Market Live: Sensex flat, Nifty below 10,700; rupee wipes out gains, Dr. Reddy's top gainer. Asian stocks traded higher, tracking upside in US markets post better-than-expected US jobs report.
Asian stocks traded higher, tracking upside in US markets post better-than-expected US jobs report.
Rupee Update: Maintaining its uptrend for the fourth straight day, the rupee strengthened by 21 paise to a fresh one-month high of 66.85 against the dollar in opening today on increased selling of the greenback by exporters and banks, but could not sustain gains for long.
The rupee currently is trading at 67.03 a dollar, up 3 paise from the previous close.
Participants are also keeping an eye on RBI's second bi-monthly monetary policy meeting of 2018-19, being held from June 4-6.
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Forex dealers said a higher opening of the domestic equity market supported the rupee but the dollar's strength against some currencies overseas after the release of an upbeat US jobs report capped the gains.
On Friday, the rupee had gained 35 paise against the US currency to end at a near one-month high of 67.06 after a flurry of upbeat economic data bolstered confidence in the growth outlook. (With inputs from PTI)
On Friday, the rupee had gained 35 paise against the US currency to end at a near one-month high of 67.06 after a flurry of upbeat economic data bolstered confidence in the growth outlook. (With inputs from PTI)
Market Update: The market erased all its opening gains to trade lower despite strong global cues, pulled down by HDFC Bank that fell 2 percent on profit booking.
The Sensex is down around 100 points and the Nifty slips below 10,700 while the Nifty Bank index falls 200 points.
HDFC, TCS and FMCG stocks are under pressure while Reliance Industries, Infosys, ICICI Bank supported the market.
Dr. Reddy's Labs is the top gainer among Nifty50 stocks, rising nearly 3% after getting zero observations for Srikakulam plant from USFDA.
Benchmark indices erased opening gains to trade mildly higher due to selling pressure in HDFC Bank that pulled Nifty Bank index down by 75 points.
The 30-share BSE Sensex rose 39.50 points to 35,266.76 and the 50-share NSE Nifty gained 8.10 points at 10,704.30 while the Nifty Midcap index continues to underperform frontliners, falling 0.12 percent on weak market breadth.
About 907 shares declined against 719 advancing shares on the BSE.
Market Opening: Benchmark indices started off the week on a strong note, tracking a positive lead from global stocks.
The 30-share BSE Sensex rallied 236.77 points to 35,464.03 and the 50-share NSE Nifty rose 61.20 points to 10,757.40.
Hero MotoCorp, L&T, Bajaj Finance, Titan Company, HDFC Bank, ICICI Bank, Dr. Reddy's Labs, IndusInd Bank, HPCL, Tata Motors, BPCL, GAIL, IOC, HDFC and Coal India gained up to 2.5 percent.
Nifty Midcap index gained 54 points and Nifty Bank rallied 271 points.
Vakrangee, Anant Raj, Whirlpool of India, Can Fin Homes, Sanghi Industries, Satin Creditcare gained up to 5 percent.
VST Tillers fell 1 percent.
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The Sensex is down around 100 points and the Nifty slips below 10,700 while the Nifty Bank index falls 200 points.
HDFC, TCS and FMCG stocks are under pressure while Reliance Industries, Infosys, ICICI Bank supported the market.
Dr. Reddy's Labs is the top gainer among Nifty50 stocks, rising nearly 3% after getting zero observations for Srikakulam plant from USFDA.
Benchmark indices erased opening gains to trade mildly higher due to selling pressure in HDFC Bank that pulled Nifty Bank index down by 75 points.
The 30-share BSE Sensex rose 39.50 points to 35,266.76 and the 50-share NSE Nifty gained 8.10 points at 10,704.30 while the Nifty Midcap index continues to underperform frontliners, falling 0.12 percent on weak market breadth.
About 907 shares declined against 719 advancing shares on the BSE.
Market Opening: Benchmark indices started off the week on a strong note, tracking a positive lead from global stocks.
The 30-share BSE Sensex rallied 236.77 points to 35,464.03 and the 50-share NSE Nifty rose 61.20 points to 10,757.40.
Hero MotoCorp, L&T, Bajaj Finance, Titan Company, HDFC Bank, ICICI Bank, Dr. Reddy's Labs, IndusInd Bank, HPCL, Tata Motors, BPCL, GAIL, IOC, HDFC and Coal India gained up to 2.5 percent.
Nifty Midcap index gained 54 points and Nifty Bank rallied 271 points.
Vakrangee, Anant Raj, Whirlpool of India, Can Fin Homes, Sanghi Industries, Satin Creditcare gained up to 5 percent.
VST Tillers fell 1 percent.
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Rupee Update: The Indian rupee opened higher by 10 paise at 66.96 per dollar versus 67.06 Friday.
The rupee rose against the US dollar, on Friday, after India’s Q4 GDP number showed growth of 7.7 percent compared to growth of 7.2 percent in the previous quarter. On the other hand, government data showed India’s fiscal deficit in the year ended March 2018 came in at 3.53% of GDP in line with the revised estimates. Overall, the numbers were in line with estimates and rupee was supported on lower levels, said Motilal Oswal.
India’s FX reserves for the week ended May,25 fell by USD 2.23 billion and currently stands at USD 412.82 billion compared to USD 415.05billion in the previous week.
The rupee rose against the US dollar, on Friday, after India’s Q4 GDP number showed growth of 7.7 percent compared to growth of 7.2 percent in the previous quarter. On the other hand, government data showed India’s fiscal deficit in the year ended March 2018 came in at 3.53% of GDP in line with the revised estimates. Overall, the numbers were in line with estimates and rupee was supported on lower levels, said Motilal Oswal.
India’s FX reserves for the week ended May,25 fell by USD 2.23 billion and currently stands at USD 412.82 billion compared to USD 415.05billion in the previous week.
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