Sensex dips 60 points, consumer durables stocks fall

The Sensex on Monday was trading 60.16 points or 0.24 per cent down as capital goods and consumer durables stocks dipped.
Selling pressure was seen in capital goods, consumer durables and healthcare sectors, while marginal good buying was seen in auto stocks.
The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 25,093.16 points, was trading at 24,964.19 points (at 09.19 am) in the early session, down 60.16 points or 0.24 per cent from the previous day's close at 25,024.35 points.
The Sensex touched a high of 25,095.76 points and a low of 24,955.56 points in the trade so far.
The S&P BSE capital goods index dipped by 130.14 points, consumer durables index slipped by 130.73 points and healthcare index fell by 79.61 points. However, auto stocks went up by 53.63 points.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading 28.15 points or 0.38 per cent lower at 7,431.45 points.

Sensex reclaims 21K level on fresh buying

Mumbai: After a brief pause yesterday, the S&P BSE benchmark Sensex reclaimed the 21K level and was quoted at 21,012.77 in late morning trade due to fresh buying on the back of persistent foreign capital inflows.

Market also got a boost after Finance Minister P Chidambaram exuded confidence that the country's current account deficit will be contained below USD 60 billion in current financial year.

Foreign institutional investors (FIIs) bought shares worth a net Rs 162.53 crore yesterday as per provisional data from the stock exchanges.

The Sensex resumed higher at 21,004.54 and hovered in a range of 21,045.38 and 20,944.50 before quoting at 21,012.77 at 1030 hrs, showing a gain of 37.98 points or 0.18 percent from its last close.

The NSE-50 share Nifty also moved up by 2.20 points or 0.04 percent to 6,255.35 at 1030 hrs.

Major gainers were TCS (1.83 percent), Wipro (1.62 percent), Cipla (1.40 percent), Sun Pharma (1.36 percent), Coal India (1.35 percent), Tata Motors (1.24 percent) and ITC (1.02 percent).

Most Asian stocks reversed intra-day losses today. Key benchmark indices in Hong Kong, Taiwan, Indonesia and Japan rose 0.07 percent to 0.47 percent while indices in Singapore and South Korea fell 0.11 percent to 0.12 percent. China's Shanghai Composite was flat

Sensex up over 150 points, trading above 19K-level

Mumbai: The rupee on Friday strengthened further by 20 paise to 65.81 against the dollar in early trade, largely supported by recent RBI measures.

Meanwhile, the BSE benchmark index Sensex rose by 163.71 points to 19,143 in late morning trade. Similarly, the wide based Nifty rose 16.15 points to 5,509.

The domestic currency had gained 106 paise to close at 66.01 yesterday against the dollar after steps taken by new RBI Governor Raghnuram Rajan to attract US currency inflows.

To support the rupee, RBI announced steps such as enhanced limits for exporters to re-book cancelled forward exchange contracts and a special concessional window to swap foreign currency non-resident (FCNR) deposits.

Dealers said besides increased dollar selling by exporters, a higher opening in domestic equity market and dollar's weakening against some currencies overseas helped the rupee rise.

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.

Bloodbath on D-Street: Sensex tumbles 651 points on FII outflows

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Mumbai, Sept 3:  

Jittery investors pulled down the BSE benchmark Sensex by 651 points to 18,234.66 on Tuesday after the rupee depreciated below 68 against the dollar.

Similarly, the 50-share NSE index Nifty was down 209 points at 5,341.

The entire sectoral index on BSE tumbled with the banking index being hit the most followed by consumer durables and realty.

Banking index was down 5.06 per cent, followed by consumer durables 4.61 per cent, realty 4.39 per cent and FMCG 3.89 per cent.

Rupee depreciation

The sharp depreciation in rupee may widen the current account deficit further, posing a major challenge to the Government which is battling to revive the economic slowdown.

Vaibhav Agrawal, Vice-President (Research), Angel Broking, said: "The economic fundamentals in the near-term remain on shaky ground. Increase in oil prices due to the Syria situation is expected to add to the current account deficit burden, keeping the rupee under pressure. Hopes of quick reversal of interest rate hikes by RBI are waning, and the GDP and earnings growth outlook for FY'14 continues to have downside.''

Scrip movement

Most Sensex stocks plunged as investors booked profit after a rally witnessed in the last three days.

Reliance Industries fell 6 per cent to Rs 830 after the stock rose 10 per cent in the preceding four trading sessions. It made a low of Rs 803.80 on August 27.

Housing Development Finance Corporation lost five per cent to Rs 700 after a three-day rally of 12 per cent.

TVS Motor Company was down five per cent at Rs 30. Interestingly, Multi Commodity Exchange, which is facing the wrath of its group company National Spot Exchange settlement default, gained five per cent to Rs 411.

Axis Bank (-9.27 per cent), YES Bank (-9.13%), Piramal Ent (-8.93%), TV18 Broadcast (-8.70%), Indusind Bank (-8.45%), Federal Bank (-7.56%), Indiabulls Real Estate (-7.53%), LIC Housing Fin (-7.08%), Titan Inds (-7.07%) and Century Textile (-6.86%) were the major losers.

Lupin, MphasiS, Britannia Industries and Amara Raja were among the few blue-chip companies which gained on the BSE today.

Arun Kejriwal, Founder-Kris Research, said: “The Middle-East crisis affects the globe as much as it affects India. However, today’s market movement showed that India was the only market that was affected with the benchmarks breaching the four per cent levels intra-day before weighted average close. This clearly shows that India has enough internal problems affecting the rupee, economy and therefore the markets.''

Market sentiments improve, Sensex surges over 200 points

SI Reporter in Mumbai

Benchmark indices have closed higher, amid volatile trading session led by FMCG and IT shares.

Meanwhile, the Centre's fiscal deficit ballooned to almost 63% of Budget Estimates for 2013-14 in just first four months of the year.

The deficit stood at Rs 3.40 lakh crore (Rs 3.4 trillion) in April-July period, which was 62.8% of Rs 5.42 lakh crore pegged in the Budget, according to data released by the Controller General of Accounts (CGA).

The 30-share Sensex ended up 219 points at 18,620 and the 50-share Nifty ended up 63 points at 5,472.

Prime Minister Manmohan Singh said that the rupee's tumble is a "matter of concern" but is part of a needed adjustment due to India's large current account deficit.

Singh said that rupee depreciation will see upward pressure on inflation, but added that RBI will work on containing it.

Indian economy will grow at about 5.5% in the current fiscal and the first quarter numbers are expected to be relatively flat, Prime Minister Manmohan Singh said today.

The key trigger for markets now will be first quarter GDP data scheduled later today.

Moody's Analytics, the research and analysis wing of Moody’s expects the Gross Domestic Product (GDP) growth for the first quarter to be at 4.5%.

On the global front, Asian stocks rose and oil prices tumbled as a possible U.S. military strike on Syria appeared less likely, while the dollar remained not far from a three-week high against a basket of currencies after upbeat US growth data.
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Wipro to re-enter Nifty from Sep 27, Reliance Infra to exit

IT major Wipro will enter the National Stock Exchange's (NSE) 50-share Nifty index with effect from September 27, while Reliance Infrastructure would exit.

The decision regarding these changes were announced on Tuesday by the India Index Services & Products Ltd, a joint venture of NSE and Crisil, which manages the various indices at the exchange.

Earlier, Wipro was dropped from the CNX Nifty index from April 1 as its non-IT businesses were hived off into a separate unit.

As part of periodic review, the new changes would become effective from September 27, 2013.

A host of changes have also been made in various other indices of NSE such as CNX Nifty Junior Index, CNX 100 Index, CNX 200 Index CNX 500 Index, Nifty Midcap 50 Index, CNX Midcap Index and CNX Smallcap Index by its Index Maintenance Sub-Committee during a periodic review, it said.

Besides, sectoral indices for IT, auto, realty, media, PSE and service would also see some changes.

The stocks being excluded from Nifty Junior index are Ashok Leyland, Indian Hotels Company, while Mahindra & Mahindra Financial Services Ltd and Oil India would be included in the index.

In the CNX 100 index, Ashok Leyland, Indian Hotels and Reliance Infrastructure would be replaced by Mahindra & Mahindra Financial Services, Oil India and Wipro.

Those being dropped from CNX 200 Index include GVK Power & Infrastructures, Gujarat Gas Company, IVRCL, Lanco Infratech, Torrent Power, Amtek Auto, City Union Bank, Core Education & Technologies, Dewan Housing Finance Corporation, India Infoline and Jindal Saw.

The stocks that are being added to CNX 200 index include Wipro, Bharti Infratel, Berger Paints, Crisil, MMTC, CMC, Coromandel International, Oberoi Realty, Page Industries, Thermax and Torrent Pharmaceuticals.

Diesel prices may be hiked by Rs 3 a litre next week

New Delhi: Diesel prices may be increased by at least Rs 3 a litre after the monsoon session of Parliament ends next week as the depreciating rupee threatens to widen the government's fuel subsidy bill.

Oil Minister M Veerappa Moily said while there was no proposal with him "just now" to raise diesel prices, the depreciating rupee was a matter of concern.

With the rupee falling past the 66-mark against the dollar and closing at 66.24 today, state-owned oil companies have to pay more to buy crude from abroad. If retail fuel prices are not raised by a commensurate level, the difference has to be borne by the government.

"I have not thought of increasing (diesel) prices as of just now...Future I can't say," Moily told reporters here.

Losses on diesel sales at government-controlled rates have widened to Rs 10.22 per litre from Rs 9.29 a litre at the beginning of the month and less than Rs 3 per litre in May, even as prices are raised by 50 paise a litre every month.

Oil firms have asked the government for a one-time increase in rates, P K Goyal, Director (Finance) of Indian Oil Corp, the nation's largest fuel retailer, said yesterday.

Besides, the oil companies lose Rs 33.54 per litre on kerosene and Rs 412 per 14.2-kg cooking gas (LPG) cylinder.

The revenue loss or under-recovery on diesel and cooking fuel was estimated at Rs 80,000 crore at the beginning of the fiscal and has now widened to Rs 140,000 crore.

Every one-rupee depreciation in the local currency against the dollar adds Rs 8,000 crore to the under-recovery, Moily said.

The government had in January allowed oil companies to raise diesel rates by up to 50 paise per month until losses on the most-consumed fuel in the country are wiped out.

Oil companies feel a 50 paise hike is insufficient and there should be a higher, one-time increase to cover for the fall in the rupee.

The price of diesel was last increased on August 1, when prices in Delhi went up by 56 paise (including local taxes) to Rs 51.40 per litre.

IOC, Bharat Petroleum and Hindustan Petroleum lost Rs 25,579 crore in revenue in the first quarter ended June 30, of which the government made good Rs 8,000 crore by way of cash subsidy.