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Indian shares capped fourth week of gains with a gauge of the country’s top 13 lenders touching its all-time high.
The S&P BSE Sensex gained 0.6 percent to 28,468 while the NSE Nifty 0.5 percent to 8,821. The market breadth was skewed in favour of the buyers. About 767 stocks advanced, 668 declined and 66 remained unchanged on the NSE.
Indian shares capped fourth week of gains with a gauge of the country’s top 13 lenders touching its all-time high.
The S&P BSE Sensex gained 0.6 percent to 28,468 while the NSE Nifty 0.5 percent to 8,821. The market breadth was skewed in favour of the buyers. About 767 stocks advanced, 668 declined and 66 remained unchanged on the NSE.
The Nifty has been struggling at the higher end, but at the same time it has not gone below as well. Since the overall trend has been up from the middle of December, we still have to side with the ongoing trend. Until there is evidence of a reversal we need to stick with the ongoing trend, which is up.”CK Narayan, Technical Analyst, Growth Avenues Asset Advisors
RBI puts HDFC Bank back in FPI ban list after foreign shareholding crosses 74% investment limit. pic.twitter.com/Cy0ZaB8Zeg
— BloombergQuint (@BloombergQuint) February 17, 2017
Zydus Cadila has received the final approval from U.S. Food and Drug Administration to market Fluconazole Tablets USP tablets and Clobetasol Propionate Spray.
Fluconazole Tablets are used to treat fungal infections will be produced at the group’s formulation manufacturing facility at Baddi. Clobetasol Propionate Spray, used treatment of various skin disorders, will be manufactured at its Changodar plant in Ahmedabad.
Also Read: Cadila Healthcare Shares Rally After U.S. Health Regulator Clears Moraiya Plant
Atlanta Ltd. Jumps To New 52-Week High On High Volumes
A rerun of China’s massive stimulus during the financial crisis is set to offer another boost to global metals prices, according to Goldman Sachs Group Inc.
Strong credit expansion has “remarkably bullish” implications for the nation’s metals-intensive industries as fixed-asset investment and manufacturing are poised to accelerate, the bank said in a report.
Goldman sees metal rally in sight.https://t.co/GHARsctNET pic.twitter.com/8bbcvu0pIQ
— BloombergQuint (@BloombergQuint) February 17, 2017
Brokerage house CLSA has made changes to its India portfolio. Stocks like Tata Motors have lost out on a place in its holdings while there has been a reduction in stake of Hindustan Unilever, ITC as well as Maruti. The firm has added GSK Consumer as a new stock to the portfolio.
Here's how the stocks are performing currently:
Market regulator Securities and Exchange Board of India today said it will allow institutional investors in the commodity markets.
Spot market development for commodities was hampered by lack of legislative backing for integration of spot and futures markets but that has changed since this Budget.
The Finance Minister announced government's intention to integration spot and futures market, Chairman UK Sinha said at International Commodity Derivatives Conference in Mumbai.
The rupee came down by a further 8 paise to 67.15 against the U.S. currency in early trade after importers chased the dollar.
Dealers attributed the rupee's fall to increased demand for the U.S. currency, but the solid opening of the domestic equities coupled with the dollar's losing ground against some currencies overseas put a lid on the losses.
Yesterday, the rupee had dropped 17 paise to close at 67.07 on fresh dollar demand from banks and importers despite weakness in the greenback globally.
PTI
Indian shares climbed the most since February 1, led by a record rally in HDFC Bank after the Reserve Bank allowed foreign investors to hold more of the country’s largest private sector lender.
The S&P BSE Sensex jumped as much as 1.5 percent to 28,726 in opening trades while the Nifty gained 1.3 percent to 8,896. This was the 50-share index highest level since September 9, 2016.
Indian shares climbed the most since February 1, led by a record rally in HDFC Bank after the Reserve Bank allowed foreign investors to hold more of the country’s largest private sector lender.
The S&P BSE Sensex jumped as much as 1.5 percent to 28,726 in opening trades while the Nifty gained 1.3 percent to 8,896. This was the 50-share index highest level since September 9, 2016.
A gauge of the country’s top 12 banks jumped as much 4 percent to 21,042 - a new all-time high for the index. On the flipside, the Nifty Information Technology (IT) index witnessed a bit of profit booking, as it dropped 1.3 percent led by Infosys and HCL Technologies.
The sectoral gauge has rallied around 4.6 percent in two weeks, compared to a gain of 0.1 percent in the broader Nifty index.
Movers & Shakers: HDFC Bank, Biocon, Idea Cellular And More
After TCS, Infosys may announce a share buyback.https://t.co/EEUoSVpBlM pic.twitter.com/EPUey9tFkk
— BloombergQuint (@BloombergQuint) February 17, 2017
The Reserve Bank of India Governor Urjit Patel told CNBC-TV18 that inflation, excluding food, remains stubborn. This statement may not go down well with bonds that have seen yield climb 4 basis points so far this week to 6.84 percent.
He also flagged the risk of rising commodity prices, which are a major worry for India. Bond bulls are better taking the day off today.
On a positive note, the RBI chief said that the rupee is broadly where it should be and its value remains market determined. Current account deficit is low and easily financeable and remonetisation is proceeding at a quick pace.
In the currency market, the dollar is back strong and most Asian currencies are trading in the red. The rupee which has so far dropped 0.3 percent this week may add further to its losses in the session.
Also Read: 100 Days After Demonetisation: Economic Indicators Blinking Yellow
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The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, gained 0.4 percent to 8,825.
Most Asian stocks declined in early trade, as investors pull back after a week-long rekindling of reflation trades fuelled by optimism that the U.S. economy can withstand higher interest rates.
Gold declined but was headed for its seventh weekly gains in eight weeks. The precious metal is trading close to a three-month high.
Oil advanced 0.1 percent to $53.42 a barrel. Crude is heading for its first weekly decline in five weeks as expanding U.S. crude stockpiles countered output cuts from OPEC and other producing nations.
Overnight, most U.S. stocks dropped after the longest rally in three years, while Treasuries rose for the first time in six days and dollar weakened as the torrid advance in riskier assets eased with investors awaiting details Trump administration’s pro-growth policy promises.
Data on Thursday showed U.S. housing starts fell in January to 1.25 million, compared with a revised 1.28 million in December. Weekly unemployment figures showed a rise of 5,000 new claimants to a lower-than-expected 239,000.
Federal Reserve Vice Chairman Stanley Fischer echoed Chair Janet Yellen’s views indicating the central bank is drawing closer to a rate hike, if the economy holds up. The odds for a rate hike at the March meeting are up to 36 percent from 30 percent three days ago, according to futures rates tracked by Bloomberg.
Investors will now be looking out for next week’s minutes of the Federal Open Market Committee meeting, which would provide further clues on Fed’s assessment of the economic conditions and monetary policy stance.
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