Financials

A benchmark index of Indian equities markets Monday hit a record high of 28,514.98 points, surpassing its previous record high of 28,360.66 points hit Nov 21.

Good buying was observed in metal, banking and capital goods, while marginal pressure was seen in fast moving consumer goods (FMCG) sector.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 28,413.01 points, was trading at 28,488.25 points (at 09.26 a.m.) in the early session, up 153.62 points or 0.54 percent from the previous day’s close at 28,334.63 points.

Swiss brokerage UBS Securities remained bullish on domestic equities for 2015 while being overweight on banks and underweight on consumer staples and IT services.

“We remain bullish on Indian equities for 2015. The economic growth recovery underway will likely sustain current valuations, especially as it starts manifesting in both macro and micro data points. Unlike the last three years, we expect consensus earnings growth estimates of 15 per cent plus for FY16/FY17 to be met,” UBS said in its report here.

India’s market regulator Saturday ruled out any relook on its new delisting norms and said the new rules would make promoters reach out to the investors.

Speaking to reporters here, Securities and Exchange Board of India (SEBI) chairman U.K.Sinha ruled out chances of reviewing the new delisting norms approved by the board recently.

India’s foreign exchange reserves grew by $419.4 million to $315.55 billion for the week ended Nov 14, Reserve Bank of India (RBI) data showed.

The reserves had fell by $778.4 million to $315.13 billion for the week ended Nov 7.

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, gained $422.7 million at $290.06 billion in the week under review.

The foreign currency assets had declined by $726 million at $289.63 billion in the previous week (Nov 7).

The Competition Commission will look at whether there is any cartelisation among banks, especially public sector lenders, in keeping the interest rate on savings accounts at the uniform level of four percent.

The trend has come to the attention of the fair trade watchdog since the Reserve Bank of India (RBI) has decontrolled the interest rates and each bank is free to fix its own rate.

Japanese Finance Minister Taro Aso Friday expressed concern over the sharp depreciation of the yen against the dollar this week, and said abrupt movements in the foreign exchange market were not beneficial to the Japanese economy.

“The yen’s depreciation against the dollar over the past week has been too rapid,” Aso told reporters after the yen fell Wednesday from 116 to 118 to the dollar for the first time in seven years and three months.

The US currency has climbed 15 percent against the Japanese yen since August.

The rupee strengthened by 8 paise to 61.86 against the dollar in early trade on Friday at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks amid a higher opening in the domestic equity market.

Forex dealers said besides increased selling of the American currency by exporters and banks, the dollar’s weakness against rivals overseas supported the rupee.

A benchmark index of Indian equities markets Friday was trading 139.33 points or 0.50 percent up as banking stocks surged.

Good buying was observed in banking, consumer durables and auto sectors, while marginal selling pressure was seen in healthcare sector.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 28,100.10 points, was trading at 28,206.89 points (at 09.49 a.m.) in the early session, up 139.33 points or 0.50 percent from the previous day’s close at 28,067.56 points.

Union Finance Minister Arun Jaitley on Thursday asked public sector banks to be proactive in funding various projects.

Jaitley, who met the heads of public sector banks to review the financial performance of the second quarter, emphasized on funding and supporting of government projects by the banks.

“We have suggested to the banks proactive steps in funding and supporting various projects so that credit take-off regard to those projects also picks up in a big way,” said Jaitley.

A benchmark index of Indian equities markets Thursday closed trading flat at 34.71 points or 0.12 percent up as healthcare stocks gained.

Good buying was observed in healthcare and IT sectors, while selling pressure was seen in consumer durables, capital goods, metal and auto sectors.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 28,100.84 points, closed trading at 28,067.56 points — up 34.71 points or 0.12 percent — from the previous day’s close at 28,032.85 points.

Private equity investments in the country rose 27 per cent to USD 3.01 billion in the July-September period, the fifth consecutive quarter of upswing, says a PwC report.
A quarterly study of PE investment activity based on data provided by Venture.

Intelligence, such funds in the third quarter of this year totalled USD 3.01 billion through 103 deals, according to the PwC MoneyTree India report.

The rupee dropped to a nine-month low against the US currency in late morning deals today and was down 18 paise to 62.14 on sustained dollar demand from importers amid strong greenback overseas.

The Indian unit resumed lower at 62.03 per dollar as against the yesterday’s closing level of 61.96 at Interbank Foreign Exchange market.

Later, it depreciated sharply to a nine-month low at 62.22 before paring some of its losses to quote at 61.14 per dollar at 1030 hours.

The rupee hovered in a range of 61.22 and 62.03 per dollar in late morning deals.

A benchmark index of Indian equities market Thursday was trading flat at 29.86 points or 0.11 percent down as auto stocks slumped.

Good buying was observed in healthcare sector, while selling pressure was seen in auto, capital goods and consumer durables sectors.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 28,100.84 points, was trading at 28,002.99 points (at 09.28 a.m.) in the early session, down 29.86 points or 0.11 percent from the previous day’s close at 28,032.85 points.

The US dollar ended dearer against the rupee to 61.96/97 per dollar, and the pound sterling finished higher at Rs 97.18/20 per pound at the close of the Interbank Foreign Exchange Market today.

Following are the Interbank Forex and RBI rates: (In Rs Per Unit) Unit Interbank RBI Reference US Dollar 61.96/97 US Dollar Rs 61.8280 Pound Sterling 97.18/20 Euro Rs 77.4210 Euro 77.70/72
Japanese Yen (100) 52.68/70

A benchmark index of Indian equities markets closed Wednesday’s trade down 130.44 points or 0.46 percent as metal stocks slumped.

However, the benchmark index touched a new intra-day high of 28,294.01 points, surpassing its previous record of 28,282.85 points hit Tuesday.

Heavy selling pressure were seen in metal, oil and gas, banking, auto and consumer durables sectors, while some marginal good buying was observed in information technology (IT) sector.

The benchmark Sensex today logged new lifetime high of 28,294.01 but retreated after a late fall gripped stocks to end 130 points down at 28,032.85, amid profit-taking in bluechips from metal, power and oil&gas space.

The BSE 30-share barometer, after hitting the new peak in the opening trade, succumbed to profit-booking and selling by foreign funds at record levels. At one point, it slipped below the 28,000-mark to touch the day’s low of 27,963.51.

Continuing its losing streak for the fifth straight session, the rupee weakened by another 14 paise to 61.88 in early trade on Wednesday at the Interbank Foreign Exchange on increased dollar demand from banks and importers.

Forex dealers said increased demand for the American unit from importers mainly weighed on the rupee but surging domestic equity markets and the uro’s gain against the dollar, capped the fall. The rupee had shed one paise to end at one-month low of 61.74 against the US dollar in yesterday’s trade.

A benchmark index of Indian equities markets Wednesday touched a record high of 28,294.01 points surpassing its previous high of 28,282.85 points it hit Tuesday.

Good buying was observed in capital goods, auto and healthcare sectors, while selling pressure was seen in IT sector.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 28,193.90 points, was trading at 28,242.19 points (at 09.24 a.m.) in the early session, up 78.90 points or 0.28 percent from the previous day’s close at 28,163.29 points.

A benchmark index of Indian equities markets closed Tuesday’s trade flat — down 12.41 points or 0.04 percent — as information technology (IT) stocks lost marginally.

Sustained selling pressure was observed in consumer durables, oil and gas and fast moving moving consumer goods (FMCG) sectors, while healthy buying was seen in capital goods, automobile, metal, bank and power scrip.

Continuing its falling streak for the fourth straight day, the rupee lost another 8 paise to 61.81 against the US dollar in early trade on Tuesday at the Interbank Foreign Exchange due to increased demand for the US currency from importers.

Forex dealers attributed the rupee’s fall to increased demand for the dollar from importers but the euro’s strength against the US currency and a higher opening in the domestic equity market capped the fall to some extent.

Finance Minister Arun Jaitley Monday said that if the Reserve Bank of India moved to lower the cost of capital by cutting interest rates at this juncture of cooling inflation, it would provide a “good fillip” to the economy.

“I am quite clear in my mind that the cost of capital has to come down. Inflation has moderated, global fuel price has eased. Therefore, if the RBI, which is a highly professional organisation, in its wisdom decides to bring down the cost of capital it will give a good fillip to the Indian economy,” he said.

Pitching for a rate cut by RBI, Finance Minister Arun Jaitley today said lower cost of capital will give a “good fillip” to the economy.

“I am quite clear in my mind that the cost of capital has to come down. Inflation has moderated, global fuel price has eased. Therefore, if RBI, which is a highly professional organisation, in its wisdom decides to bring down the cost of capital (it) will give a good fillip to the Indian economy,” he said.

In a healthy trading session, a benchmark index of Indian equities markets Monday touched a new high of 28,205.71 points — surpassing its previous high of 28,126.48 points reached on Nov 12.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE) closed trade at 28,177.88 points — a new record closing high, up 131.22 points or 0.47 percent from its previous day’s close of 28,046.66 points.

Healthy buying was observed in automobile, consumer durables, oil and gas, bank and power sectors, while selling pressure was seen in metal and healthcare segments.

A benchmark index of Indian equities markets was trading flat in the morning trade session Monday – down 67.26 points or 0.24 percent percent as bank stocks plunged.

Healthy buying was observed in automobile, consumer durable and power stocks, however, metal, healthcare and information technology (IT) stocks fell.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 28,018.68 points, was trading at 27,979.40 points (at 10.25 a.m.), down 67.26 points or 0.24 percent from its previous day’s close at 28,046.66 points.

The benchmark BSE Sensex retreated from record high to trade 44 points lower in early trade today on emergence of profit-booking, mainly in healthcare, IT, banking, capital goods and oil and gas sector stocks amid weak Asian cues.

The 30-share Sensex, which had gained 106.02 points in the previous session on Friday, slipped by 44.51 points, or 0.16 per cent, to 28,002.15 in early trade. The gauge had closed at a record high of 28,046.66 in the previous session on Friday on sustained foreign fund inflows and positive economic data.