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Gorakshakar advises investors to be in a “wait and watch” mode for a week or so until the dust settles.
The Reserve Bank of India (RBI) is expanding the tools at its disposal to suck out the surge of liquidity in the banking sector following the government’s decision to scrap Rs 500 and Rs 1000 notes.
On Friday, the central bank said that the government has raised the limit for issuing market stabilization scheme (MSS) bonds to Rs 6 lakh crore compared to Rs 30,000 crore earlier.
Read the full report HERE
National Stock Exchange board meeting on the matter underway. pic.twitter.com/GkmxbSSuM8
— BloombergQuint (@BloombergQuint) December 2, 2016
Debt-ridden Hindustan Construction Company said its board has approved issuance of equity shares as well as optionally convertible debentures to lenders under the scheme for sustainable structuring of stressed assets (S4A).
Stocks of Hindustan Construction Company Ltd., Balkrishna Industries Ltd., and Engineers India Ltd., surged to their 52-week highs in trade today.
Shares of Bajaj Auto Ltd., and Hero MotoCorp Ltd., fell 0.5 percent each after they posted a drop in sales for the month of November.
While Bajaj Auto saw a 13 percent drop in their overall sales, their exports continued to slid for the 14th month in a row.
Read: Bajaj Auto November Sales Fall 13%; Exports Drop For 14th Month
On the other hand, Hero MotoCorp saw a 25 percent fall in sales for November. The company attributed the slump due to the demonetisation initiative undertaken by the Narendra Modi government.
Read: Demonetisation Sends Hero Moto’s November Sales Below Five Lakh Mark
Extending gains for the fourth session, the rupee appreciated by another 5 paise to 68.29 against the U.S. dollar in early trade on continued selling of the American currency by banks and exporters.
Forex dealers said the dollar's weakness against some currencies overseas led to the rupee upmove. However, a weak opening in domestic equity market restricted the gains in rupee, they said.
Yesterday, the domestic currency had gained 4 paise to end at one-week high of 68.34 against the resurgent dollar following robust macro-economic data even as crude prices jumped after the historic OPEC deal.
(PTI)
Movers & Shakers: Wipro, Coal India, Tata Motors And More
For a complete list of stocks to watch, click HERE
Ken Rogoff On Urjit Patel's Silencehttps://t.co/wLJj95JA5O
— BloombergQuint (@BloombergQuint) December 2, 2016
Oil prices were headed for its biggest weekly gain since August 2015 post a first supply cut deal in eight years by members of the OPEC (Organization of Petroleum Exporting Countries). Investors are now focussed on how strictly will the deal be implemented.
Analysts at Morgan Stanley and Goldman Sachs Group Inc. are expecting oil prices to rally to as high as $60 per barrel.
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