Rajan effect: Rupee climbs 138 paise against dollar

The rupee on Thursday strengthened by hefty 138 paise to trade at 65.69 against the dollar at the Interbank Foreign Exchange market after fresh measures by the Reserve Bank of India to stem the currency's slide.

The rupee had settled at 67.07 against the dollar on Wednesday, up by 56 paise over the previous day's close.

Traders said dollar selling by exporters and banks and fresh measures announced by new RBI Governor Raghuram Rajan to curb the rupee's slide helped domestic currency recover.

The dollar's weakness against other currencies overseas also supported the rupee's sentiment, they said.

Meanwhile, stock markets were up by over 2 per cent in early trade.

The BSE benchmark index soared by 488 points to 19,055.74, while National Stock Exchange's Nifty rose by 153 points to 5,601.90 in opening trade.

The new RBI governor on Wednesday announced measures, such as liberalisation of the financial market by enhancing the limits for exporters to re-book cancelled forward exchange contracts and opening a special concessional window for swapping foreign currency non-resident deposits and dollar funds, to support the rupee.

Markets bounce back, Sensex ends up 405 points

Markets ended higher on Thursday, following the expiry of August derivative, tracking a rebound in the rupee after the Reserve Bank of India decided to provide dollars directly to oil companies.

The ones leading the gains in Thursday's trade were oil & gas major Reliance Industries along with HDFC, ITC, TCS and HDFC Bank.

The Bombay Stock Exchange’s 30-share Sensex closed at 18,401 up 405 points. The National Stock Exchange’s 50-share S&P CNX Nifty closed at 5,409 up 124 points.

In the broader markets, the midcap index advanced 1.5% and the smallcap index gained 0.7%, both underperforming as compared to the 2.2% gain see on the BSE benchmark index.

Global Markets

Asian shares recouped some of the two previous sessions' steep losses on Thursday as fears abated that US-led forces would soon launch a military strike on Syria, and oil prices retreated from a six-month peak.

Emerging market currencies stabilised after their recent battering, with the Indian rupee coming off a record low after the central bank moved to provide dollars directly to oil companies, offering the currency some relief.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 1% after falling 2.2% in the previous two sessions.

Japan's Nikkei share average advanced 0.8% in light trade, helped by the safe-haven yen giving up some of the recent gains that had taken it to a three-week high against the dollar.

European shares too started trading in the green ahead of consumer price data. FTSE 100, CAC and DAX were up 0.1-0.4%.

Rupee

The rupee gained against the dollar today after the Reserve Bank of India announced measures late Wednesday to curb rupee fall through dollar flows.

At 1600 hrs, the partially convertible rupee was trading at 67.31 per dollar against the Wednesday’s close of 68.80/81, when it hit a record low of 68.85.

Sectors & Stocks

All the sectoral indices closed in the green with gains of atleast 0.4%. Oil & Gas, Metal, FMCG, Capital Goods and Auto indices added 2-3% and were the top sectoral gainers.

Power, Bankex, Health Care, Teck, Consumer Durables and PSU indices, too were up 1-1.8%.

The only losers among the Sensex-30 were Coal India down 1.6% along with SBI, Tata Power, Tata Steel, Infosys and Cipla which lost 0.3-0.6%.

Metal names like Sesa Goa, Hindalco and Jindal Steel were up 2-13.5%.

From the financial space, HDFC, HDFC Bank and ICICI Bank gained 1.3-5.7%.

Reliance Industries up 4.2% was top gainer from the Oil & Gas pocket along with Gail India and ONGC up 2% each.

FMCG heavyweights, ITC and HUL were also up 2% each.

Tata Motors, Mahindra & Mahindra, Maruti Suzuki, Hero MotoCorp and Bajaj Auto were the movers in the auto segment, adding 0.6-2.6%.

Bharti Airtel, Dr Reddys Lab, NTPC, BHEL and L&T which added 2.5-4% were the other notable gainers.

The market breadth was very positive owing to the strength in broader markets. 1,275 stocks advanced while 989 stocks declined on the BSE. Jinsy Mathew in Mumbai

Sensex gains 250 points, blue-chips rise

Markets extended gains in the afternoon session this Monday on back of buying witnessed in metal and mining stocks after robust China’s manufacturing data.
At 2 PM, the 30-share Sensex gained 244 points at 18,864 and the 50-share Nifty added 67 points at 5,537 levels.
China’s economy is strengthening after a two-quarter slowdown, with a manufacturing gauge rising to a 16-month high in August
Investors are now anxiously waiting for any fresh measures with Raghuram Rajan taking over the reins of RBI as the new governor on September 5.
The broader markets were firm with mid-caps and small-caps gaining 1 per cent on the BSE.
The market breadth was positive. Out of 2,168 stocks traded, 1,252 stocks advanced while 787 stocks declined on the BSE.
RUPEE
The rupee dropped against the dollar in late trades. At 2PM, the partially convertible rupee was trading at 66.21 per dollar against the Friday’s close of 65.71 against the dollar on the Interbank Foreign Exchange.
GLOBAL MARKETS
Asian stocks rose for a third day, copper gained and the Australian dollar strengthened as Chinese manufacturing expanded. U.S. stock-index futures advanced and crude fell as prospects of an imminent strike on Syria faded.
Japan’s Nikkei rose 1.3% to 13,572, Singapore’s Straits Times gained 0.8% to 3,053, China’s Shanghai Composite index was flat  at 2,098 while Hong Kong’s Hang Seng rose 2 % to 22,175 today.
European markets also opened positive. France’s CAC gained 1.5% to 3,993, Germany’s DAX rose 1.5% to 8,225 while UK’s FTSE was up 1.2% to 6,495.
STOCK MOVERS
Domestically, all the key sectoral indices gained with PSU, FMCG, Capita l Goods, consumer durables, oil and gas and bankex leading the gain on the BSE.
The gainers included counters such as Tata Steel gaining 4%, ITC rose 4.2%, Reliance Industries gained 2.7%, Jindal Steel added 2.6%, Hero MotoCorp gained 2.6%, ICICI Bank gained 2% on the BSE.
The laggards were NTPC falling 0.6%, Dr Reddy’s declined 0.5%, Mahindra & Mahindra and Tata Motors were down 2% and 0.7% on the BSE.
The key notable movers included counters such as Atul Auto has soared 9% to Rs 163 after reporting a 38% year-on-year (yoy) growth at 3,204 units for the month of August 2013. The country's fastest growing manufacturer of three wheeler had sold 2,322 units in the same month year ago.
Mahindra and Mahindra (M&M) Financial Services has rallied 6% to Rs 267, extending its Friday’s over 8% surge on inclusion in the MSCI India Index with effect from today.

Rupee trims initial losses, swings to 66.87 against dollar in early trade

The rupee trimmed its early losses but was still quoted down by 32 paise to 66.87 per dollar in late morning trade Friday on month-end demand for the US currency from banks and importers.

The rupee resumed lower at 67.00 per dollar as against the last closing level of 66.55 at the Interbank Foreign Exchange (Forex) Market and dropped further to a low of 67.43 per dollar.

However, it recovered to 66.61 before quoting 66.87 per dollar at 1050 hours.

Month-end dollar demand from importers mainly affected the rupee value, a forex dealer said.

In the global market, the US dollar swung between gains and losses in the early trade, but the currency was poised to notch a weekly advance after Syria-related tensions weighed on risk appetite and aided the greenback.

Oil prices fell in Asian trade as fears eased of an imminent Western military strike against Syria for its alleged use of chemical weapons, analysts said.

New York's main contract, West Texas Intermediate (WTI) for delivery in October, was down USD 1.41 at USD 107.39 a barrel.

Meanwhile, the BSE-30 share index Sensex firmed up by 145 points, or 0.79 per cent, to 18,545.96 at 1055 hours.

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