The 50-share Nifty index is expected to open higher on Friday tracking strong Asian markets. Tracking the positive momentum, the index is likely to regain its crucial psychological level of 5700 in trade today. Stocks in news are Bajaj Finserv, RIL, ONGC, OIL, Titan Indu, United Breweries Holding, HDFC Bank, Bharti Airtel, Amtek Auto, JMT Auto, DHFL and Neyveli Lignite Corporation
- Dewan Housing Finance Ltd may buy majority stake in DLF Pramerica Life Insurance Company.
- Carrier Midea to double ad spend in push for Rs 1000 crore turnover in FY13.
- Power, CNG to get costlier as 100% hike in gas price cleared.
- Bharti Airtel loses licence race to Telenor, and Qatar’s Ooredoo in Myanmar.
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The Indian rupee breached formidable resistance of 60 to the dollar to slump to a record low on Wednesday, reinforcing the vulnerability of a country with limited reserves and struggling to narrow a record-high current account deficit. Rupee falls to record low, breaches 60/dollar RBI has been intervening in FX market – dealers Bond yields end at day’s highs, jump on rupee slump.
- Euro Declines a Sixth Day versus Dollar on Draghi Policy Pledge
- Lira Set for Week-High as Turkey Plans Fifth Day of Dollar Sales
- Won Rises Most in a Week as China Concerns Ease; Bonds Climb
- Rand Pares Worst Quarterly Losing Streak in 12 Years on Exports
- Yen Strengthens for Fourth Day against Euro Amid China Concern
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British Indian 1 rupee, 1917 (Photo credit: Wikipedia)
Indian Equity markets extended intraday gains to hit fresh intraday high in early afternoon trade. India’s largest power equipment maker by capacity Bhel hit 52- week low. Shares of gold finance companies tumbled on recent steep slide in gold prices in the commodities markets. Shares of Jaypee Group companies were mostly lower.
Ranbaxy Laboratories slumped to 52-week low. The market breadth, indicating the overall health of the market, was weak. The BSE Sensex was 202.09 points up at 18742.98 & The CNX Nifty was 49.00 points up at 5639.25.
Who Moved and Why
- Indraprastha Gas gains after the company increased the price of CNG by 5% in Delhi and neighboring areas.
- MMTC was locked in 5% lower circuit, extending recent steep slide triggered by government concluding the divestment of 9.33% stake at a huge discount.
- Mahindra & Mahindra Financial Services fell, extending Monday’s 8.07% fall triggered by the company’s board dropping plans to apply for a banking license.
- Jaiprakash Power Ventures tumbled, extending Monday’s 13.48% fall triggered by the company’s announcement that operations at its hydro-power plant in Uttarakhand stopped due to floods.
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Indian Equity Markets moved into the positive terrain & hit fresh intraday high in early afternoon trade as bargain hunting emerged after share prices declined sharply on Thursday. Hero MotoCorp extended intraday gain. Tata Steel reversed intraday losses.
IT stocks rose on recent steep slide in rupee. Realty stocks edged higher on renewed buying. Capital goods stocks also edged higher. The market breadth, indicating the overall health of the market, was positive. The BSE Sensex was 51.75 points up at 8771.04 & The CNX Nifty was 15.85 points up at 5671.75.
Who Moved and Why
- Future Retail slumped on turning ex-scheme of arrangement today.
- MMTC hit a lower circuit limit of 5%, extending recent steep slide triggered by government concluding the divestment of 9.33% stake at a huge discount.
- Eight IT stocks rose amid recent weakness in rupee against the dollar.
- LIC Housing Finance rose on reports the company’s board has cleared a proposal to apply for a banking license.
- Vijaya Bank fell as stock turned ex- dividend for dividend of Rs 2.50 per share for the year ended March 2013.
RR Financial Consultants‘s insight:
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