India’s foreign exchange (forex) reserves declined by $2.26 billion to $312.65 billion for the week ended May 23, led by a sharp fall in overseas currency assets, Reserve Bank of India (RBI) data showed.
The reserves have fallen for the first time in the last five weeks.
The reserves had risen by $1.09 billion to $314.92 billion for the week ended May 16. For the week ended May 9, the Forex had gained by $1.97 billion to $313.83 billion.
After weeks of robust gains, India’s foreign exchange reserves declined by a whopping USD 2.268 billion to USD 312.656 billion in the week ended May 23, mainly on account of a massive drop in currency assets.
In the previous week, the total reserves had risen by USD 1.093 billion to USD 314.92 billion.
Foreign currency assets (FCAs), a major constituent of the overall reserves, dropped by USD 2.255 billion to USD 285.560 billion in the period, Reserve Bank said in a statement here.
The benchmark Sensex on Friday failed to hold to to early gains and ended 17 points lower due to losses in banking and consumer durable shares, logging its worst weekly drop since January.
Profit-booking ahead of GDP data later this evening and RBI monetary policy review next week were among the factors that led to markets closing on a negative note, said brokers.
A benchmark index of Indian equities markets was trading flat at – 19.37 points or 0.08 percent up – Friday as capital goods and oil and gas stocks rally.
Good buying was observed in capital goods, oil and gas and metal sectors, while selling pressure was seen in banking sector.
The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 24,300.99 points, was trading at 24,253.52 points in the early session, up 19.37 points or 0.08 percent from the previous day’s close at 24,234.15 points.
The rupee strengthened by seven paise to 58.86 against the dollar in early trade today at the Interbank Foreign Exchange market on increased selling of the US currency by exporters.
The local currency had gained 11 paise to close at 58.93 per dollar yesterday following late selling of the American currency by exporters amid stable local equities.
Forex dealers said besides increased dollar selling by exporters, strength in other currencies against the American currency overseas also supported the rupee but a lower opening of the domestic equity market capped the gains.
The benchmark BSE Sensex declined by nearly 78 points in early trade today as several stocks suffered losses on selling by funds and retail investors ahead of monthly expiry in the derivatives segment.
The 30-share barometer, which had gained 6.58 points in yesterday’s choppy trade, moved down by 77.78 points, or 0.32 per cent, to 24,478.31 with IT, auto, PSUs, metal and banking stocks leading the fall.
Also, the National Stock Exchange index Nifty shed 13.25 points, or 0.18 per cent, to 7,316.40.
A benchmark index of Indian equities markets Wednesday closed flat — only 6.58 points or 0.03 percent up — on the back of profit booking as foreign institutional investors (FIIs) turned sellers and caution prevailed ahead of May derivatives expiry.
Heavy selling pressure was observed in metal, automobile, oil and gas and consumer durables.
However, healthy buying took place in information technology (IT), bank, technology, entertainment and media (TECK) and capital goods.
After closing the previous day down 167 points or 0.68 percent on profit booking, the Sensitive Index (Sensex) of the Bombay Stock Exchange was trading flat Wednesday.
The key index, which opened at 24,591.61 points, against the previous day’s close at 24,549.51 points, was ruling at 24,548.14 points some three hours into trading, with a marginal loss of just 0.64 points.IANS
The net capital inflows to India are likely to increase sharply in FY’15, buoyed by the historic victory of the BJP-led NDA headed by Prime Minister Narendra Modi, says a Nomura report.
According to the global financial services firm, this historic victory has enthused investor confidence that the government will pursue reforms and policies that will put India back on high growth trajectory over the medium term.
“We expect a USD 25 billion balance of payments surplus in FY’15,” Nomura said in a research note.
The benchmark BSE Sensex gained nearly 92 points in early trade Wednesday on buying in capital goods, power, banking, consumer durables, IT and healthcare stocks.
Besides, a firming trend in other Asian markets also influenced the trading sentiment here.
The 30-share index, which had retreated from record closing by losing 167.37 points in the previous session, recovered by 91.69 points, or 0.37 percent, to 24,641.20.
Also, the National Stock Exchange index Nifty rose 23.45 points, or 0.32 percent, to 7,341.45.
Foreign investment inflows are estimated to more than double to USD 60 billion level this fiscal as overseas investors repose confidence in Narendra Modi-led government that is expected to unleash big-bang reforms to reboot the economy, says an Assocham study.
Prior to the formation of the new government on Monday, equity benchmarks scripted a strong rally to close firm on Friday.
On Monday BJP leader Narendra Modi will be sworn in as Prime Minister followed by the swearing in of his new Cabinet.
The benchmark BSE Sensex closed at 24,693, up 1.31 per or cen319 points. The Nifty settled at the 7,367 mark, up 1.25 per or cent 91 points.
Except for FMCG and consumer durables, all sectoral indices closed in the green, led by the power and oil and gas sectors.
A benchmark index of Indian equities markets surged 206.39 points or 0.85 percent Friday as capital goods and oil and gas stocks gain.
Good buying was observed in capital goods, oil and gas, metal and IT sectors, while selling pressure was observed in consumer durables and banking sectors.
The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 24,535.14 points, was trading at 24,580.79 points in the pre-noon session, up 206.39 points or 0.85 percent from the previous day’s close at 24,374.40 points.
Extending yesterday’s gain, the rupee today rose by another 10 paise to trade at a fresh 11-month high of 58.37 against the US dollar in early trade on increased selling of the American currency by exporters.
Increased selling of the dollar by banks and exporters amid sustained foreign capital inflows supported the rupee, dealers said.
Besides, a higher opening in the domestic equity market also helped the rupee, but dollar’s gain against other currencies overseas limited the rise, they added.
Maintaining its upward trend, the benchmark BSE Sensex today rose further by over 121 points in early trade on the back of rally in realty, auto, power and capital goods sector stocks amid increased fund inflows.
Besides, a firming trend on other Asian markets supported the upside.
The 30-share Sensex spurted by 121.05 points, or 0.50 per cent, to trade at 24,495.45. The gauge had gained 76.38 points in yesterday’s trade.
The 50-share NSE Nifty also moved up by 22.90 points, or 0.31 per cent, to 7,299.30.
On the day when Narendra Modi stormed to power at the Centre, the NSE witnessed a record 1.18 crore trades in the cash segment and 52.41 lakh trades in the equity derivative segment.
“We have added 2,000 new customers and seen an average daily turnover of Rs.4,500 crore in May, making it our best month since our business began four years back. Total funds allocated for trading by our clients have also increased by 8 per cent in the last 10 days alone,” said Kamath.
What is heartening for the broking houses is that this time activity is surging in the cash segment too.
A benchmark index of Indian equities markets Thursday closed 76 points or 0.31 percent up, as consumer durables, metal and oil and gas stocks rallied.
On Wednesday, the index had closed 78.86 points, or 0.32 percent, down — in negative territory for the first time after four straight sessions of gains.
In the day’s trade, healthy buying was observed in consumer durables, metal, oil and gas, bank and realty stocks.
However, information technology (IT) and technology, entertainment and media (TECK) sectors witnessed heavy selling pressure.
The benchmark BSE Sensex rebounded over 125 points in early trade today after yesterday’s fall as funds and investors made fresh purchases in consumer durables, realty, metal and PSU sector stocks amidst a firming trend in Asian markets.
The 30-share index, which had slipped from record highs by falling 78.86 points in yesterday’s trade, recovered by 125.37 points, or 0.52 per cent, to trade at 24,423.39.
All the sectoral indices, led by realty and consumer durables, were trading in the positive zone with gains up to 7.77 per cent.
Luxury cars, durables and consumer electronics could become cheaper in the coming months on the back of a stronger rupee, which is expected to maintain its astral showing after Narendra Modi-led BJP got a majority mandate in the elections.
However, despite poor sales, companies, which had resorted to price rise when the Indian currency hit a record low of 68.83 to a dollar, are not going to go for a cut at once and wait for the budget to get more cues on government policy.
Infrastructure and real estate player Jaypee Group plans to invest Rs.2,000 crore in the next three to five years in healthcare ventures in Uttar Pradesh, Vikram Singh, chief executive officer of Jaypee Hospital, said.
“We are planning Rs.2,000 crore investment in the next three to five years. With this investment we plan to add around 4,000-5,000 beds. These hospitals will come up in various places,” Singh told IANS in an interview.
The investment will be done in a mix of one-third debt and two-third equity, he said.
A benchmark index of Indian equities markets was trading 57.70 points or 0.24 percent down Wednesday as capital goods and banking sectors slumped.
Good buying was observed in metal and auto sectors, while selling pressure was seen in capital goods and banking sectors.
The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 24,404.48 points was trading at 24,319.18 points in the pre-noon session, down 57.70 points or 0.24 percent from the previous day’s close at 24,376.88 points.
The rupee today weakened by 13 paise to trade at 58.76 in early trade at the Interbank Foreign Exchange market due to increased dollar demand from importers.
A lower opening at the domestic equity market due to profit-booking, and dollar’s gain against euro overseas also put pressure on the rupee, traders said.
The rupee had retreated four paise from its 11-month high levels to close at 58.63 against the dollar yesterday on fresh demand for the US currency from importers, amid some profit- booking in stocks.
The BSE benchmark index Sensex today retreated from record by losing almost 47 points in early trade on profit-booking by speculators in oil and gas, PSUs and banking stocks, amid a weak trend in the global markets.
The 30-share barometer, which had gained over 562 points in the past four sessions after the BJP-led NDA swept the polls, shed 46.88 points, or 0.19 per cent, to 24,330.00.
On similar lines, the broad-based National Stock Exchange index Nifty fell by 12.80 points, or 0.18 per cent, to 7,262.70.
Continuing its winning streak for the fourth straight session, the benchmark BSE Sensex spurted by another 224 points in early trade after stocks of power, capital goods, PSUs and banking sectors rallied on sustained foreign fund inflows amidst a firming trend overseas.
The 30-share Sensex shot up by 224.11 points, or 0.91 per cent, to trade at 24,587,16. The gauge had climbed nearly 548 points in the past three sessions after the BJP-led NDA received a clear mandate in the Lok Sabha polls.
The 50-share NSE Nifty gained 90.10 points, or 1.24 per cent, to quote at 7,353.65.
Continuing its rise for the fifth straight day, the rupee today edged higher by 5 paise to 58.54 against the US dollar in early trade on sustained capital inflows amidst selling of the American currency by banks.
In the last four trading sessions, the rupee has gained 146 paise.
Forex dealers said sustained foreign capital inflows after a clear mandate for the BJP to form a stable government at the Centre boosted the sentiment.