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Sep 3, 2018

Sep 2, 2018

Sensex maintains 100-pt lead, Nifty hovers around 11,700; IT, pharma gain big

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Gains in IT, pharma and automobiles have helped the market offset losses in banks on Monday morning. Automobile stocks are also rising as investors are reacting to their monthly sales data for August.

Gains in IT, pharma and automobiles have helped the market offset losses in banks on Monday morning, with the Nifty continuing to hold 11,700. The Sensex is up over 100 points. Tech stocks are soaring on the back of a huge upmove on Wipro, which is currently up around 6 percent. The rally is spilling over to other IT stocks as well.

Automobile stocks are also rising as investors are reacting to their monthly sales data for August. Buying counters are also buzzing in the midcaps space, with the Nifty Midcap index extending gains to around half a percent. Other big gainers include Bajaj Auto, and Lupin, while ICICI Bank, Maruti Suzuki and Bajaj Finance have lost the most.

The Sensex is up 127.93 points or 0.33% at 38773.00, while the Nifty is up 29.00 points or 0.25% at 11709.50. The market breadth is positive as 1,115 shares advanced, against a decline of 621 shares, while 100 shares are unchanged.

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Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-maintains-100-pt-lead-nifty-hovers-around-11700-it-pharma-gain-big-2909171.html 
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Aug 31, 2018

Aug 30, 2018

Indian rupee at fresh record low, breaches 71 for the first time

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Rupee opened at a fresh record low of 70.95 per dollar versus previous close 70.74

The Indian rupee breached the 71 mark for the first time in the morning trade Friday. It has opened at a fresh record low of 70.95 per dollar versus previous close 70.74.

Yesterday the rupee ended at fresh life time low of 70.74 the dollar due to month-end demand for the US currency from importers and rising crude oil prices.

However, during the day the rupee slipped to a record low of 70.90 to a dollar.


VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities said, “Indian Rupee has depreciated around 11% year to date. Higher crude oil prices, demand from defense and oil marketing firms have contributed to the latest bout of weakness."

Rupee was overvalued on trade weighted real effective exchange rate. We are not overly concerned about the rupee beyond 72 level. Robust FDI flows in e-commerce companies, healthy forex reserves may limit the downside of the rupee,” he added.

On Thursday, rupee fell to fresh record low levels of 70.80 in the intraday session. The currency in the last few sessions has come under pressure following dollar demand by oil marketing companies and defence related buying. Apart from domestic dollar demand, weakness in Asian currencies also weighed on the rupee, said Motilal Oswal.

Yesterday, Turkish Lira fell by over 5% as resignation of the deputy central bank governor intensified market concerns over the direction of monetary policy. On the other hand, Argentina Peso fell after its central bank raised rates to 60% as it struggles to repay heavy government borrowing.

For the day, rupee is expected to quote in the range of 71 and 71.50 (Sept), it added.

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Source: https://www.moneycontrol.com/news/business/markets/indian-rupee-at-fresh-record-low-breaches-71-for-the-first-time-2901061.html
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