Indian indices may see high volatility this week amid exit polls and election outcome, experts said. “… focus will be firmly on the exit polls due on Monday evening as well as on the final election results on Friday. A decisive verdict from the elections will be a long-term positive for the markets,” said Sanjeev Zarbade, Vice President, Private Client Group Research, Kotak Securities.
Hopes of a stable government assuming power at the Centre after a week triggered an upsurge of buying in markets Friday, with BSE benchmark Sensex zooming by over 650 points to breach the crucial 23,000-level for the first time.
Frenzied buying was witnessed across sectors, mainly in banking, realty, power, refinery and capital goods.
Country’s foreign exchange reserves rose by USD 1.944 billion to USD 311.857 billion in the week ended May 2 on higher currency assets.
Last week, the total reserves rose by USD 499.8 million to USD 309.913 billion.
Foreign currency assets (FCAs), a major part of the overall reserves, surged USD 2.541 billion to USD 284.571 billion in the period, RBI said on Friday .
FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in its reserves.
Sensex crosses 23,000 points; bank stocks rally (Roundup)
(17:54)
Mumbai, May 9 (IANS) A benchmark index of Indian equities markets surged more than 650 points Friday to touch a new life-time high of 23,048.49 points on the back of bazaar optimism that Narendra Modi-led Bharatiya Janata Party (BJP) would be able to form a stable government post general elections that end next week.
The benchmark Sensex today crossed record 23,000 level for the first time but closed a tad lower at 22,994.23, posting its biggest single-day gain of 650.19 points since September 2013, on strong FII buying in banking, auto and power stocks ahead of election results next week.
In the day trade, the 30-share BSE barometer scaled its all-time high of 23,048.49 points as ICICI Bank, Tata Motors and Reliance Industries spurted.
A benchmark index of Indian equities markets surged more than 650 points Friday to touch a new life time high of 23,048.49 points on the back of growing optimism that Narendra Modi-led Bharatiya Janata Party (BJP) would be able to form a stable government post general elections that end next week.
This is the first time that the 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE) crossed 23,000 points in its history so far.
A benchmark index of Indian equities markets surged more than 500 points Friday on growing optimism that Narendra Modi-led Bharatiya Janata Party (BJP) would be able to form a stable government post general election that ends next week.
The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 22,374.98 points, was trading at 22,851.05 points in the afternoon session, up 507.01 points or 2.27 percent from the previous day’s close at 22,344.04 points.
The Sensex touched a high of 22,862.17 points and a low of 22,317.18 points in trade.
A benchmark index of Indian equities markets gained nearly one and a half percent during the pre-noon trade session Friday, as banks, capital goods and automobile stocks rallied.
However, healthcare stocks came under sustained selling pressure.
The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 22,374.98 points, was trading at 22,613.77 points in the pre-noon session, up 269.73 points or 1.21 percent from the previous day’s close at 22,344.04 points.
The rupee today fell marginally by 3 paise to 60.10 against the dollar in early trade on the Interbank Foreign Exchange due to appreciation of the US currency overseas.
Dealers attributed the domestic currency’s fall to dollar gains against other currencies overseas, but a higher opening in the domestic equity market capped rupee’s losses.
The rupee had gained 6 paise to close at 60.07 against the dollar in yesterday’s trade on fresh selling of the American currency by banks and exporters in view of strong capital inflows.
Extending yesterday’s gains, the benchmark BSE Sensex rose over 38 points in early trade today on selective buying by investors amid a mixed trend on other Asian bourses.
The 30-share index, which had gained 20.14 points in yesterday’s volatile session, rose further by 38.72 points, or 0.17 per cent, to 22,382.76 with stocks of power, banking, IT, realty, metals and FMCG sectors moving up.
The National Stock Exchange index Nifty also moved up by 6.40 points, or 0.10 per cent, to 6,666.25.
The benchmark BSE Sensex recovered nearly 89 points in early trade today on emergence of buying by funds and retail investors amidst a firming trend in global markets after Federal Reserve Chief Janet Yellen’s upbeat outlook on the US economy.
The 30-share index rose by 88.71 points, or 0.40 per cent, to 22,412.61 points with metal, healthcare, realty and power sector stocks leading the recovery. The index had lost 184.52 points in yesterday’s trade.
The National Stock Exchange index Nifty moved up by 25.10 points, or 0.38 per cent, to 6,677.65.
The rupee recovered by 12 paise to 60.01 against the dollar at the Interbank Foreign Exchange market today on fresh selling of the US currency by exporters.
Forex dealers said a higher opening in the domestic equity market and strengthening of the euro against the US currency overseas also supported the rupee.
The rupee closed 2 paise lower at 60.13 yesterday as a sudden demand for the US currency emerged at fag-end of trade.
Meanwhile, the benchmark BSE Sensex rose by 88.71 points, or 0.40 per cent, to 22,412.61 in early trade today.PTI
Financial Technolgies (India) Ltd chairman Jignesh Shah was Wednesday arrested in connection with the Rs.5,574.34 crore NSEL payments crisis of last year, a police official said.
This is the 10th and key arrest in the case involving the National Spot Exchange Ltd , which is owned more than 99 percent by Shah’s FTIL, Additional Police Commissioner (Economic Offences Wing) Rajvardhan Sinha told media persons here.
Besides Shah, former CEO of Multi-Commodity Exchange of India (MCX) S. Javalgekar has also been arrested.
The duo will be produced before a court Thursday, Sinha said.
The rupee rose to above 60-level at 59.96 against the dollar but surrendered the gain to settle the day lower by a marginal two paise at 60.13 as a sudden demand for the US currency emerged at fag end of trade.
The rupee resumed higher at 60.02 as against the last closing level of 60.11 at the Interbank Foreign Exchange (Forex) Market and firmed up further to 59.96 on dollar selling by exporters and some banks.
A benchmark index of Indian equities markets closed Wednesday’s trade 184.52 points or 0.82 percent down as IT, automobile and technology, media and entertainment stocks tanked.
However, healthy buying was observed in consumer durables and power stocks.
The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 22,488.96 points, closed the trade at 22,323.90 points (provisional), down 184.52 points or 0.82 percent from the previous day’s close at 22,508.42 points.
The benchmark BSE Sensex fell by 22 points in early trade today as funds and retail investors preferred to book profits after two sessions of gains amid a weakening global trend.
The 30-share barometer, which had gained 104.53 points in the past two sessions, declined by 21.92 points, or 0.09 per cent, to 22,486.50 with stocks of metals, banking and IT sectors coming under some pressure.
Similarly, the NSE Nifty also traded lower by 4.25 points, or 0.06 per cent, to 6,711.05.
Continuing its rising trend, the rupee strengthened by another 9 paise to 60.02 against the US dollar in early trade today at the Interbank Foreign Exchange market as the American currency weakened against rivals overseas.
Besides, increased dollar selling by exporters supported the rupee but a lower opening in the domestic equity market restricted the gains, forex dealers said.
The rupee had gained 10 paise to close at 60.11 against the dollar in yesterday’s trade on fag-end selling of the US currency by banks and exporters.
A benchmark index of Indian equities markets gained 94.05 points or 0.42 percent Tuesday as capital goods and oil and gas sectors gained.
Good buying was observed in capital goods, banking and oil and gas 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 22,512.23 points, was trading at 22,539.17 points in the pre-noon session, up 94.05 points or 0.42 percent from the previous day’s close at 22,445.12 points.
Extending yesterday’s gains, the benchmark BSE Sensex rose over 114 points in early trade today on increased buying by funds and retail investors mainly in oil and gas, banking, capital goods, realty and FMCG sector stocks.
The 30-share barometer gained 114.04 points, or 0.51 per cent, to 22,559.16. It had gone up by 41.23 points in the previous session.
The National Stock Exchange index Nifty was higher by 40.60 points, or 0.61 per cent, at 6,739.95 in the morning trade.
A benchmark index of Indian equities markets gained 103.69 points or 0.46 percent during the pre-noon session Monday.
Good buying was observed in oil and gas, metal and capital goods 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 22,412.80 points, was trading at 22,507.58 points in the pre-noon session, up 103.69 points or 0.46 percent from the previous day’s close at 22,403.89 points.
Foreign direct investment (FDI) in the services sector declined 54 per cent to USD 2.18 billion during April-February of 2013-14 from a year earlier.
Services such as banking, insurance, outsourcing, R&D, courier and technology testing had received USD 4.74 billion of FDI during April-February 2013, according to data from the Department of Industrial Policy and Promotion (DIPP).
According to experts, foreign investors will move ahead with their decisions once a new government takes over after the ongoing Lok Sabha elections.
Foreign Portfolio Investors (FPIs), a newly created class for overseas investors, will be able to invest up to USD 81 billion (close to Rs 4 lakh crore) in government and corporate debt securities in India.
This would include investments up to USD 30 billion in government debt and up to USD 51 billion in corporate debt securities under the new FPI regime, which would come into force from next month.
Deutsche Asset Management India has launched two-year close-ended debt funds called DWS Fixed Maturity Plan (FMP) Series 68 and 69.
While subscription to the new fund offer of DWS FMP- Series 68 begins from May 2 till May 12, it would be May 9 till May 19 for Series-69, according to a company release issued here today.
“The objective of the above schemes is to generate income by investing in debt and money market instruments maturing on or before the date of the maturity of the scheme. The schemes will invest predominantly in non convertible debentures (NCD),” it said.
A benchmark index of Indian equities markets gained 95.82 points or 0.43 percent during the pre-noon session Friday.
Good buying was observed in banking, healthcare and IT sectors, while selling pressure was seen in capital goods sector.
The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 22,493.59 points, was trading at 22,513.62 points in the pre-noon session, up 95.82 points or 0.43 percent from the previous day’s close at 22,417.80 points.
The Sensex touched a high of 22,575.62 points and a low of 22,433.55 points in trade.
Snapping four days of losses, the benchmark BSE Sensex rebounded over 157 points in early trade today on across the board buying by funds and retail investors amid a mixed trend in the Asian region.
The 30-share index recovered by 157.18 points, or 0.70 per cent, to 22,574.98 with stocks of banking, capital goods, realty and healthcare sectors leading the gains. The index had lost over 458 points in the previous four sessions.
Similarly, the National Stock Exchange index Nifty moved up by 40.55 points, or 0.61 per cent, to 6,736.95.