Closing Bell: Sensex up 191 pts, Nifty ends above 10,700 on global cues. The market has been holding early gains due to buying in HDFC (up 1.5 percent), HDFC Bank (0.83 percent), TCS (1.5 percent), Infosys (1 percent) and ITC (0.89 percent).
The market has been holding early gains due to buying in HDFC (up 1.5 percent), HDFC Bank (0.83 percent), TCS (1.5 percent), Infosys (1 percent) and ITC (0.89 percent).
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Market Closing: Benchmark indices closed higher following positive global cues and the correction in crude oil prices.
The 30-share BSE Sensex was up 190.66 points at 35,160.36 and the 50-share NSE Nifty gained 47.10 points at 10,739.40.
The 30-share BSE Sensex was up 190.66 points at 35,160.36 and the 50-share NSE Nifty gained 47.10 points at 10,739.40.
About 1,397 shares advanced against 1,262 declining shares on the BSE. Nifty Midcap was up 0.8 percent.
Repco Home Finance, DHFL, Marico, Vijaya Bank, Mishra Dhatu, Balrampur Chini, Dhampur Sugar, CG Power, Indiabulls Real Estate, Indiabulls Ventures, Bombay Dyeing and Jet Airways gained up to 8 percent.
Can Fin Homes, InterGlobe Aviation, PC Jeweller, Minda Corporation, UPL, IDBI Bank and HDIL fell up to 19 percent.
Buzzing: PC Jeweller fell more than 48 percent from its highs despite the news of share buyback.
The stock gained nearly 18 percent in morning after the company said it would consider share buyback along with March quarter earnings in next month, but it crashed 20 percent in second half of session on profit booking.
Rupee Outlook: Emkay Research said analysis reveals two important inferences. First, INR/USD movement demonstrates rising inflexibility post the taper tantrum in 2013, justifying RBI's preference for accumulation of Fx reserves. Second, India's excess Fx reserves swelled to a high of USD 110 billion in early 2016. These two factors have created positive market conditions, including a sharp decline in forward premium and lower interest rates.
But, these variables are reversing now. Importantly, while the total reserves at USD 400 billion are at a peak, excess reserves have declined sharply to USD 9 billion. Hence, there is a possibility of India 10-year G-Sec yield breaching our estimated fair value of 8 percent. Given the backdrop of re-emergence of twin deficits and receding global liquidity, we maintain our INR/USD target at 68-70 by the end of FY19.
Crude Update: Oil prices dipped after a rising rig count in the United States pointed to higher production there, but markets held near their highest in over three years and remained set for a second straight month of gains.
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Repco Home Finance, DHFL, Marico, Vijaya Bank, Mishra Dhatu, Balrampur Chini, Dhampur Sugar, CG Power, Indiabulls Real Estate, Indiabulls Ventures, Bombay Dyeing and Jet Airways gained up to 8 percent.
Can Fin Homes, InterGlobe Aviation, PC Jeweller, Minda Corporation, UPL, IDBI Bank and HDIL fell up to 19 percent.
Buzzing: PC Jeweller fell more than 48 percent from its highs despite the news of share buyback.
The stock gained nearly 18 percent in morning after the company said it would consider share buyback along with March quarter earnings in next month, but it crashed 20 percent in second half of session on profit booking.
Rupee Outlook: Emkay Research said analysis reveals two important inferences. First, INR/USD movement demonstrates rising inflexibility post the taper tantrum in 2013, justifying RBI's preference for accumulation of Fx reserves. Second, India's excess Fx reserves swelled to a high of USD 110 billion in early 2016. These two factors have created positive market conditions, including a sharp decline in forward premium and lower interest rates.
But, these variables are reversing now. Importantly, while the total reserves at USD 400 billion are at a peak, excess reserves have declined sharply to USD 9 billion. Hence, there is a possibility of India 10-year G-Sec yield breaching our estimated fair value of 8 percent. Given the backdrop of re-emergence of twin deficits and receding global liquidity, we maintain our INR/USD target at 68-70 by the end of FY19.
Crude Update: Oil prices dipped after a rising rig count in the United States pointed to higher production there, but markets held near their highest in over three years and remained set for a second straight month of gains.
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Oil prices were supported by supply concerns amid prospects that the United States could reimpose sanctions on Iran, while OPEC-led producers continue to withhold output.
Brent crude futures, the international benchmark, dipped 1.33 percent, to USD 73.65 a barrel. Prices climbed as high as USD 75.47 last week, levels not seen since November, 2014.
US West Texas Intermediate (WTI) crude futures were at USD 67.35 a barrel, down 1.10 percent, from their last settlement, reports Reuters.
Brent crude futures, the international benchmark, dipped 1.33 percent, to USD 73.65 a barrel. Prices climbed as high as USD 75.47 last week, levels not seen since November, 2014.
US West Texas Intermediate (WTI) crude futures were at USD 67.35 a barrel, down 1.10 percent, from their last settlement, reports Reuters.
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