BackLive market updates: Rupee closes 18 paise stronger against dollar at 62.50
Here are the key developments affecting the domestic and international markets today
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5:00pm: The Indian rupee closes 18 paise stronger against dollar at 62.50, up 0.29% from its previous close of 62.68. The local unit opened at 62.60 per dollar and touched a high and a low of 62.48 and 62.66, respectively.
The yield on India’s 10-year benchmark bond closed at 7.737% compared with its Monday’s close of 7.76%.
Since the beginning of this year, the rupee has gained 0.76%, while foreign institutional investors have bought $5.77 billion from local equity and $6.88 billion from bond markets. Click here to read more.
3:30pm: The S&P BSE Sensex provisionally closes 0.07%, or 18.37 points, lower at 27,957.49, while the CNX Nifty ended 0.02%, or 1.30 points, lower at 8,491 on the last day of fiscal year 2015.
2:28pm: After a stable session so far, the Sensex has trimmed morning gains to trade flat at 27,973.32, down 3 points, while the Nifty is down 4.95 points, or 0.06%, to 8,487.35.
1:00pm: Morgan Stanley says the bout of market volatility in the first quarter of 2015 is unlikely to subside in the second quarter, which is expected to be news-heavy. It expect government spending to rise, at least one rate cut if not two, and earnings to be better than in the previous quarter.
Morgan Stanley says progress on land bill and the national GST bill also on watch in Q2
12:01pm: The S&P BSE Sensex is currently trading up 107.91 points, or 0.4%, at 28,083.77
11:30am: Strides Arcolab shares gain 2.2% on hopes that a key drug in its portfolio will gain US market share. The American Society of Health-System Pharmacists website showed that Tacrolimus is currently in shortage. Strides has around 2% market share for this drug, say analysts.
10:22am: Bajaj Hindusthan shares gain 5.6%, heading towards their biggest single-day gain since 18 February, after the company allotted 171 million shares to its lenders at ₹ 21.77 apiece, a premium of 57.8% to its Monday’s close.
10:03am: The BSE Sensex is currently trading up 67.09 points, or 0.24%, at 28,042.95.
9:57am: GVK Power and Infrastructure Ltd climbs 10.65% to ₹ 9.04 after a news report said that the company is likely to file a draft prospectus for an initial public offer (IPO) of up to $250 million for its airport unit soon. GVK has mandated Citigroup, Bank of America-Merrill Lynch, Axis Capital and JM Financial Services to manage the IPO. Read more.
9:55am: Infosys Ltd gains 1.7% after CLSA raises target price on the stock to ₹ 2,800 from ₹ 2,500 and reiterates high-conviction “buy" rating.
CLSA says Infosys should see stronger revenue growth in FY17 as it gains leadership in digital and traditional services while improving client mining. “We expect it to offer more attractive returns for shareholders through a higher dividend-payout ratio (at least 40%) and opportunistic buybacks," CLSA says.
9:54am: Reliance Industries Ltd jumps 2.1% to ₹ 827.35 after Morgan Stanley raised its rating on the stock to ‘overweight’ from ‘underweight’.
9:51am: Shares of Videocon International Ltd, the satellite television arm of the Videocon Group, were trading up 5% ahead of the company listing on Nasdaq later in the day. Analysts say some relative valuation play might be seen due to listing of the group’s arm.
9:50am: Just Dial Ltd shares gain as much as 2.5% after Goldman Sachs buys 2.7% stake in the company, according to NSE data. Goldman buys stake valued around $48 million from US hedge fund, Tiger Global Management Llc, an early-stage investor in the company.
9:49am: Bhushan Steel Ltd surges 9.1% to ₹ 67.60 after a news report said that the company is in advance discussions with promoters of Orissa Sponge Iron and Steel Ltd and Monnet Group to acquire the company and secure raw material for its ailing Odhisa plant.
9:48am: Ramky Infrastructure Ltd is trading up 13% to ₹ 36.70 after the company said in a notice to BSE that it has approved its debt restructuring programme and lenders will be converting 25% of some term loans into equity. The company said the debt recast will help in reducing interest rates on some loans.
9:47am: Zenotech Laboratories Ltd rises 5% to ₹ 45.25 after Sun Pharma made an open offer to buy 28.1% of small sized biotech company Zenotech Laboratories Ltd. Read more.
9:46am: Jindal Steel and Power Ltd jumps 3.5% to ₹ 161. The coal ministry’s bid evaluation report—part of the government’s submission in the court—seems to suggest there is no evidence of cartelization, reports Business Standard.
9:45am: Zen Technologies Ltd rises 4.8% to ₹ 57.65 after the company said in an interview with Bloomberg that it expects to introduce five new products in fiscal year 2016.
9:40am: Among the BSE sectoral indices, the metal index is the top sectoral gainer, up 1.3%, followed by oil and gas index, which is up 1.1%. The FMCG index was the top sectoral loser, down 0.6%, followed by Bankex, which was down 0.3%.
9:30am: The S&P BSE Sensex extended Monday’s gains to trade higher for a second day. The 30-share Sensex rose nearly 100 points to 28,075. The broader 50-share CNX Nifty of the NSE is up 20.70 points, or 0.24%, at 8,513.
9:15am: The Indian rupee on Tuesday strengthened marginally to 62.60 per dollar compared with its previous close of 62.68. Read more.
9:06am: West Texas Intermediate (WTI) crude slipped to $48.08 a barrel, after falling 0.4% on Monday. Brent oil fell 0.8% in a third day of declines, to $55.83 a barrel.
9:05am: In currencies, the dollar was little changed at ¥120.02 after surging from an overnight low of ¥119.105. The euro was down 0.1% at $1.0824 , adding to an overnight loss of 0.5%.
9:00am: Asian stocks rose on Tuesday after a rally on Wall Street and steps by China to shore up its economy boosted risk appetite. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.4%. Japan’s Nikkei added 0.9% and Australian shares rose 1.3%. Read more here.
8:55am: The Dow and S&P 500 both climbed more than 1% on Monday with sentiment boosted by Chinese equities, which soared to a seven-year high on hopes for more infrastructure spending and monetary easing.
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