 "Market remains firm on strong Rupee, global cues")
Both benchmark indices are trading firm tracking appreciation in rupee and gains in Asian markets on Monday. Banks and auto shares conitnue to lead gains while IT is the top laggard.
At 11:25 am, the 30-share BSE Sensex was quoting at 19,945.11 up 212.35 points or 1.08 per cent. It touched a high of 20,086.43 and a low of 19,920 in early trade.
The Nifty was at 5,907.75, up 57.15 points or 0.98 per cent. It touched a high of 5,957.25 and a low of 5,903.50 in trade today.
Nearly all sectors are currently trading in green barring IT, Healthcare and TECk; gains in sectors is led by Banks, autos and Capital goods which are up in the range of 1.5-2.9%.
Among other developments, HSBC downgraded Indian shares to "underweight" from "neutral", citing the recent rally and downside risks to growth. The bank said that after the recent bounce, India looks relatively expensive and is most exposed to growth adjustments. HSBC added that it expects GDP forecasts to decline and earnings growth forecasts to follow.
The Wholesale Price Index Inflation data scheduled to be released later in the day will be one of the key factors to determine the policy stance of the central bank on September 20 mid-quarter review. RBI is widely expected to maintain its status quo on credit policy. Banking stocks will remain in focus in the week ahead.
Asian shares raliied on Monday after Lawrence Summers dropped from the race to be head of the Federal Reserve, while progress on Syria also shored up risk appetite. Investors wagered that US monetary policy would stay easier for longer should the other leading candidate for Fed chair, Janet Yellen, get the job. Summers' surprise decision comes just before the central bank meets on Tuesday and Wednesday to decide when and by how much to scale back its asset purchases from the current pace of $85 billion a month.
Larry Summers's exit has cheered market on Monday as the move is being dubbed as positive for emerging markets.
The US Federal Reserve will meet on September 17-18 to decide on the quantum of tapering its $85 billion a month bond-buying programme. Wholesale price index inflation data and the RBI's monetary policy outlook are other events that will determine market direction this week.
Asian markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.25% while the Hang Seng is up 1.34%. The Nikkei 225 is not trading.
Rupee
The rupee rallied to a near one-month high on Monday, with stocks and bonds joining in, as hopes for a prolonged easy monetary policy in the US boosted emerging markets.
However, traders said domestic concerns such as inflation and decade-low economic growth were likely to cap extended gains.
At 10.30 am, rupee was trading at 62.70 per dollar against Friday's close of 63.48/dollar at the Interbank Foreign Exchange market on increased capital inflows and dollar selling by exporters.
Traders said apart from selling of the American currency by exporters and banks, a higher opening in the domestic equity market and dollar's weakness against other overseas currencies, after Larry Summers, the man tipped to be named Ben Bernanke's successor as Fed chairman, withdrew from the race, also supported the rupee.
Top gainers at the bourses at this hour are ICICI Bank, Maruti Suzuki, M&M, Hero Motocorp and ONGC while TCS, BHEL, Coal India, Sesa Goa and Infosys remain top losers
Other shares
Strides Arcolab is trading lower by 4% at Rs 865 in otherwise firm market after the pharmaceutical company said has received a warning letter from the United States Food and Drug Administration (US FDA) for its sterile manufacturing facility at Bangalore.
The sterile manufacturing facility 2 at Bangalore of Agila Specialties Private Limited, a wholly owned subsidiary of the company, has received a warning letter from the USFDA, Strides Arcolab said in a regulatory filing.
Ranbaxy Laboratories has tanked as much as 35% to Rs 297 in opening deals on BSE on CNBC-TV18 reports that the US Food and Drug Administration (USFDA) issued import alert on the company’s Mohali unit.
After the problems at Paonta Sahib and Dewas, the USFDA now has a problem per se with its unit at Mohali, added report.
The stock opened at Rs 412 and has seen a combined more than one million shares changing hands on the counter on BSE and NSE.
JSW Steel is trading higher by nearly 4% at Rs 657 after the company said crude steel production in August increased by 29% year on year at 985,000 tonne over the previous year.
First Leasing Company of India is locked in lower circuit of 20% at Rs 26.80, also its 52-week low on BSE, after the Reserve Bank of India (RBI) has barred the finance company from doing any business until further orders following inspection of its books and records as on March 31, 2013.
Shares of state-owned oil marketing companies such as – HPCL, BPCL and Indian Oil are trading higher by 2% each after these companies increased petrol prices by Rs 1.63 per litre on rising oil rates and falling rupee.
With this increase, petrol prices have gone up by a massive Rs 10.80 per litre since June, excluding VAT (value added tax), the PTI report suggests.
At 11:25 am, the 30-share BSE Sensex was quoting at 19,945.11 up 212.35 points or 1.08 per cent. It touched a high of 20,086.43 and a low of 19,920 in early trade.
The Nifty was at 5,907.75, up 57.15 points or 0.98 per cent. It touched a high of 5,957.25 and a low of 5,903.50 in trade today.
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Broader market seem to be on the upmove too; the S&P BSE Midcap Index was up 0.3 per cent and the S&P BSE Smallcap Index was up 0.4 per cent.
Nearly all sectors are currently trading in green barring IT, Healthcare and TECk; gains in sectors is led by Banks, autos and Capital goods which are up in the range of 1.5-2.9%.
Among other developments, HSBC downgraded Indian shares to "underweight" from "neutral", citing the recent rally and downside risks to growth. The bank said that after the recent bounce, India looks relatively expensive and is most exposed to growth adjustments. HSBC added that it expects GDP forecasts to decline and earnings growth forecasts to follow.
The Wholesale Price Index Inflation data scheduled to be released later in the day will be one of the key factors to determine the policy stance of the central bank on September 20 mid-quarter review. RBI is widely expected to maintain its status quo on credit policy. Banking stocks will remain in focus in the week ahead.
Asian shares raliied on Monday after Lawrence Summers dropped from the race to be head of the Federal Reserve, while progress on Syria also shored up risk appetite. Investors wagered that US monetary policy would stay easier for longer should the other leading candidate for Fed chair, Janet Yellen, get the job. Summers' surprise decision comes just before the central bank meets on Tuesday and Wednesday to decide when and by how much to scale back its asset purchases from the current pace of $85 billion a month.
Larry Summers's exit has cheered market on Monday as the move is being dubbed as positive for emerging markets.
The US Federal Reserve will meet on September 17-18 to decide on the quantum of tapering its $85 billion a month bond-buying programme. Wholesale price index inflation data and the RBI's monetary policy outlook are other events that will determine market direction this week.
Asian markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.25% while the Hang Seng is up 1.34%. The Nikkei 225 is not trading.
Rupee
The rupee rallied to a near one-month high on Monday, with stocks and bonds joining in, as hopes for a prolonged easy monetary policy in the US boosted emerging markets.
However, traders said domestic concerns such as inflation and decade-low economic growth were likely to cap extended gains.
At 10.30 am, rupee was trading at 62.70 per dollar against Friday's close of 63.48/dollar at the Interbank Foreign Exchange market on increased capital inflows and dollar selling by exporters.
Traders said apart from selling of the American currency by exporters and banks, a higher opening in the domestic equity market and dollar's weakness against other overseas currencies, after Larry Summers, the man tipped to be named Ben Bernanke's successor as Fed chairman, withdrew from the race, also supported the rupee.
Top gainers at the bourses at this hour are ICICI Bank, Maruti Suzuki, M&M, Hero Motocorp and ONGC while TCS, BHEL, Coal India, Sesa Goa and Infosys remain top losers
Other shares
Strides Arcolab is trading lower by 4% at Rs 865 in otherwise firm market after the pharmaceutical company said has received a warning letter from the United States Food and Drug Administration (US FDA) for its sterile manufacturing facility at Bangalore.
The sterile manufacturing facility 2 at Bangalore of Agila Specialties Private Limited, a wholly owned subsidiary of the company, has received a warning letter from the USFDA, Strides Arcolab said in a regulatory filing.
Ranbaxy Laboratories has tanked as much as 35% to Rs 297 in opening deals on BSE on CNBC-TV18 reports that the US Food and Drug Administration (USFDA) issued import alert on the company’s Mohali unit.
After the problems at Paonta Sahib and Dewas, the USFDA now has a problem per se with its unit at Mohali, added report.
The stock opened at Rs 412 and has seen a combined more than one million shares changing hands on the counter on BSE and NSE.
JSW Steel is trading higher by nearly 4% at Rs 657 after the company said crude steel production in August increased by 29% year on year at 985,000 tonne over the previous year.
First Leasing Company of India is locked in lower circuit of 20% at Rs 26.80, also its 52-week low on BSE, after the Reserve Bank of India (RBI) has barred the finance company from doing any business until further orders following inspection of its books and records as on March 31, 2013.
Shares of state-owned oil marketing companies such as – HPCL, BPCL and Indian Oil are trading higher by 2% each after these companies increased petrol prices by Rs 1.63 per litre on rising oil rates and falling rupee.
With this increase, petrol prices have gone up by a massive Rs 10.80 per litre since June, excluding VAT (value added tax), the PTI report suggests.