BackLive: Rupee strengthens against US dollar to 65
Rupee recoups all its intra-day losses to close marginally higher against the US dollar, supported by dollar sales by state-owned banks, likely on behalf of RBI
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5:00pm: The Indian rupee recoups all its intra-day losses to close marginally higher against the US dollar at 65. The rupee was supported by dollar sales by state-owned banks likely on behalf of the Reserve Bank of India (RBI), dealers said.
3:30pm: The S&P BSE Sensex closes 1.88%, or 517.78 points, higher at 28,067.31, while the CNX Nifty rise 1.95%, or 162.70 points, to end at 8,518.55 after wholesale inflation slumped sharply to -4.05% in July, boosting rate cut hopes.
1:29pm: The S&P BSE Sensex jumps 501.62 points, or 1.82%, to 28,051.15, while the Nifty is up 161.65 points, or 1.93%, to 8,517.50 after wholesale inflation slumped sharply to -4.05% in July, boosting rate cut hopes.
1:20pm: The rupee strengthens again in a volatile session, trading higher by 0.2% at 65.09 per US dollar compared with its previous close of 65.10.
1:15pm: Interest rate-sensitive stocks gain on rate cut hopes. The BSE realty index gains over 6%, while the Bankex is up 2.5%.
1:08pm: DLF Ltd extends gains to trade as much as 15% higher at ₹ 131.15 after the company posted a 4.9% drop in profit to ₹ 121.5 crore.
12:55pm: Punjab National Bank (PNB) shares jump as much as 7.7% to ₹ 164.70 apiece amid a broader gain in banking stocks.
12:48pm: Housing Development and Infrastructure Ltd surged as much as 12% to ₹ 85.10 as real estate stocks climbed on hopes of lower interest rates.
12:34pm: The S&P BSE Sensex is trading higher by 410.64 points, or 1.49%, to 27,960.17. The rupee slips again to 65.13 per dollar compared with its previous close of 65.10 after the release of the WPI numbers.
12:23pm: The wholesale price index (WPI)-based inflation falls to -4.05% in July compared with -2.4% in June.
12:19pm: IRB Infrastructure Developers Ltd gains 4.6% after the company approves formation of Infrastructure Investment Trust. The company proposes to increase the limit under company law to ₹ 36,000 crore from ₹ 20, 000 crore
12:10pm: Sun Pharmaceutical Industries Ltd gains 3.8%, heading for a fourth day of gains. Keveyis drug could add $1 billion net present value to Sun’s unit Taro, said Ambit, estimating Taro can earn revenues of $160 million-$650 million per year from the drug depending on patients and pricing.
12:00pm: Idea Cellular Ltd rises as much as 3.6% to ₹ 163.25 after the ministry of communications and information technology gave its approval to the sharing of telecom spectrum on Wednesday.
11:48am: Adani Port and Special Economic Zone gains 8.7% adding to Thursday’s 3.9% rise as the stock is set to replace NMDC in Nifty from 28 September. NMDC is down 2.2%, heading for its fourth day of falls
11:37am: Kaya Ltd listed on the exchange at ₹ 1,540 per share, but later fell 5% to trade at ₹ 1,463, after its scheme of arrangement with Marico Kaya Enterprises. Trading Marico Kaya trading was suspended on 25 May.
11:24am: The S&P BSE Sensex surges 409.12 points, or 1.49%, to 27,958.65, while the Nifty is up 132.65 points, or 1.59%, to 8,488.50.
11:18am: DLF surges as much as 9.4% on strong volumes after the company on Thursday announced that its profit fell 4.9% to ₹ 121.5 crore.
11:10am: Domestic rating agency Icra Ltd fell as much as 6.3% to ₹ 3,950 per share after the company posted a 24.33% dip in June quarter consolidated net profit to ₹ 16.49 crore, taking a hit from closure of its operations in Indonesia and a dip in other income.
11:05am: The rupee erases all losses to trade higher at 65.07 per US dollar compared with its previous close of 65.10. The Indian currency had earlier in the day weakened to as much as 65.31 per dollar.
11:00am: State-owned construction firm NBCC climbs 5.5% to ₹ 1,024.45 per share after the company reported a 31.5% increase in its consolidated net profit to ₹ 44.08 crore for the quarter ended June.
10:53am: The S&P BSE Sensex is trading up 201.81 points, or 0.73%, to 27,751.34.
10:35am: Jindal Steel and Power declines as much as 8.8%, adding to Thursday’s 11.3% slump, to mark its lowest intraday level since November 2006 after MSCI excluded the stock from MSCI India index.
10:26am: Shree Renuka Sugars Ltd slips 3.8% to ₹ 8.60 per share after it reported a stand-alone net loss of ₹ 227.2 crore in the first quarter of this fiscal year.
10:18am: Raheja Group-promoted Hathway Cable and Datacom jumps 5% to ₹ 49.35 per share after it received FIPB approval to increase foreign investment limit in the firm from the existing 49% to 74% under the automatic route.
10:09am: Glenmark Pharmaceuticals surges as much as 10% to ₹ 1,164.20 per share after the news that the stock will be added to the MSCI Emerging Markets Index. Indiabulls Housing Finance Ltd adds 3% to ₹ 779.85 per share on news that the stock will be added to MSCI ACWI Value Index.
9:58am: State-run Oil and Natural Gas Corp. Ltd (ONGC) slips 0.6% to Rs268.25 per share after the company said it is seeking to buy a stake in Russia’s second-largest oil producing development from OAO Rosneft through its overseas unit OVL.
9:50am: Unitech Ltd loses as much as 6.15% to ₹ 6.56 per share after the company on Thursday posted a consolidated net loss of ₹ 281.29 crore during the quarter ended June due to a capital loss in sale of an IT park project by its overseas group firm.
9:40am: Sectoral indices—the BSE Healthcare index is the biggest gainer, up 1.44%, followed by Teck and IT Index, up 0.57% and 0.51%, respectively. The BSE Metal index is the top loser, down 0.71%, followed by BSE Oil & Gas and FMCG indices, down 0.3% each.
9:37am: The 30-share S&P BSE Sensex rises 138.47 points, or 0.5%, to 27,688.00, while the 50-share Nifty of the National Stock Exchange (NSE) is up 42.55 points, or 0.51%, to 8,398.40.
9:30am: Indian stocks open higher ahead of the release of wholesale price inflation for July. According to the median estimate of 33 economists in a Bloomberg survey, wholesale price index would shrink 2.9% from a year earlier in, compared with a 2.4% decline in June.
9:25am: The yield on India’s 10-year benchmark bond is trading at 7.74% compared with its Thursday’s close of 7.74%.
9:20am: The Indian rupee on Friday weakened further to hit a fresh two-year low of 65.31 per US dollar, 0.3% lower than its previous close of 65.10, tracking losses in Asian currencies. Read more.
9:15am: The dollar strengthens to 124.47 yen from 124.42 yen in the previous trading session. The euro weakens to $1.1144 from $1.1154.
9:10am: Oil prices look set for their seventh weekly fall in Asia, with the US crude tumbling to fresh six-year lows as investors worried a global supply glut is set to last. US WTI for September delivery drops 17 cents to $42.06 in late-morning trade after falling below $42 a barrel earlier in the session, the lowest price since March 2009. Brent crude for September, which expires Friday, eased 2 cents to $49.20.
9:05am: Japan’s Nikkei 225 is down 0.2% to 20,520.50 while Hong Kong’s Hang Seng rises 0.2% to 24,064.55. China’s Shanghai Composite Index adds 0.8% to 3,987.57. Australia’s S&P/ASX 200 is down 0.6%to 5,358.40. Financial markets in South Korea are closed for a holiday. Singapore’s index gains but other Southeast Asian markets are lower.
9:00am: Asian stock markets drifted as China’s currency stabilized for a second day, easing uncertainty about its direction after an unexpected devaluation earlier in the week.
8:55am: Major US stock indexes closed nearly unchanged after spending much of Thursday changing course. The Standard and Poor’s 500 lost 0.1% to close at 2,083.39. The Dow Jones industrial gained less than 0.1% to 17,408.25 and the Nasdaq composite lost 0.2% to 5,033.56.
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