Indian rupee opens lower at 64.84 per dollar

100-rupees-noteThe Indian rupee opened lower by 5 paise at 64.84 per dollar on Monday versus 64.79 Friday.

Pramit Brahmbhatt of Veracity said, “Weak cues from equity market and concerns about growth on the domestic front will keep the rupee under pressure.”He further added, “We expect the USD-INR pair to trade in a range of 64.80-65.20 for the day.”

The euro slipped in early trading after Germany’s election showed surging support for a far-right party that left chancellor Angela Merkel scrambling to form a governing coalition.Political uncertainty also took a toll on the New Zealand dollar after no single party won a majority in an election over the weekend.

While the yen weakened – helped by renewed hope for Prime Minister Shinzo Abe’s economic stimulus as he is expected to announce a snap election, to be held on October 22.

According to Motilal Oswal currency report, upside for the USD-INR pair could be capped in today’ session after the RBI increased corporate bond limit by Rs 44,000 crore. For the day, the pair is expected to quote in the range of 64.80 and 65.20.

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STOCK RECOMMENDATION FOR NEXT WEEK

For next week market may open on positive note as bank nifty future tested its trend line support at 24400 and if it surpasses the level further pain will have to bear by the investors. For next week resistance placed at 24560 and 24950.Nifty support is placed at 9940 and 9870 and resistance at 10070 and 10150.

 

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RBI eases foreign investment rules for corporate debt

RbinoteThe Reserve Bank of India (RBI) on Friday eased rules governing foreign investment in corporate bonds by excluding rupee-denominated securities from its overall debt limit.

The move potentially freed up 440 billion rupees ($6.79 billion) of debt available to offshore investors.

Access to the corporate bonds by foreign investors will be phased in over the next two quarters — 270 billion rupees during October-December and 170 billion rupees in January-March, the Reserve Bank of India said in a circular.

Rupee-denominated bonds — more widely known as masala bonds — will now come under rules for external commercial borrowings and issuers will have to take prior permission from the RBI to raise the paper.

Earlier these masala bonds used to be classified under the foreign portfolio investment limit for corporate bonds that stands at 2.44 trillion rupees. This total limit has been fully taken up following massive foreign inflows.

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Stock Market :- Sensex, Nifty end lower

asIndian shares ended lower for a fourth straight session on Friday, weighed down by banking stocks, as the government’s plan for $7.7 billion stimulus spending raised concerns over fiscal deficit.

 

The Nifty closed down 1.56 percent at 9,964.40, while the benchmark Sensex fell 1.38 percent to 31,922.44. Both indexes posted their biggest intraday percentage decline in 10 months.

 

The Nifty lost 1.22 percent this week, while the Sensex fell 1.09 percent. Both indexes posted weekly losses for a second time this month.

 

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Key Indian equity indices trade lower during early session

Bombay Stock Exchange. (File Photo: IANS)

Key Indian equity market indices opened in the red on Friday following global cues.

 

The 30-scrip Sensitive Index (Sensex) was trading 192.07 points or 0.59 % lower during the early session.

 

The wider 51-scrip Nifty of the National Stock Exchange (NSE) was also trading 63.05 points or 0.62 per cent lower at 10,058.85 points.

 

The BSE Sensex, which opened at 32,339.50 points, was trading at 32,177.97 points (at 9.18 a.m.) in the early session, lower 192.07 points or 0.59% from the previous day’s close at 32,370.04 points.

 

The Sensex touched a high of 32,342.81 points and a low of 32,176.60 points in the trade so far.

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शेयर बाजारों के शुरुआती कारोबार में मजबूती

DSदेश के शेयर बाजार के शुरुआती कारोबार में गुरुवार को मजबूती का रुख है। प्रमुख सूचकांक सेंसेक्स सुबह 9.22 बजे 45.61 अंकों की मजबूती के साथ 32,446.12 पर और निफ्टी भी लगभग इसी समय 14.60 अंकों की बढ़त के साथ 10,155.75 पर कारोबार करते देखे गए।

 

बम्बई स्टॉक एक्सचेंज (बीएसई) का 30 शेयरों पर आधारित संवेदी सूचकांक सेंसेक्स सुबह 5.91 अंकों की बढ़त के साथ 32406.42 पर, जबकि नेशनल स्टॉक एक्सचेंज (एनएसई) का 50 शेयरों पर आधारित संवेदी सूचकांक निफ्टी 1.55 अंकों की गिरावट के साथ 10,139.60 पर खुला।

 

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Nifty to open gap down by 6 points at 10162

nifty-marketDynamic Levels’ Market Outlook

Fed is expected to keep its interest rate unchanged

As per Dynamic Levels research, Fed is going to keep its interest rate unchanged today at midnight.

Yesterday, among stocks Rain Industries zoomed by 16.74 percent, the company is into the business of Calcined petroleum coke which is a part of highest performing sector Carbon. Tinplate rose by 14.72 percent, the company generates its revenue from electrolytic tin mill product. Panama Petro zoomed by 7.28 percent as energy oil and gas sector as a whole rose by 1.79%. TFCI LTD moved up by 3.73 percent, Sunflag rose by 5.27 percent as metal & mining sector is continuously performing.

Today Nifty to open gap down by 6 points at 10162 from yesterday close of 10168 as per SGX Nifty.
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