The Indian rupee gathered momentum tracking dollar weakness on Thursday. INR appreciated 6 paise to close at 83.13 (provisional) against the US dollar, supported by a firm trend in domestic equities and a weak greenback amid rising appetite for riskier assets. The dollar index dropped below 103 mark after dovish FOMC outcome yesterday but is seen gathering mild momentum at 103.21 at the time of writing. The benchmark S&P BSE Sensex jumped 539.50 points, or 0.75 percent, to 72,641.19 while the broader NSE Nifty index settled 172.85 points, or 0.79 percent, higher at 22,011.95. The HSBC’s flash India Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 61.3 this month from February’s final reading of 60.6. At the interbank foreign exchange market, the local unit opened at 83.07 against the greenback. The unit hit an intra-day high of 83.04 and a low of 83.16. The local unit finally settled at 83.13 (provisional) against the dollar, higher by 6 paise …
Posts in category Business Standard
Hong Kong Market climbs as Fed maintains 2024 policy easing path (21-03-2024)
The US Federal Reserve left the target rate unchanged at 5.25% to 5.5% in second policy meeting of the year and projected three interest rates cuts this year saying inflation pressures had eased substantially. in the United States. Fed’s statement was viewed as slightly dovish as markets had braced for the possibility that policymakers could trim the number of projected rate cuts this year.
China Market ends edge lower (21-03-2024)
Market snapped two days winning streak as the real estate crisis still lingered, coupled with concerns that the government still has yet to announce strong stimulus to bolster the economy.
Nifty March futures trade at premium (21-03-2024)
NSE India VIX tumbled 7.12% as stocks advanced
Mahindra & Mahindra Financial Services receives ratings action from India Ratings & Research (21-03-2024)
1 Non-convertible Debentures (Rs 39000 crore) – ‘IND AAA’/ Outlook Stable
2 Retail Non-convertible Debentures (Rs 10000 crore) – ‘IND AAA’/ Outlook Stable (The rated limit is interchangeable with retail
subordinated debt)
3 Private Sub Debt (Rs 3450 crore) – ‘IND AAA’/ Outlook Stable
4 Principal Protected Market Linked Debenture (Rs 1500 crore) – IND PP-MLD AAA/Stable
5 Retail Subordinate Debt (Rs 3000 crore) – ‘IND AAA’/ Outlook Stable
6 Commercial Paper (Rs 15000 crore) – IND A1+
UK Pound Eases Below $1.28; BoE Rate Decision In Focus (21-03-2024)
UK Pound is paring some of its sharp gains registered earlier in the day against the dollar. GBPUSD is easing from a one-week high on Thursday after release of mixed set of UK data. The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers Index (PMI) improved sharply from 47.5 in February to 49.9 in March, above the estimated 47.8 reading. Meanwhile, the Preliminary UK Services Business Activity Index declined to 53.4 in March, missing the market forecast of 53.8. The previous figure was 53.8. The pair is currently off intraday highs above $1.28 mark and is quoting at $1.2789, marginally unchanged on the day. The dollar index dropped below 103 mark after dovish FOMC outcome yesterday but is seen gathering mild momentum at 103.07 at the time of writing. All eyes are now glued to BoE monetary policy summary to understand the central banks stance on interest rates after UK inflation slowed to its lowest level in almost two and half years. On the NSE, GBPINR …
Quick Wrap: Nifty PSE Index gains 3.51% (21-03-2024)
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Shyam Metalics forays into aluminium flat-rolled products (21-03-2024)
With capex of Rs 450 cr
DCB Bank rises on appointing Praveen Kutty as MD & CEO (21-03-2024)
DCB Bank added 1.10% to Rs 120 after its board approved the appointment of Praveen Achuthan Kutty as the managing director & chief executive officer (MD & CEO) of the bank for a period of three years effective from 29 April 2024.
Barometers end with strong gains; VIX sinks 7.12% (21-03-2024)
As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 539.50 points or 0.75% to 72,641.19. The Nifty 50 index added 172.85 points or 0.79% to 22,011.95.