BackLive: Rupee closes stronger against dollar at 63.66
Here are the key developments affecting the domestic and international markets today
Premium5:00pm: The Indian rupee closes at 63.66 against dollar compared with its previous close of 64.01.
3:30pm: The S&P BSE Sensex recovers to close 0.17%, or 45.04 points, lower at 27,206.06, while the CNX Nifty closes 0.14%, or 11.25 points lower, at 8,224.20.
Top 5 gainers
Hindalco Industries Ltd rose 2.81% to ₹ 137.25
State Bank of India rose 2.59% to ₹ 281.25
Bajaj Auto Ltd rose 1.73% to ₹ 2,162
Mahindra and Mahindra Ltd rose 1.63% to ₹ 1,225
Tata Steel Ltd rose 1.54% to ₹ 365.10
Top 5 losers
Vedanta Ltd fell 1.65% to ₹ 214.30
Sun Pharmaceutical Industries Ltd fell 1.12% to ₹ 944.70
Infosys Ltd fell 1.09% to ₹ 1,934.55
Wipro Ltd fell 1.04% to ₹ 536.50
HDFC Ltd fell 0.92% to ₹ 1,208.30
3:28pm: Shares of NCC Ltd rose 7.35% to ₹ 102.95 after the company reported consolidated net profit of ₹ 51.98 crore in the March quarter as compared with ₹ 2.91 crore in the year ago period.
3:08pm: According to a PTI report, the Reserve Bank of India (RBI) plans to set up an IT wing to address the rising challenges from cyber world, says governor Raghuram Rajan
According to a PTI report, RBI moots legislative changes to speed up financial sector reforms, says governor Raghuram Rajan.
3:00pm: The S&P BSE Sensex pares losses, trades 0.22%, or 59.50 points, lower at 27,191.60, while the CNX Nifty falls 0.30%, or 24.75 points, to 8,210.70.
2:11pm: Nitesh Estates Ltd is trading at ₹ 16.01 on BSE, up 10% from its previous close. Goldman Sachs and Nitesh Estates plan to invest $250 million in Indian real estate sector. Goldman Sachs will also give financing commitment of $37 million for Nitesh Estates’ acquisition of Koregaon Park Plaza shopping mall, office complex in Pune.
2:05pm: Aditya Birla Nuvo Ltd jumps 4.5% to ₹ 1,911 after the company reported 88.29% jump in its net profit to ₹ 331.63 crore in the March quarter as compared with ₹ 176.13 crore a year ago.
1:58pm: The S&P BSE Sensex is trading stable at 27,116.80, down 134.30 points, or 0.49%.
1:00pm: Public sector banks are trading higher after Indian Bank and Oriental Bank of Commerce reported improved bad loan ratios. Allahabad Bank jumps 5.8%, Syndicate Bank is up 3.5%, Union Bank of India 3.1%, Andhra Bank 3%, Bank of India 2.7%, Canara Bank 2.2%, Indian Overseas Bank 1.6%, IDBI Bank Ltd 1.5%, State Bank of India 1.4% and Punjab National Bank 1.7%.
12:45pm: Indian Bank is trading at ₹ 164 on BSE, up 6.4% from its previous close, after the bank reported an improvement on the bad loans front on a quarter-on-quarter basis. The bank reported gross NPAs at 4.4% for the March quarter compared with 4.52% in the December quarter.
12:17pm: The S&P BSE Sensex is trading at 27,119.83, down 131.27 points, or 0.48%.
12:10pm: Oriental Bank of Commerce jumps 5.5% to ₹ 204.20. The bank reported net loss of ₹ 178.44 crore in March quarter compared with net profit of ₹ 310.32 crore a year ago. However, its gross NPA improved to 5.18% in March quarter compared with 5.43% in the December quarter.
12:07pm: The 10-year bond yield erases all its morning gains and is trading lower soon after government released WPI Inflation data for April. The bond yield is trading at 7.951% compared with its previous close of 7.956%. In intra-day trade, the 10-year yield had risen to 7.973%. The wholesale price inflation stood at -2.65% in April compared with -2.33% in March.
11:41am: The S&P BSE Sensex is trading down 153.75 points, or 0.56%, to 27,097.35.
11:15am: UFO Moviez Ltd shares opened nearly 4% below the issue price on its first day as a public company. The stock opened at ₹ 600 apiece in its debut trade, ₹ 25 lower than its initial public offer (IPO) price on BSE. Read more.
11:00am: Glenmark Pharma gains 2.4% after CLSA starts coverage with “buy" rating and target price of ₹ 1,060. CLSA says drugmaker is at the cusp of revival with pick-up in US approvals.
The stock has 24 “buys", six “holds" and one “sell" rating, according to Thomson Reuters Eikon data.
10:37am: The S&P BSE Sensex is now trading at 27,172.51, down 78.59 points, or 0.29%.
10:25am: Lupin Ltd declines 5.4% to ₹ 1,599. The company on Wednesday said it has acquired Brazilian drug maker Medquímica Indústria Farmacêutica SA. The value of the deal was not disclosed. It said fourth quarter profit fell 1.1% to ₹ 547.01 crore.
10:18am: Pantaloons Fashion and Retail Ltd drops 4.5% to ₹ 166 after the company said its net loss for the March quarter was at ₹ 63.74 crore compared with ₹ 70.75 crore a year ago.
10:12am: Man Industries India Ltd is trading up 6.9% to ₹ 64.70 on BSE after the company said it has got export orders worth ₹ 510 crore from the international market for the oil and gas sector.
10:07am: Ashoka Buildcon Ltd surges 12% to ₹ 172.50 on BSE after the company reported a 116% jump in its net profit to ₹ 68.66 crore in the March quarter compared with ₹ 31.78 crore a year ago.
10:03am: Pennar Industries Ltd climbs 6.7% to ₹ 50.75 on BSE after the company said its net profit jumped 116% to ₹ 16.02 crore in the March quarter compared with ₹ 7.42 crore in the same quarter last year.
10:00am: Dalmia Bharat Ltd jumps 5.3% to ₹ 495 after the company reported consolidated net profit of ₹ 47.28 crore in the March quarter compared with a net loss of ₹ 4.09 crore a year ago.
9:55am: Aditya Birla Chemicals India Ltd rises 3.6% to Rs220 after the company said its net profit jumped 1052% in the March quarter to ₹ 8.56 crore from ₹ 74.33 lakh a year ago.
9:50am: Earnings—Aditya Birla Nuvo Ltd, Amtek Auto Ltd, Amtek India Ltd, Arvind Ltd, Balkrishna Industries Ltd, Bank of Maharashtra, Castrol India Ltd, DB Corp Ltd, Essar Ports Ltd, Gujarat State Fertilizers and Chemicals Ltd, Graphite India Ltd, Indian Bank, Jubilant Foodworks Ltd, Manappuram Finance Ltd, Monsanto India Ltd, Multi Commodity Exchange of India Ltd, NCC Ltd, Oracle Financial Services Software Ltd, Oriental Bank of Commerce, PC Jeweller Ltd, Prism Cement Ltd, Tata Teleservices (Maharashtra) Ltd, VIP Industries Ltd and Zydus Wellness Ltd.
9:47am: Sensex losers—Housing Development Finance Corp. Ltd (HDFC) falls 1.4% to ₹ 1,202.50, while HDFC Bank Ltd is down 1.34% to ₹ 977. HDFC Bank has classified its loan to Essar Steel India as bad in the quarter to March and decided against extending new credit to the company, Bloomberg reported.
Essar Steel India Ltd seeking to restructure part of its about Rs38,000 crore in debt. State Bank of India, ICICI Bank Ltd, Axis Bank Ltd and HDFC Bank are part of a consortium that had lent to Essar Steel, the report said.
9:45am: Sensex gainers—NTPC Ltd rises 2.5% to ₹ 141, while Cipla Ltd jumps 2.1% to ₹ 690.75.
9:40am: BSE sectoral indices—All the sectoral indices are trading lower. The BSE Bankex is the top loser, down 1.1%, followed by Realty and IT indices, which were down 1% each.
9:37am: The Sensex is trading lower by 0.49%, or 133.63 points, at 27,117.47, while the 50-share CNX Nifty of the National Stock Exchange is down 0.59%, or 48.75 points, to 8,186.70.
9:30am: India’s equity benchmark indices are trading lower ahead of wholesale price inflation data due after 12pm.
9:20am: The yield on India’s 10-year benchmark bond is trading at 7.962% compared with Tuesday’s close of 7.956%. Bond yields and prices move in opposite directions.
9:17am: According to estimates of 33 Bloomberg economists, the WPI will be -2.3% in April compared with -2.33% in March.
9:15am: The rupee saw little change against the dollar, ahead of the announcement of the wholesale price index (WPI)-based inflation data for April at 12pm. The local unit opened at 63.98 per dollar compared with its previous close of 64.01.
9:11am: The euro rises to $1.1352 from $1.1242 in the previous trading session. The dollar falls to 119.22 yen from 119.85 yen.
9:08am: Benchmark US crude oil is down 37 cents at $60.13 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude is down 18 cents at $67.09 a barrel in London.
9:03am: Japan’s benchmark Nikkei 225 drops 0.6% to 19,656.28. Australia’s S&P/ASX 200 dips 0.9% to 5,664.60. Hong Kong’s Hang Seng inches up 0.1% to 27,278.94, and South Korea’s Kospi adds 0.1% to 2,115.96. Markets in Southeast Asia were mixed.
9:00am: Asian stock markets drift lower after weak retail sales figures suggested the US economy is struggling to maintain growth momentum.
8:57am: Weighing on investor sentiment was a relatively pessimistic report on US retail sales released on Wednesday. The commerce department’s latest monthly report showed retail sales were essentially flat in April, falling short of Wall Street forecasts.
8:55am: The Dow Jones industrial average fell 7.74 points, or 0.04%, to 18,060.49 on Wednesday. The Standard and Poor’s 500 index was down 0.64 points, or 0.03%, to 2,098.48. The Nasdaq composite added 5.5 points, or 0.1%, to 4,981.69. The indexes were up for the month and year.
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