Thursday, 2 June 2016
Rupee opens Marginally Higher at 67.42 per Dollar
The Indian rupee opened marginally higher at 67.42 per dollar on Thursday versus 67.45 Wednesday.
"Uncertainty over the second term to RBI governor resulted in weak rupee and bonds. However, the rupee weakness is expected to be capped today by exporter selling."
"We expect the USD-INR to trade in a range of 67.20-67.60/dollar today," he added.
Asian Shares steady, but Strong yen sinks Nikkei
Asian shares were steady on Thursday as Wall Street eked out modest gains after the latest batch of US data provided few clues on when the Federal Reserve might raise rates, while a resurgent yen pressured equity markets in Japan.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trading. Japan's Nikkei skidded 1.3 percent, after the dollar sunk to a two-week low against the yen overnight following Japanese Prime Minister Shinzo Abe's official announcement late on Wednesday of his widely expected decision to delay a sales tax increase.
"There were suggestions that markets were disappointed that PM Abe only announced the widely expected postponement of the sales tax increase and nothing specific on near term fiscal stimulus," Sean Callow, senior currency strategist at Westpac, said in a note on Thursday.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trading. Japan's Nikkei skidded 1.3 percent, after the dollar sunk to a two-week low against the yen overnight following Japanese Prime Minister Shinzo Abe's official announcement late on Wednesday of his widely expected decision to delay a sales tax increase.Wall Street Notches minor Gains as Economic data Pours in
US stocks fluctuated before closing slightly higher on Wednesday as investors processed data on global manufacturing, US auto sales and inflation for clues about the Federal Reserve's next interest rate hike.
The Nasdaq eked out a gain to close higher for a sixth straight session. Global manufacturing activity remained stuck in a rut last month with factory output from Asia, Europe and the Americas barely improving, surveys released on Wednesday showed.
But major US stock indexes recovered from declines during the session after a report showed US manufacturing grew for a third straight month in May. Stocks also improved as oil prices pared losses. A fuller picture of the economy will come with Thursday's ADP employment report and Friday's payrolls data.
The Nasdaq eked out a gain to close higher for a sixth straight session. Global manufacturing activity remained stuck in a rut last month with factory output from Asia, Europe and the Americas barely improving, surveys released on Wednesday showed. Wednesday, 1 June 2016
Axis Bank Rises 2% on Increase in FIIs Investment limit by RBI
Share prices of Axis Bank gained 2.7 percent intraday Wednesday on approval from Reserve Bank of India (RBI) to increase in investment limit by foreign investors.
"The RBI has notified that foreign institutional investors (FIIs)/ registered foreign portfolios investors (REPIs) can invest from existing 49 percent up to 62 percent of the paid up capital of the company under the portfolio investment scheme," as per company release.
The company has passed resolutions at its board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by the FIIs/REPIs.
Sensex Nifty Open High
The market bounced back with moderate gains amid mixed global cues on Wednesday.
The Sensex rose 53.49 points to 26721.45 and the Nifty advanced 20.70 points to 8180.80.
Benchmarks also reacted positively to better-than-expected GDP data at 7.9 percent for the fourth quarter FY16 and five-year high of 7.6 percent for full year
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Benchmarks also reacted positively to better-than-expected GDP data at 7.9 percent for the fourth quarter FY16 and five-year high of 7.6 percent for full year
Indian ADRs: Tata Motors surges 12.3%, HDFC Bank, Wipro Down
Indian ADRs ended mixed on Tuesday. In the IT space, Infosys shed 0.26 percent at USD 19.44 and Wipro was down 1.31 percent at USD 12.01.
In the banking space, ICICI Bank gained 0.14 percent at USD 7.19 and HDFC Bank fell 0.74 percent at USD 64.36.
In the other sectors, Tata Motors surged 12.38 percent at USD 33.49 and Dr Reddy's Laboratories rose 1.88 percent at USD 47.16.
In the banking space, ICICI Bank gained 0.14 percent at USD 7.19 and HDFC Bank fell 0.74 percent at USD 64.36. Rupee Opens at 67.24 per Dollar
The Indian rupee opened flat at 67.24 per dollar against previous close of 67.26.
"Pulling back from recent low of 67.75/dollar, the rupee has staged a sharp recovery driven by correction in dollar strength and strong domestic equity market performance."
"Prospects of Fed rate hike will keep global markets on tenterhooks, but is unlikely to be majorly disruptive for the rupee."
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"Pulling back from recent low of 67.75/dollar, the rupee has staged a sharp recovery driven by correction in dollar strength and strong domestic equity market performance."Flat Chinese May Manufacturing Survey fails to drive Asia Stocks
Asian markets remained stuck in negative territory on Wednesday, not getting much impetus from China's official purchasing managers' index (PMI) coming in largely as expected.
The Nikkei 225 shed 0.59 percent, likely weighed by the yen taking a leg higher. The dollar fetched 110.74 yen at 9:36 a.m. SIN/HK, with the dollar-yen currency pair recovering from lows around 110.42 earlier in the session, but still down from levels over 111 on Tuesday.
Australia's gross domestic product (GDP) came in well above expectations, rising 3.1 percent on-year in the first quarter, compared with a Reuters poll forecast for 2.8 percent growth. That sent the Australian dollar surging to as high as USD 0.7293 from around USD 0.7230 before the data.
The Nikkei 225 shed 0.59 percent, likely weighed by the yen taking a leg higher. The dollar fetched 110.74 yen at 9:36 a.m. SIN/HK, with the dollar-yen currency pair recovering from lows around 110.42 earlier in the session, but still down from levels over 111 on Tuesday. Wall Street Ends May with Whimper as Energy Shares Slump
The S&P 500 wrapped up its third straight month of gains on a flat note on Tuesday as weaker energy shares countered a rise in safe-haven utilities.
The Nasdaq closed higher on Tuesday, and ended up 3.6 percent for the month, the best performance of the three major indexes. The Dow eked out gains for May to notch its fourth straight positive month.
Data on Tuesday showed US consumer spending recorded its biggest increase in more than six years in April as households stepped up purchases of automobiles, while another report showed an ebb in consumer confidence in May. Consumer staples ended down 0.49 percent, while consumer discretionary shares fell 0.11 percent.
The Nasdaq closed higher on Tuesday, and ended up 3.6 percent for the month, the best performance of the three major indexes. The Dow eked out gains for May to notch its fourth straight positive month.
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