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Top Weekly Losers
Reliance Industries slipped as much as 2.2 percent, a day after hitting its steepest gains in eight years.
Stock was down 1.6 percent, top loser on the benchmark 30-share Sensex index.
Reliance Industries gained on Wednesday as investors cheered Chairman Mukesh Ambani’s decision to end free data plans at his phone venture from April 1.
Shares of housing finance companies gained after markets regulator Securities and Exchange Board of India raised mutual funds' investment limits in the housing finance firms.
GRUH Finance, Dewan Housing Finance Limited (DHFL), GIC Housing Finance and LIC Housing were up in the range of 1.5 percent and 3 percent.
Bajaj Finserv was up 3 percent after hitting a record high of Rs 3,900 intra-day.
Shares of Jyothy Structures rose as much as 5.7 percent to Rs 10.15, highest since February 9, after the company said lenders have decided to restructure its debt. The company, which provides engineering and construction services, said lenders are evaluating investor interest.
Shares of the country’s third largest telecom operator gained 6.4 percent to Rs 120 as the pace of consolidation in the sector continues to gather pace.
The stock is up nearly 14 percent this week and around 62.5 percent year-to-date after it entered into a possible merger discussion with Vodafone Plc.
Consumer goods maker Jyothy Laboratories Ltd. is in talks to sell a stake to Germany-based Henkel AG & Co., joint managing director Ullas Kamath told BloombergQuint.
The two parties have to reach an agreement before the end of this fiscal as part of the 2011 deal when Jyothy Laboratories had acquired a majority stake in Henkel India’s consumer business.
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The rupee strengthened by 5 paise to 66.91 against the dollar in early trade.
Foreign exchange dealers said that besides the dollar's weakness against some currencies overseas, increased selling of the American currency by exporters as well as banks and a higher opening in the domestic equity market supported the rupee.
Yesterday, the rupee ended 4 paise down at 66.96 against the US dollar on fresh demand for the American currency from banks and importers.
PTI
Bharti Airtel rallies most since May 2009 on Telenor deal.https://t.co/ZNdx15791Z pic.twitter.com/O2hhXnXNR0
— BloombergQuint (@BloombergQuint) February 23, 2017
Movers & Shakers: Tata Motors, Hindustan Organic, Asian Oilfield And More
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A three-way tie-up between Reliance Communications, Tata Teleservices and Aircel could run into three hurdles.https://t.co/qiRmjHPEhc pic.twitter.com/2DwVNiuyf8
— BloombergQuint (@BloombergQuint) February 23, 2017
The Indian rupee may follow its Asian counterparts and gain against the dollar in today's session as minutes of Fed's latest meeting reduced the odds of a rate increase next month.
Fed policy makers expressed confidence that they can take their time in raising rates as there’s little threat inflation will suddenly accelerate. Majority of the officials wanted more clarity on Trump's fiscal plans.
Back home, sovereign bond yields which rose to a near six-month high may continue to rise further after minutes from the latest monetary policy committee meeting which were released after the trading session on Wednesday reiterated RBI's hawkish stance. The minutes showed that the policy makers are concerned about India's uncertain inflation outlook.
Though the government's borrowing program for this financial year has ended, supply of special power bonds and state debt could also weigh on the bond market. DBS raised its 10-year yield forecast for end-2017 to 7.4 percent.
India appears to be a key focus for ventire capital investors in Asia: @KPMG@Mayank1029 reportshttps://t.co/LEfrjLoUDT pic.twitter.com/cYkJghZr41
— BloombergQuint (@BloombergQuint) February 23, 2017
Oil prices rose after an industry report showed U.S. crude stockpiles fell, raising optimism that the global supply glut is ending. Prices pared losses Wednesday after the American Petroleum Institute was said to report U.S. crude stockpiles fell by 884,000 barrels last week.
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