The BSE benchmark Sensex hit its fresh all-time high level in early trade on Friday amid heavy buying in IT stocks and a rally in global markets. The BSE Sensex climbed 119.38 points to reach a record peak of 85,955.50 in early trade. The NSE Nifty went up 34.5 points to 26,250.55. From the 30 Sensex firms, Infosys, Tech Mahindra, HCL Technologies, Sun Pharma, Tata Consultancy Services and Tata Steel were the biggest gainers. Power Grid, Larsen & Toubro, Bharti Airtel and Mahindra & Mahindra were among the laggards. In Asian markets, Tokyo, Shanghai, and Hong Kong were trading higher while Seoul quoted lower. The US markets ended in the positive territory on Thursday. "A significant global market trend is the outperformance of China and Hong Kong this month on hopes that the Chinese stimulus will improve the Chinese economy and valuations in these markets where valuations are cheap now. IT stocks are likely to respond positively to the good guidance of Accenture," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking about the stock market update, reported PTI. Foreign Institutional Investors (FIIs) turned buyers on Thursday as they bought equities worth Rs 629.96 crore, according to exchange data. Domestic Institutional Investors (DIIs) also bought equities worth Rs 2,405.12 crore. Global oil benchmark Brent crude dipped 0.24 per cent to USD 71.43 a barrel. The BSE benchmark jumped 666.25 points or 0.78 per cent to settle at an all-time high of 85,836.12 on Thursday. During the day, it reached a record intra-day peak of 85,930.43, surging 760.56 points or 0.89 per cent. The Nifty climbed 211.90 points or 0.81 per cent to close at a record high of 26,216.05. During the day, it soared 246.75 points or 0.94 per cent to hit a fresh intra-day lifetime peak of 26,250.90. Rupee rises 2 paise to 83.64 against US dollar Rupee rises 2 paise to 83.64 against the US dollar in early trade on Friday amid softening crude oil prices and inflow of foreign funds. The Indian currency was, however, weighed down by a subdued domestic equity market and a stronger greenback against major rivals overseas amid increased month-end dollar demand from importers, forex traders said. At the interbank foreign exchange, the local unit opened at 83.64 and touched the low of 83.69 before trading again at 83.64 against the American currency, registering a gain of 2 paise from its previous close. On Thursday, the rupee declined 8 paise to settle at 83.66 against the American currency. (With inputs from PTI)
27 September,2024 10:36 AM IST | Mumbai | mid-day online correspondentEquity benchmark indices Sensex and Nifty hit fresh all-time high levels in early trade on Thursday amid a sharp rally in Asian markets and buying in IT stocks. The BSE Sensex climbed 202.3 points to reach an all-time record peak of 85,372.17 in early trade. The NSE Nifty went up 51.85 points to hit a fresh lifetime high of 26,056. From the 30 Sensex firms, Maruti, Nestle, Tata Motors, Infosys, Tech Mahindra, HCL Technologies, Bajaj Finserv, Tata Consultancy Services, ITC, and Bharti Airtel were the biggest gainers. Power Grid, NTPC, Tata Steel, and JSW Steel were among the laggards. In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading with significant gains. The US markets ended mostly lower on Wednesday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 973.94 crore on Wednesday while Domestic Institutional Investors (DIIs) were buyers as they bought equities worth Rs 1,778.99 crore, according to exchange data. "There are no immediate near-term triggers that can take the market sharply up or down. Up moves may attract selling by FIIs who are likely to move some more money to China and Hong Kong since these markets are cheap and are witnessing an uptrend now," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking about the stock market update, reported PTI. But FII selling is unlikely to push the market down significantly since the ample domestic liquidity can easily absorb such selling, Vijayakumar said while speaking about the stock market update, reported PTI. Global oil benchmark Brent crude climbed 0.08 per cent to USD 73.52 a barrel. The BSE benchmark climbed 255.83 points, or 0.30 per cent, to settle at an all-time high of 85,169.87 on Wednesday. During the day, it surged 333.38 points, or 0.39 per cent, to hit a record intra-day peak of 85,247.42. The Nifty climbed 63.75 points, or 0.25 per cent, to close at a record high of 26,004.15. During the day, it went up 92.4 points, or 0.35 per cent, to reach a new intra-day peak of 26,032.80. Rupee declines 11 paise to 83.69 against US dollar Rupee declined 11 paise to 83.69 against the US dollar in early trade on Thursday amid a strengthening dollar against overseas currencies and an increase in crude oil prices. FIIs turning net sellers on Wednesday put further pressure on the domestic currency against the greenback, according to forex experts. At the interbank foreign exchange, the local unit opened at 83.66, down 8 paise from its previous close of 83.58 against the American currency. It slipped further to 83.69, 11 paise lower from Wednesday's closing rate. (With inputs from PTI)
26 September,2024 10:43 AM IST | Mumbai | mid-day online correspondentBenchmark equity indices declined in early trade on Tuesday after three days of record rally amid emergence of profit-taking. The 30-share BSE Sensex declined 212.54 points to 84,716.07 in early trade. The NSE Nifty dropped 52.2 points to 25,886.85. From the 30 Sensex firms, Infosys, Bajaj Finance, Kotak Mahindra Bank, HCL Technologies, IndusInd Bank and UltraTech Cement were the biggest laggards. Tata Steel, JSW Steel, Nestle and Tata Motors were among the gainers. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the positive territory. The US markets ended higher on Monday. Foreign Institutional Investors (FIIs) bought equities worth Rs 404.42 crore on Monday, according to exchange data. Global oil benchmark Brent crude climbed 0.89 per cent to USD 74.56 a barrel. Rallying for the third day running on Monday, the BSE benchmark jumped 384.30 points or 0.45 per cent to settle at an all-time high of 84,928.61. During the day, it soared 436.22 points or 0.51 per cent to hit a fresh lifetime intra-day peak of 84,980.53. The NSE Nifty climbed 148.10 points or 0.57 per cent to close at a record peak of 25,939.05. During the day, it zoomed 165.05 points or 0.63 per cent to reach a new intra-day all-time high of 25,956. Rupee sees range-bound trade in morning session The Indian rupee witnessed range-bound trade in the morning session on Tuesday and depreciated 3 paise to 83.57 against the US dollar, amid a muted trend in domestic equities and rising crude oil prices. Forex traders said the rupee continues to hold steady within a well-defined range on active intervention by the Reserve Bank of India (RBI). At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.54 against the American currency, then fell to 83.57, registering a fall of 3 paise over its previous close. On Monday, the rupee pared its early gains to close lower by 2 paise at 83.54 against the US currency. (With inputs from Agencies)
24 September,2024 10:11 AM IST | Mumbai | mid-day online correspondentDomestic equity indices Sensex and Nifty scaled their new record high levels in early trade on Monday, helped by strong foreign fund inflows and rally in Asian markets. The 30-share BSE Sensex jumped 318.58 points to hit an all-time high of 84,862.89. The NSE Nifty surged 120.75 points to reach a new record high of 25,911.70. From the 30 Sensex firms, Mahindra & Mahindra, Bharti Airtel, NTPC, State Bank of India, Kotak Mahindra Bank, Adani Ports, Tata Steel and Tata Motors were the biggest gainers. ICICI Bank, HCL Technologies, JSW Steel and ITC were among the laggards. Foreign Institutional Investors (FIIs) bought equities worth Rs 14,064.05 crore on Friday, according to exchange data. "The charging bull got a shot of steroids from the Fed when it cut interest rates by 50 bps on September 18th. More than the rate cut, it was the Fed chief's optimistic commentary that lifted the markets sharply," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking about the stock market update, reported PTI. In Asian markets, Seoul, Shanghai and Hong Kong were trading higher. The US markets ended on a mixed note on Friday. Global oil benchmark Brent crude climbed 0.75 per cent to USD 75.05 a barrel. The BSE benchmark jumped 1,359.51 points or 1.63 per cent to settle at an all-time high of 84,544.31 on Friday. During the day, it soared 1,509.66 points or 1.81 per cent to hit the momentous intra-day peak of 84,694.46. The NSE Nifty also surged 375.15 points or 1.48 per cent to close at a record 25,790.95 level. During the day, the gauge zoomed 433.45 points or 1.70 per cent to reach an all-time intra-day peak of 25,849.25. Rupee rises 6 paise to 83.46 against US dollar in early trade The rupee entered its third week of rally and appreciated 6 paise to 83.46 against the US dollar in early trade on Monday, tracking positive momentum in domestic equity markets amid a massive inflow of foreign funds. However, an upward movement in the crude oil prices and a strengthening greenback against major overseas rivals capped a sharp rise in the Indian currency, forex traders said. At the interbank foreign exchange market, the Indian currency opened at 83.44 and fell to 83.49 before trading again at 84.46 against the greenback, registering a gain of 6 paise higher than its previous closing level. The local unit gained 13 paise to settle at 83.52 against the US dollar on Friday. (With inputs from PTI)
23 September,2024 10:39 AM IST | Mumbai | mid-day online correspondentBenchmark equity indices declined in early trade on Tuesday after surging to record high levels in the previous trading session, amid profit-taking and sluggish trends from the global markets. The 30-share BSE Sensex declined 90.8 points to 82,897.98. The NSE Nifty dipped 26.9 points to 25,356.85, reported PTI. From the 30 Sensex firms, Tata Motors, Tata Consultancy Services, Maruti, Bajaj Finserv, Tata Steel and Adani Ports were the biggest laggards. Hindustan Unilever, NTPC, Nestle and ICICI Bank were among the gainers. In Asian markets, Tokyo and Shanghai were trading lower while Hong Kong quoted with gains. The US markets ended mostly higher on Monday. "Globally equity markets were flat yesterday signalling a wait and watch mood in anticipation of the Fed rate action tomorrow," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking on the stock market update, reported PTI. "Markets are in wait and watch mode with a big Fed move coming up on Wednesday night India time. The market is split on whether it will be a 25 or 50 bps cut by the Fed to start its rate cutting cycle. The economic data allows the Fed to do 25 bps, but a majority of the market feels the Fed has held rates too high for too long," Ajay Bagga, Banking and Market Expert, said while speaking on the stock market update, reported ANI. He further told ANI, "Indian markets saw a net outflow from FIIs after 6 days of strong inflows. We expect Indian markets to track global cues as the Fed move is keenly watched. However, the trend is clear that as rate cuts happen in the US, the Dollar weakens and flows into EMs pick up. That will be a positive to watch out for the Indian markets going ahead". Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,634.98 crore on Monday, according to exchange data. Global oil benchmark Brent crude climbed 0.45 per cent to USD 73.08 a barrel. The BSE benchmark climbed 97.84 points or 0.12 per cent to settle at a new record peak of 82,988.78 on Monday. During the day, it jumped 293.4 points or 0.35 per cent to hit a fresh lifetime intra-day high of 83,184.34. The Nifty went up by 27.25 points or 0.11 per cent to settle at 25,383.75. During the day, the benchmark gained 89.2 points or 0.35 per cent to hit a new intra-day record peak of 25,445.70. (With inputs from PTI and ANI)
17 September,2024 10:12 AM IST | Mumbai | mid-day online correspondentEquity benchmark indices rebounded in early trade on Monday, with the Nifty hitting a fresh all-time high level, amid foreign fund inflows and a rally in the US markets. The 30-share BSE Sensex climbed 180.92 points to 83,071.86 in early trade. The NSE Nifty went up by 55.1 points to 25,411.60. Later, the NSE benchmark jumped 89.2 points to hit a new record peak of 25,445.70, reported news agency PTI. Among the 30 Sensex firms, NTPC, Axis Bank, Tata Steel, JSW Steel, Kotak Mahindra Bank, Bajaj Finserv, Larsen & Toubro and Bajaj Finance were the biggest gainers. Hindustan Unilever, Nestle, ICICI Bank and Tata Consultancy Services were the laggards. In Asian markets, Shanghai and Hong Kong were trading lower. The US markets ended in positive territory on Friday. Foreign Institutional Investors (FIIs) bought equities worth Rs 2,364.82 crore on Friday, according to exchange data. Domestic Institutional Investors (DIIs) also bought equities worth Rs 2,532.18 crore. Global oil benchmark Brent crude traded 0.07 per cent higher at USD 71.66 a barrel. "Globally equity markets will be focused on the Fed rate action on Wednesday which is likely to influence the stock market trend in the near-term," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking about the stock market update. "The Fed rate cut is coming this Wednesday. The main debate is should the Fed go in with a 50 bps cut or stick to a 25 bps cut. Over the last three decades, the Fed has started with a 50 bps cut when the economy was in the throes of a recession. Present economic conditions do not warrant a 50 bps cut," Ajay Bagga, Banking and Market expert, told ANI while speaking about the stock market update. He further told ANI that "India is seeing increasing FII inflows and a weaker US Dollar will increase these flows. We remain optimistic on the Indian markets, backed by a strong macro, global central bank action and domestic plus international flows both providing a fillip to Indian markets". On Friday, the BSE benchmark Sensex fell by 71.77 points or 0.09 per cent to settle at 82,890.94. The NSE Nifty dropped 32.40 points or 0.13 per cent to 25,356.50. Rupee rises 5 paise to 83.87 against US dollar in early trade The rupee appreciated by 5 paise to 83.87 against the US dollar in early trade on Monday supported by weakening of the American currency in the overseas market and significant foreign fund inflows. Forex traders said market participants are eagerly awaiting cues from the US Fed policy on Wednesday, with a rate cut all but certain. However, the magnitude of the cut remains uncertain. Moreover, the rupee continues to hold steady within a well-defined range on active intervention by the Reserve Bank of India (RBI), they added. At the interbank foreign exchange market, the local unit opened at 83.89, then inched further to touch 83.87, registering a rise of 5 paise from its previous close. On Friday, the local unit settled higher by 4 paise at 83.92 against the US dollar. (With inputs from PTI and ANI)
16 September,2024 10:25 AM IST | Mumbai | mid-day online correspondentEquity benchmark indices declined in early trade on Friday after the previous session's record rally on the emergence of profit-taking amid weak trends from Asian peers. The 30-share BSE Sensex dived 200.03 points to 82,762.68 after beginning the trade on a positive note. The NSE Nifty dropped 67.5 points to 25,321.40, reported PTI. Among the 30 Sensex firms, Asian Paints, Mahindra & Mahindra, ITC, Hindustan Unilever, Bharti Airtel, Sun Pharma, Infosys and Bajaj Finance were the biggest laggards. Tata Steel, JSW Steel, Tata Motors and Power Grid were among the gainers. In Asian markets, Seoul, Tokyo and Shanghai were trading lower while Hong Kong quoted in the positive territory. The US markets ended with gains on Thursday. Global markets are rallying ahead of the Fed rate cuts, and Indian markets are continuously reaching new highs, reflecting strong investor confidence. "The focus is totally on the Fed action and Fed speak of September 18. But the September 12 Indian markets action is pointing to a classical flows pattern of equity markets getting inflows as the US dollar weakens on the back of Fed rate cuts. Markets will move sharply in anticipation of this. Some minor risk off is possible early next week, in the lead up to the FOMC announcement on Sep 18th night time in India. FIIs have cut the "caution" out from our "cautious optimism" and made us ardently "optimistic", Ajay Bagga, Banking and market expert, said while speaking on the stock market update, reported ANI. A sharp fag-end rally on Thursday drove the BSE benchmark to the 83,000 level for the first time. The barometer surged 1,593.03 points or 1.95 per cent to hit its lifetime intra-day peak of 83,116.19. The index ended at a record high of 82,962.71, up by 1,439.55 points or 1.77 per cent. The NSE Nifty surged 470.45 points or 1.89 per cent to settle at a record closing high of 25,388.90. The benchmark hit its fresh all-time intra-day high of 25,433.35, a jump of 514.9 points or 2 per cent. Foreign Institutional Investors (FIIs) bought equities worth Rs 7,695 crore on Thursday, according to exchange data. Global oil benchmark Brent crude climbed 0.40 per cent to 72.26 a barrel. (With inputs from PTI and ANI)
13 September,2024 10:48 AM IST | Mumbai | mid-day online correspondentEquity benchmark indices rebounded in early trade on Thursday tracking a rally in global markets and foreign fund inflows. The 30-share BSE Sensex jumped 428.83 points to 81,951.99 in early trade. The NSE Nifty climbed 154.1 points to 25,072.55, reported PTI. Among the 30 Sensex firms, Tata Steel, Adani Ports, Bharti Airtel, Tech Mahindra, Kotak Mahindra Bank and State Bank of India were the biggest gainers. Tata Motors, Asian Paints, Nestle and Bajaj Finserv were among the laggards. In Asian markets, Seoul, Tokyo and Hong Kong were trading with significant gains while Shanghai quoted lower. The US markets ended with sharp gains on Wednesday. "Latest US inflation numbers are mildly positive for markets. August CPI inflation coming at 0.2 per cent has brought down the 12-month inflation to 2.5 per cent from 2.9 per cent earlier. This paves the way for a rate cut by the Fed in September. But since core inflation continues to remain high at 3.2 per cent the Fed is likely to be cautious and refrain from a 50 bps rate cut, finally settling for a 25 bps rate cut," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking about the stock market update, reported PTI. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,755 crore on Wednesday, according to exchange data. FIIs turning buyers in the cash market during the last three days is another indication that the market will continue to be resilient, Vijayakumar said while speaking about the stock market update, reported PTI. Global oil benchmark Brent crude climbed 0.55 per cent to USD 71 a barrel. The BSE benchmark dropped 398.13 points or 0.49 per cent to settle at 81,523.16 on Wednesday. The NSE Nifty declined 122.65 points or 0.49 per cent to 24,918.45. Rupee sees range-bound trade in morning session The Indian rupee witnessed range-bound trade in the morning session on Thursday and appreciated by 2 paise to 83.97 against the US dollar, amid a positive trend in domestic equities and foreign fund inflows, reported PTI. Forex traders said the rupee continues to hold steady within a well-defined range on active intervention by the Reserve Bank of India (RBI). At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.97 against the American currency, registering a rise of 2 paise over its previous close, reported PTI. On Wednesday, the rupee settled 1 paisa lower at 83.99 against the American currency. (With inputs from PTI)
12 September,2024 10:31 AM IST | Mumbai | mid-day online correspondentEquity benchmark indices climbed in early trade on Tuesday tracking a rally in global markets and fresh foreign fund inflows. The 30-share BSE Sensex climbed 241.68 points to 81,801.22 in early trade. The NSE Nifty went up 78.4 points to 25,014.80, reported PTI. Among the 30 Sensex firms, Power Grid, Bharti Airtel, Axis Bank, Tata Steel, NTPC, Sun Pharma, Larsen & Toubro and Titan were the biggest gainers. Bajaj Finserv, Mahindra & Mahindra, Bajaj Finance and Kotak Mahindra Bank were among the laggards. In Asian markets, Seoul, Tokyo and Hong Kong were trading higher while Shanghai quoted lower. According to experts, global markets bounced back after the decline on Monday and last week, but volatility is expected as the Fed rate cut date approaches on September 18. "The US markets had a relief bounce back, with Big Tech also recovering some of the last week's losses. Asian markets are following the US cues and are largely positive. This is more of a technical dip buying, as the four issues of economic slowdown and falling commodity prices, rate hikes by BOJ , overextended global markets with a concentrated Big Tech base, and an imminent Fed rate cut on September 18, continue to cast a shadow on markets. Global cues remain the dominant theme and we expect more volatility/weakness going into the September 18 announcement by the Fed," Ajay Bagga told ANI while speaking about the stock market update. The US markets ended significantly higher on Monday. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,176.55 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs) also bought equities worth Rs 1,757.02 crore. Global oil benchmark Brent crude dipped 0.08 per cent to USD 71.78 a barrel. "With an overnight rebound on Wall Street, strong net buying from both FIIs and DIIs, and sluggish oil prices, bullish traders are expected to pursue bargains," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said while speaking about the stock market update, reported PTI. The BSE benchmark Sensex rebounded 375.61 points or 0.46 per cent to settle at 81,559.54 on Monday. The NSE Nifty went up by 84.25 points or 0.34 per cent to finish at 24,936.40 after three days of fall. (With inputs from PTI and ANI)
10 September,2024 10:21 AM IST | Mumbai | mid-day online correspondentEquity benchmark indices declined in early trade on Monday in tandem with a weak trend in global markets and foreign fund outflows. The 30-share BSE Sensex dropped 281.74 points to 80,902.19. The NSE Nifty declined 81.45 points to 24,770.70. Among the 30 Sensex firms, Adani Ports, Tata Steel, NTPC, Power Grid, Mahindra & Mahindra and Tata Motors were the biggest laggards. Hindustan Unilever, Asian Paints, Infosys and Tata Consultancy Services were among the gainers. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower. The US markets ended significantly lower on Friday. "The stock markets have taken a sharp bearish turn, with sentiment shifting from optimism about cooling US inflation to concerns over a potential US economic slowdown. Friday's weaker-than-expected jobs data has reignited fears of a recession, further compounded by soft manufacturing updates," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said while speaking on the stock market update, reported PTI. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 620.95 crore on Friday, according to exchange data. "Two factors are likely to weigh on markets: one, the outcome of the US presidential elections and two, the Fed decision on rate cut," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking on the stock market update, reported PTI. Global oil benchmark Brent crude climbed 1.24 per cent to USD 71.94 a barrel. The BSE benchmark had tumbled 1,017.23 points or 1.24 per cent to settle at 81,183.93 on Friday. The NSE Nifty dropped 292.95 points or 1.17 per cent to 24,852.15. Rupee trades in narrow range against US dollar in early trade The rupee traded in a narrow range on Monday and appreciated 1 paisa to 83.94 against the American currency, amid a muted trend in domestic equities. Forex traders said easing crude oil prices and overall weakness in the dollar index supported the rupee, but the Reserve Bank's active intervention kept the rupee in a tight range. At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.96 against the American currency and touched 83.85 in initial trade. It was later trading at 83.95 against the greenback, unchanged from its previous close. On Friday, the rupee gained 2 paise to close at 83.95 against the US dollar. The Indian rupee is expected to be range bound with the market awaiting to see when the Reserve Bank of India (RBI) would allow a move above 84.00. (With inputs from PTI)
09 September,2024 10:37 AM IST | Mumbai | mid-day online correspondentBenchmark equity indices declined in early trade on Friday tracking a weak trend in global markets and fresh foreign fund outflows. Falling for the third day running, the 30-share BSE Sensex declined 233.98 points to 81,967.18 in early trade. The NSE Nifty dropped 60 points to 25,085.10, reported PTI. Among the 30 Sensex firms, State Bank of India, UltraTech Cement, Reliance Industries, NTPC, ICICI Bank and Titan were the biggest laggards. Bajaj Finance, Bajaj Finserv, Hindustan Unilever, Asian Paints and IndusInd Bank were among the gainers. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower. The US markets ended mostly in the negative territory on Thursday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 688.69 crore on Thursday after days of remaining buyers, according to exchange data. Meanwhile, global oil benchmark Brent crude dipped 0.07 per cent to USD 72.64 a barrel. "The near-term trend in the market will be influenced by the US jobs data to be published tonight," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said will speaking about the stock market update, reported PTI. "US Monthly Payrolls data day is here. Another poor report will raise chances for a 50 bps cut on September 18. A strong report will limit expectations to a 25 bps cut. US markets have been seeing outflows in the last two weeks and we expect this trend to continue as investors take a risk off stance going into Sep 18th. Indian markets will take their cues from these global developments. Expect volatility and weak markets. Positions will be kept light given the event risk this evening from the US Payrolls data," said Ajay Bagga, Banking and Market Expert, aid will speaking about the stock market update, reported ANI. The BSE benchmark on Thursday failed to hold on to initial gains and declined 151.48 points or 0.18 per cent to settle at 82,201.16, reported PTI. The NSE Nifty dipped 53.60 points or 0.21 per cent to 25,145.10 despite a positive beginning of the trade, reported PTI. Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, all eyes are now on the upcoming August US jobs report on Friday. Rupee opens 2 paise higher at 83.95 against US dollar Rupee rose by 2 paise to 83.95 against the US dollar in early trade on Friday amid a weaker dollar against major currencies overseas. An upward movement in the international crude oil prices, negative domestic equity markets and outflow of foreign capital capped gains in the local unit, forex traders said. At the interbank foreign exchange market, the rupee opened 1 paisa higher at 83.96 against the greenback. The domestic unit had settled 4 paise higher at 83.97 on Thursday. On Wednesday, the rupee had breached the crucial 84-mark for the second time within a month and settled 3 paise lower at 84.01 against the American currency. (With inputs from PTI and ANI)
06 September,2024 10:36 AM IST | Mumbai | mid-day online correspondentADVERTISEMENT
