MARKETS LIVE: Indices inch higher led by pharma, IT stocks; Rupee hits 71/$

Catch all the market news here

SI Reporter  |  New Delhi 

Markets, Stocks, BSE, NSE, Trade
Photo: Shutterstock.com

YES Bank hits 8-week low; stock falls 14% in 8 days Shares of YES Bank hit an 8-week low of Rs 338 per share, down 7% in early morning trade on the BSE on the back of heavy volumes. READ MORE Market Check Index Current Pt. Change % Change   S&P BSE SENSEX 38,825.24 +135.14 +0.35   S&P BSE SENSEX 50 12,276.82 +51.75 +0.42   S&P BSE SENSEX Next 50 35,793.98 +297.37 +0.84   S&P BSE 100 12,062.21 +58.27 +0.49   S&P BSE Bharat 22 Index 3,762.01 +26.93 +0.72 (Source: BSE) Rupee hits 71-mark for first time ever, drops 26 paise against US dollar The rupee slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices.   At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74. READ MORE INTERVIEW OF THE DAY Market breadth has been really weak: Avendus Capital's Andrew Holland It is time to be cautious as markets are ignoring risks on the horizon, says Andrew Holland, chief executive officer (CEO), Avendus CapitalAlternate Strategies. In an interview to Samie Modak, on the occasion of the launch of India’s first ESG (environment, social and governance)-based fund, Holland explains his investment strategy. READ MORE Avendus Capital CEO Andrew Holland Nifty sectoral trend BSE Sensex: gainers and losers in opening trade

The benchmark indices are trading higher led by a rise in pharmaceutical and information technology (IT) stocks after the rupee hit a new low breaching 71 per dollar mark for the first time.

Among sectoral indices, the Nifty Pharma index has risen over 2.5 per cent led by a rise in Piramal Enterprises and Cadila Healthcare. The Nifty IT index, too, rose over 1.5 per cent led by HCL Technologies and Wipro.

Rupee hits 71 per dollar

The rupee slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

GDP Data

Investors will look forward to the release of June-quarter GDP data, due later today. For the quarter ended March 31, the GDP growth rate stood at 7.7 per cent.

Global Markets

Asian shares came under renewed pressure on Friday after reports US President Donald Trump was preparing to step up a trade war with Beijing and ready to impose more tariffs on Chinese imports.

Many emerging market currencies were also frail after Argentina’s peso sank on Thursday despite the central bank’s interest rate hike.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.2 per cent in early trade while Japan's Nikkei dropped 0.8 per cent.

(with wire inputs)
First Published: Fri, August 31 2018. 08:15 IST