L&T in focus: Water & effluent treatment business of L&T Construction has bagged orders valued Rs 5,704 crore.
"Two major turnkey orders have been secured from the Narmada Valley Development Authority, government of Madhya Pradesh, for the execution of Indira Sagar Project - Parwati Phases I & II and Kalisindh Phase I Micro Lift irrigation schemes. These are repeat orders from NVDA," the company said in its filing.
May 28, 10:04 AM (IST)
Rupee Update: The rupee strengthened by 39 paise to 67.39 against the dollar at the interbank forex market today on fresh selling of the greenback by exporters and banks.
Dealers said dollar's weakness against some other currencies overseas, on cooling global crude prices, and early gains in domestic equity markets supported the rupee.
On Friday, the rupee had clocked its biggest single-session rally since March 14, 2017, surging by a whopping 56 paise to close at 67.78 against the US dollar.
Market Update: The market extended opening gains, with the Sensex reclaiming 35,000 levels following sharp fall in oil prices and recovery in the rupee.
The 30-share BSE Sensex rose 172.37 points to 35,097.24 and the 50-share NSE Nifty gained 63.40 points at 10,668.60 while the broader markets also traded in line with frontliners.
All sectoral indices are in the green barring IT index that lost nearly a percent following appreciation in rupee.
Oil retailers IOC, BPCL and HPCL gained 5-7 percent after crude corrected to $75 from the 2018 high of $80.50 a barrel
Sun Pharma is the biggest gainer among Nifty50 stocks, rising nearly 7 percent after March quarter earnings.
About three shares advanced for every share falling on the BSE.
May 28, 09:33 AM (IST)
IPOs: The IPO lane seems to get busier as three dozen companies have lined up initial share sale plans worth Rs 35,000 crore in the coming months, largely to fund their expansion projects and working capital requirement.
These include six state-run entities - Indian Renewable Energy Development Agency, Rail Vikas Nigam, IRCON International, RITES, Garden Reach Shipbuilders and Engineers and Mazagon Dock -- as the government intends to unlock the real value of such PSUs and bring in greater accountability.
Of these three dozen firms, most of these companies plan to utilise initial public offer (IPO) proceeds for business expansion as well as working capital requirements, as per the draft papers filed with the Securities and Exchange Board of India.
RBI CFO: National Securities Depository Limited (NSDL) executive Sudha Balakrishnan has been appointed the first chief financial officer (CFO) of the Reserve Bank of India (RBI) effective May 15, according to a news report.
This is the biggest organisational change since Urjit Patel took over as RBI Governor in September 2016.
Balakrishnan, a chartered accountant, was until recently a vice-president at the NSDL, India’s first and largest depository. She will be the 12th executive director at RBI, and will serve a three-year term.
RBI has been on the look out for a CFO since May 2017 when it first advertised for the post. A foreign bank executive was reportedly selected for the post, but declined to join due to differences in remuneration.
In October 2017, RBI again advertised for the CFO's position and after a lengthy process selected Balakrishnan.
May 28, 09:20 AM (IST)
Market Opening: Benchmark indices started off trade on a positive note on Monday, following sharp correction in oil prices and recovery in rupee.
The 30-share BSE Sensex gained 107.70 points at 35,032.57 and the 50-share NSE Nifty rose 44.50 points to 10,649.70.
Bank of Baroda, IOC, HPCL, BPCL and Sun Pharma jumped up to 7 percent while Tech Mahindra and Vedanta are under pressure.
Nifty Midcap index gained 110 points.
Jet Airways, InterGlobe Aviation, Excel Industries, Indian Bank, Waterbase, Meghmani Organics, RCF, FACT, Balrampur Chini, Praj Industries, Triveni Engineering, Nalco, NBCC, Divis Labs, Dixon Tech and Himatsingka Seide rallied up to 6 percent.
PC Jeweller and IDBI Bank are under pressure.
May 28, 09:14 AM (IST)
May 28, 09:13 AM (IST)
Rupee Update: The Indian rupee traded 27 paise higher at 67.49 against the US dollar in early trade after opening at 67.52.
Rupee after weakening for six consecutive weeks rose against the US dollar following ease in global crude prices and suspected RBI intervention at higher levels, as per Motilal Oswal report.
In the past few sessions RBI has been actively intervening to curb the volatility for the rupee. RBI data released, on Friday, showed reserves dropped by USD 2.6 billion for the week ended May 26 and in this month reserves have dropped by USD 11 billion. Currently India’s FX reserves stands at USD 415 billion after hitting a high of USD 424 billion earlier this year.
This week, on the domestic front, market participants will be keeping an eye on fiscal deficit and GDP numbers to gauge a view for the rupee. For the day, the USD-INR pair is expected to quote in the range of 67.30 and 67.80, it added.
May 28, 09:11 AM (IST)
Crude Oil Update: Oil prices dropped on signs that output from the three top crude producers, Russia, the United States and Saudi Arabia, would climb to meet concerns about supply amid strong demand.
Brent crude futures were at $74.93 per barrel, down 2.04 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $66.22 a barrel, down 2.45 percent, from their last settlement.
Brent and WTI have respectively fallen by 5.5 percent and 7.5 percent from peaks reached earlier in May, reports CNBC.
May 28, 09:06 AM (IST)
Market Pre-opening: Benchmark indices traded higher in pre-opening despite mixed Asian cues.
The 30-share BSE Sensex was up 229.67 points at 35,154.54 and the 50-share NSE Nifty gained 44.20 points at 10,649.40.
Going ahead into a week with F&O expiry and overhang pressure from rising crude oil price along with weakening rupee, the index is likely to witness volatile trade setup in the coming session.
With index retracing upward in the last two sessions, it might continue on upward momentum for a couple of sessions.
However, a profit-booking regime at higher level can't be ruled out, and thus we advise to trade with caution and strict stoploss. We maintain a rangebound trade on weekly basis with 10,750 levels on upside and 10,510 levels on the downside.
L&T in focus: Water & effluent treatment business of L&T Construction has bagged orders valued Rs 5,704 crore.
"Two major turnkey orders have been secured from the Narmada Valley Development Authority, government of Madhya Pradesh, for the execution of Indira Sagar Project - Parwati Phases I & II and Kalisindh Phase I Micro Lift irrigation schemes. These are repeat orders from NVDA," the company said in its filing.
Rupee Update: The rupee strengthened by 39 paise to 67.39 against the dollar at the interbank forex market today on fresh selling of the greenback by exporters and banks.
Dealers said dollar's weakness against some other currencies overseas, on cooling global crude prices, and early gains in domestic equity markets supported the rupee.
On Friday, the rupee had clocked its biggest single-session rally since March 14, 2017, surging by a whopping 56 paise to close at 67.78 against the US dollar.
Sun Pharma gains 5% post Q4 nos; CLSA, Macquarie upgrades rating
Shares of Sun Pharmaceutical Industries rose 5 percent in the opening trade on Monday. The company's consolidated net profit rose 6.94 percent year-on-year (YoY) to Rs 1,309 crore in the fourth quarter ended March, beating analysts' estimates.
Market Update: The market extended opening gains, with the Sensex reclaiming 35,000 levels following sharp fall in oil prices and recovery in the rupee.
The 30-share BSE Sensex rose 172.37 points to 35,097.24 and the 50-share NSE Nifty gained 63.40 points at 10,668.60 while the broader markets also traded in line with frontliners.
All sectoral indices are in the green barring IT index that lost nearly a percent following appreciation in rupee.
Oil retailers IOC, BPCL and HPCL gained 5-7 percent after crude corrected to $75 from the 2018 high of $80.50 a barrel
Sun Pharma is the biggest gainer among Nifty50 stocks, rising nearly 7 percent after March quarter earnings.
About three shares advanced for every share falling on the BSE.
IPOs: The IPO lane seems to get busier as three dozen companies have lined up initial share sale plans worth Rs 35,000 crore in the coming months, largely to fund their expansion projects and working capital requirement.
These include six state-run entities - Indian Renewable Energy Development Agency, Rail Vikas Nigam, IRCON International, RITES, Garden Reach Shipbuilders and Engineers and Mazagon Dock -- as the government intends to unlock the real value of such PSUs and bring in greater accountability.
Of these three dozen firms, most of these companies plan to utilise initial public offer (IPO) proceeds for business expansion as well as working capital requirements, as per the draft papers filed with the Securities and Exchange Board of India.
21 PSBs lost Rs 25,775 cr in bank frauds in 2017-18: RTI
The Punjab National Bank (PNB) had incurred the highest loss of Rs 6461.13 crore due to different cases of fraud during the fiscal that ended on March 31 this year, Chandrasekhar Gaud, who had filed the RTI with the Reserve Bank of India, told PTI.
RBI CFO: National Securities Depository Limited (NSDL) executive Sudha Balakrishnan has been appointed the first chief financial officer (CFO) of the Reserve Bank of India (RBI) effective May 15, according to a news report.
This is the biggest organisational change since Urjit Patel took over as RBI Governor in September 2016.
Balakrishnan, a chartered accountant, was until recently a vice-president at the NSDL, India’s first and largest depository. She will be the 12th executive director at RBI, and will serve a three-year term.
RBI has been on the look out for a CFO since May 2017 when it first advertised for the post. A foreign bank executive was reportedly selected for the post, but declined to join due to differences in remuneration.
In October 2017, RBI again advertised for the CFO's position and after a lengthy process selected Balakrishnan.
Market Opening: Benchmark indices started off trade on a positive note on Monday, following sharp correction in oil prices and recovery in rupee.
The 30-share BSE Sensex gained 107.70 points at 35,032.57 and the 50-share NSE Nifty rose 44.50 points to 10,649.70.
Bank of Baroda, IOC, HPCL, BPCL and Sun Pharma jumped up to 7 percent while Tech Mahindra and Vedanta are under pressure.
Nifty Midcap index gained 110 points.
Jet Airways, InterGlobe Aviation, Excel Industries, Indian Bank, Waterbase, Meghmani Organics, RCF, FACT, Balrampur Chini, Praj Industries, Triveni Engineering, Nalco, NBCC, Divis Labs, Dixon Tech and Himatsingka Seide rallied up to 6 percent.
PC Jeweller and IDBI Bank are under pressure.
Rupee Update: The Indian rupee traded 27 paise higher at 67.49 against the US dollar in early trade after opening at 67.52.
Rupee after weakening for six consecutive weeks rose against the US dollar following ease in global crude prices and suspected RBI intervention at higher levels, as per Motilal Oswal report.
In the past few sessions RBI has been actively intervening to curb the volatility for the rupee. RBI data released, on Friday, showed reserves dropped by USD 2.6 billion for the week ended May 26 and in this month reserves have dropped by USD 11 billion. Currently India’s FX reserves stands at USD 415 billion after hitting a high of USD 424 billion earlier this year.
This week, on the domestic front, market participants will be keeping an eye on fiscal deficit and GDP numbers to gauge a view for the rupee. For the day, the USD-INR pair is expected to quote in the range of 67.30 and 67.80, it added.
Crude Oil Update: Oil prices dropped on signs that output from the three top crude producers, Russia, the United States and Saudi Arabia, would climb to meet concerns about supply amid strong demand.
Brent crude futures were at $74.93 per barrel, down 2.04 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $66.22 a barrel, down 2.45 percent, from their last settlement.
Brent and WTI have respectively fallen by 5.5 percent and 7.5 percent from peaks reached earlier in May, reports CNBC.
Market Pre-opening: Benchmark indices traded higher in pre-opening despite mixed Asian cues.
The 30-share BSE Sensex was up 229.67 points at 35,154.54 and the 50-share NSE Nifty gained 44.20 points at 10,649.40.
Market Outlook: Dinesh Rohira,Founder & CEO, 5nance.com
Going ahead into a week with F&O expiry and overhang pressure from rising crude oil price along with weakening rupee, the index is likely to witness volatile trade setup in the coming session.
With index retracing upward in the last two sessions, it might continue on upward momentum for a couple of sessions.
However, a profit-booking regime at higher level can't be ruled out, and thus we advise to trade with caution and strict stoploss. We maintain a rangebound trade on weekly basis with 10,750 levels on upside and 10,510 levels on the downside.