE Sensex was up 214.70 points at 32,647.39 and the 50-share NSE Nifty rose 61.10 points to 10,228.60. About five shares advanced for every share falling on the BSE.

ICICI Bank, Reliance Industries, Ambuja Cements, Hero Motocorp, Sun Pharma, IOC, Cipla, BPCL and HPCL were early gainers while IndusInd Bank was down.

Nifty Midcap was up 0.6 percent or 115 points in early trade on strong market breadth.

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Friday, 13 October 2017

The Indian Rupee Started Off Last Day Of The Week At Rs 64.95 Against

The Indian rupee started off last day of the week at Rs 64.95 against the US dollar, continuing the appreciation further.

It gained 13 paise compared with previous closing value of 65.08 per dollar.Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

Bharat Financial and IndusInd Bank gained 0.4 percent each ahead of IndusInd's board meeting on Saturday.

Nifty Midcap was up 0.3 percent as about three shares advanced for every share falling on the NSE.

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Equity Benchmarks Extended Previous Day's Gains In Opening

Equity benchmarks extended previous day's gains in opening, with the Nifty reclaiming 10,100 level and inching towards its record high level.

The rally was driven by Reliance Industries and Bharti Airtel.

The 30-share BSE Sensex was up 113.08 points at 32,295.30 and the 50-share NSE Nifty rose 31.40 points to 10,127.80.

Bharti Airtel was up 6 percent, Tata Teleservices up 9 percent and Tata Communications up 2 percent after Airtel decided to buy consumer telecom business of Tata Sons. Bharti Infratel was up 3 percent.

Reliance Industries gained a percent ahead of second quarter earnings later today.

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Thursday, 12 October 2017

Sun Pharma Gains 4% On EIR From USFDA For Dadra Facility

Sun Pharma gains 4% on EIR from USFDA for Dadra facility

Share price of Sun Pharmaceutical Industries rose 4 percent in the early trade Thursday as it has received an establishment inspection report from USFDA for its Dadra formulation facility.

EIR indicates closure of plant inspection by the US regulatory agency.

"We have received a communication from the USFDA releasing a copy of the establishment inspection report in respect of the above inspection based upon our responses to the said observation letter," said company.

USFDA had inspected the plant in April 2017 as regulatory authority issued Form-483.

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Equity Benchmarks Opened Mildly Higher On Thursday

Equity benchmarks opened mildly higher on Thursday, seeing a rebound after yesterday's sell-off.

The 30-share BSE Sensex was up 60.51 points at 31,894.50 and the 50-share NSE Nifty gained 29 points at 10,013.80. About three shares advanced for every share falling on the BSE.

Bharti Infratel, GAIL, Sun Pharma, Vedanta, Reliance Industries, L&T, Hindalco Industries, IOC, BPCL, Lupin, TCS and HPCL were early gainers while Coal India, Bharti Airtel, Cipla, ICICI Bank and Asian Paints were losers.

The broader markets outperformed benchmarks in opening. Nifty Midcap was up 0.6 percent or 100 points.

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Wednesday, 11 October 2017

The Indian Rupee Opened Higher At 65.22 Per Dollar Against Previous Close

The Indian rupee opened higher at 65.22 per dollar against previous close of 65.28.

Asia markets rose today, taking cues from signs of confidence in the US.

The USD 1.7 billion initial public offering of state-owned General Insurance Corporation of India has opened for subscription on Wednesday, with a price band of Rs 855-912 per share.

The IPO, which constitutes 14.22 percent of post-offer paid-up equity share capital, comprises of fresh issue of 1.72 crore equity shares and an offer for sale of 10.75 crore shares by promoter - President of India.


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Equity Benchmarks Extended Yesterday's Gains In Opening Trade

Equity benchmarks extended yesterday's gains in opening trade, with the Nifty reclaiming 10,050 level ahead of earnings season that will be kicked off by TCS on Thursday.

The 30-share BSE Sensex was up 96.14 points at 32,020.55 and the 50-share NSE Nifty gained 28.60 points at 10,045.55.

Bharti Infratel, Bharti Airtel, Idea Cellular, GAIL, Petronet LNG, Vedanta, Aurobindo Pharma, NTPC and ONGC were early gainers while Yes Bank and Kotak Mahindra Bank were under pressure.

Nifty Midcap was up 0.6 percent on strong market breadth.


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Tuesday, 10 October 2017

Tata Steel Has Potential To Double Its Domestic Capacity

Tata Steel has potential to double its domestic capacity, according to its chairman N Chandrasekaran.

"I think it's fair enough to say whether organic or inorganic, we have a potential to double our capacity in India," Chandrasekaran told CNBC TV18 in an interview.

Tata Steel India, he said, is a well-run business and it is slated to perform extremely well as there is a demand as well as a market in the country.

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Equity Benchmarks Started Off Trade On A Positive Note Tuesday

Equity benchmarks started off trade on a positive note Tuesday despite mixed global cues, backed by healthcare, metals and select banks stocks.

The 30-share BSE Sensex was up 82.94 points at 31,929.83 and the 50-share NSE Nifty gained 23.75 points at 10,012.50.

About 777 shares advanced against 214 declining shares on the BSE.

Lupin, L&T, Indiabulls Housing, IndusInd Bank, M&M, Aurobindo Pharma, Cipla and Tata Steel were early gainers while HDFC, Kotak Mahindra Bank and Axis Bank were under pressure.

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Monday, 9 October 2017

Asian Markets Traded Higher As Investors In Asia Digested

Asian markets traded higher as investors in Asia digested the release of China Caixin services PMI.

The S&P/ASX 200 rose 0.66 percent on broad-based gains across its sub-indexes. The Shanghai Composite surged 1.24 percent, shrugging off lackluster services data.

The Caixin services purchasing managers' index showed non-manufacturing activity in China expanded at its slowest levels in almost two years in September, Reuters said. The Caixin/Markit PMI stood at 50.6 last month, compared to the 52.7 figure seen in August.

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Equity Benchmarks As Well As Broader Markets Were Flat In Opening Trade

Equity benchmarks as well as broader markets were flat in opening trade despite positive Asian cues.

The 30-share BSE Sensex was down 12.67 points at 31,801.55 and the 50-share NSE Nifty fell 7.90 points to 9,971.80.

About two shares advanced for every share falling on the BSE.

SPARC plunged 13 percent as Baclofen GRS did not meet primary end point in placebo controlled studies. Bacoflen is a muscle relaxer used to treat symptoms caused by Multiple Sclerosis.

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Friday, 6 October 2017

The Sensex Was Up 51.66 Points At 31643.69, While The Nifty Was Up 22.75 Points

The Sensex was up 51.66 points at 31643.69, while the Nifty was up 22.75 points at 9911.45. The market breadth was positive as 454 shares advanced against a decline of 132 shares, while 22 shares were unchanged.

Midcaps continued their outperformance from the previous sessions, while metals led the charts among sectoral indices.

ONGC, Tata Steel and GAIL were the top gainers, while Tata Motors, Tata Motors DVR and Zee Entertainment lost the most.

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Asian Stocks Rose On Friday After Optimism Over US Tax Reform Plans

Asian stocks rose on Friday after optimism over US tax reform plans lifted Wall Street shares to new highs, while the dollar hovered near a seven-week peak following additional indications of solid economic growth.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, poised for a 1.4 percent gain on the week.

Japan's Nikkei climbed 0.3 percent, Australian stocks rose 0.7 percent and South Korea's KOSPI advanced 0.9 percent.

US stocks notched record closing highs again on Thursday as investors cheered increased prospects for a tax overhaul with Congress moving closer to agreement on a budget resolution.

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Thursday, 5 October 2017

The Indian Rupee Opened Lower At 65.09 Per Dollar On Thursday

The Indian rupee opened lower at 65.09 per dollar on Thursday versus previous close 65.01.

Mohan Shenoi of Kotak Mahindra Bank said, "Rupee has gained from exporter participation and revival of carry trades post RBI announcing status quo on interest rates. USD-INR trading range for the day is seen between 64.90-65.20."

He further added, "Rising trajectory of CPI, status quo on RBI policy, reduction in SLR and HTM holdings by banks and worries on Fed's unwinding plans has made local bond market bearish."

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Asian Shares Were A Tad Firmer On Thursday

Asian shares were a tad firmer on Thursday, taking their cues from strong US data although holiday-thinned trade and uncertainty about the impact of recent hurricanes on the U.S. economy are likely to keep investors cautious.

MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat while Japan's Nikkei ticked up 0.1 percent.

In Asia on Thursday, trade is expected to remain subdued with China, Hong Kong and South Korea closed for public holidays and analysts cautioning against reading too much into index moves.

Wall Street's three major stock indexes rallied to fresh highs on Wednesday as did MSCI's all-country world stock index .

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Wednesday, 4 October 2017

The Indian Rupee Opened Higher By 14 Paise At 65.36 Per Dollar On Wednesday

The Indian rupee opened higher by 14 paise at 65.36 per dollar on Wednesday versus previous close 65.50.

Pramit Brahmbhatt of Veracity said, "After consolidation, the rupee will trade with a neutral to negative bias. I expect the USD-INR pair to trade in a range of 65.20-65.80."

Dollar eased in trade as the rally triggered by strong US data fizzled on speculation that US president Donald Trump's choice for the next Fed chair may be a less hawkish candidate than previously thought.

In global markets, Asia is set for a mixed trading day on Wednesday, even after US equities closed higher overnight.

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Equity Benchmark Indices Opened On A Mildly Positive Note

Equity benchmark indices opened on a mildly positive note as the Street is seen waiting for the Reserve Bank of India’s MPC meet outcome later in the day.

The Sensex was up 23.25 points at 31520.63, while the Nifty was up 12.45 points at 9871.95. The market breadth was positive as 555 shares advanced against a decline of 186 shares, while 37 shares were unchanged.

Midcaps outperformed the frontline indices, while on the sectoral front, metals took a hit. Positive moves were seen in auto, FMCG and energy stocks.

ITC, Hero MotoCorp, HPCL and IOC were the top gainers, while Bajaj Auto, Tata Motors DVR and Coal India lost the most.

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Tuesday, 3 October 2017

Equity Benchmarks Opened Sharply Higher, Tracking Positive Global Cues

Equity benchmarks opened sharply higher, tracking positive global cues and strong auto sales data.

The 30-share BSE Sensex was up 301.40 points or 0.96 percent at 31,585.12 and the 50-share NSE Nifty gained 84 points or 0.86 percent at 9,872.60.

Tata Motors, Eicher Motors, Hero Motocorp, Dr Reddy's Labs, Bank of Baroda and BPCL rallied 1-6 percent.

Nifty Midcap rallied 1 percent on strong breadth. About five shares advanced for every share falling on the NSE.

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Asia Trades Mixed Ahead Of Reserve Bank Of Australia Policy Decision

Asia markets were mixed in early trade on Tuesday, despite US equities closing at record highs overnight.

Japan's Nikkei 225 climbed 0.32 percent to 20,465.83 and the Topix index rose 0.39 percent to 1,680.11.

In Australia, the ASX 200 dipped 0.31 percent to 5,711.70 in early trade. The Australian dollar traded at USD 0.7827, which was a level similar to last Friday.

Traders will be looking ahead to the monetary policy decision from the Reserve Bank of Australia due at 2:30 p.m. local time.

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