Indian rupee opens higher at 63.97 per dollar

2017_2image_09_33_51072771635753628-llThe Indian rupee opened higher by 5 paise at 63.97 per dollar on Wednesday versus 64.02 Tuesday.

Pramit Brahmbhatt of Veracity said, “On back of poor US economic data, the rupee will trade with a positive bias. Moreover, the dollar index has weakened.”

The US dollar turned positive against a basket of major rivals after touching its lowest level in over 2 years as traders brushed aside concerns surrounding a North Korean missile launch over Japan.

 

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Sun Pharma reports first-quarter loss as generics business suffers

Sun PharmaIndia’s largest drugmaker Sun Pharmaceutical Industries Ltd posted a surprise quarterly loss on Friday due to one-off legal costs and pressure over prices in its largest market, the United States, casting a shadow over its growth prospects.

Sun is the latest maker of generic drugs to report poor sales as uncertainty grows in the global market for copycat drugs due to rising competition and pricing scrutiny in the United States.

India’s drugs industry, the world’s fourth largest, has been hit particularly hard due also to challenges at home, where the government is tightening control over prices, and a nationwide tax reform has hit supplies.For Sun, recent pricing challenges have compounded problems: it had already been struggling to get clearance for its key factories that are under U.S. supply bans due to quality control failures.

The company, the world’s fifth-largest maker of generic drugs, said it expects profit margins to improve gradually to reach about 20 to 22 percent in the second half of this year from 17.1 percent in the June quarter.

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Market Opening Bell

NIFTY FUTURE DOWN 36.70 @ 9890.00
BANKNIFTY FUTURE DOWN 74.80 @ 24398.40
SENSEX DOWN 47.11 @ 31750.73
INR @ 63.98

 

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Share Market News – 70 stocks hit fresh 52-week low today

Nearly 70 stocks, including 3i Infotech, Aarvee Denims & Exports, Ajanta Pharma, Dr. Reddy’s Laboratories, Energy Development Company, GTPL Hathway, Housing Development and Infrastructure, JBF Industries , Jindal Photo, Lupin, NDTV, OnMobile Global, Sun Pharmaceutical Industries and Tata Motors hit their fresh 52-week low on NSE in Wednesday’s trade.

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However, V2 Retail, Edelweiss Financial Services, Sunteck Realty, Indraprastha Gas, PC Jeweller, Reliance Capital, Mahanagar Gas, Vedanta, Jubilant Food, Landmark Prop, Oil India, JSW Steel, Birla Corporation, Emkay Global and Eastern Silk were among the 17 stocks that hit fresh 52-week high today.

Sustained selling in bank, pharma, FMCG and auto stocks kept the bourses in the negative zone.
Select metal and PSU bank stocks were gaining in the trade.

In the Nifty Metal pack, Tata Steel (down 0.63 %), APL Apollo Tubes (down 0.43 %), JSW Steel (down 0.41 %), Ratnamani Metals & Tubes (down 0.40 %) and Coal India (down 0.29 %) were trading in red.

Hindalco Industries  (up 2.53 %), Indian Oil Corporation (up 2.15 %), Vedanta (up 2.02 %), NTPC (up 1.90%) and State Bank of India(up 0.91 %) were topping the Nifty chart.

Benchmark Nifty50 index was 19 points down at 9,960, while the 30-share Sensex was 101 points down at 31,913.

In the Nifty50 pack, 21 stocks were trading in green, while 30 stocks were in red.

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Indian rupee opens at 64.40 against US dollar

Th2017_2image_09_33_51072771635753628-lle Indian rupee on Tuesday opened at 64.40 against the dollar, down 0.1 percent from its previous close.

Bhaskar Panda of HDFC Bank said, “Favourable US data and expectations from Fed helped US dollar recover a bit and move above 94. The USD-INR pair has been boxed in a narrow range for some time now and I don’t see that breaking at the moment.”

“I expect the USD-INR pair to remain within the 64.30-64.45 range for today.”

“The 10-year benchmark bond yield is expected to trade within the 6.40-6.42 percent range. I don’t see a major movement before the RBI policy,” he added.

 The dollar inched up from its lowest level in more than a year, assisted by stronger-than-expected readings on the US economy, as investors kept a wary eye on developments concerning ties between Russia and aides to US President Donald Trump.

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Market Magnify Turmeric News Update

Turmeric on NCDEX settled up by 0.5% at 6384 on short covering after prices dropped on expectations of higher output and increasing supplies of new crop. The demand for the new season turmeric in recent weeks is lower from the up country traders. The turmeric arrivals in the country slow down last week (20-25 Mar) to 21,220 tonnes compared to 621,061 tonnes during previous week, as per the data. On the export front, country exported about 82,115 tonnes during April-Dec period; up by 28% compared to last year exports of 64,105 tonnes, as per government data.

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                          Trading Ideas

*Turmeric trading range for the day is 6244-6520.

*Turmeric prices gained on short covering after prices dropped on expectations of higher output and increasing supplies of new crop.

*urmeric output is expected to be bumper as not only the acreage was higher but weather remained favourable.

*NCDEX accredited warehouses turmeric stocks gained by 249 tonnes to 1657 tonnes.

*In Nizamabad, a major spot market in AP, the price ended at 6173.1 Rupees dropped -6.9 Rupees.

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New board for indirect taxes to become operational from June 1

The Central Board of Indirect Taxes and Customs (CBIC), which will replace the current CBEC, will become operational from June 1 in preparation for the Goods and Services Tax (GST) regime, an official source said.

The Central Board of Excise and Customs (CBEC) is presently the top policy-making forum for indirect taxes in the country. “The CBIC will become operational from June 1. There will be no need for different commissionerates for service tax, central excise and others. There will be only one body Commissionerate for GST,” a CBEC source told IANS.

 

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An internal letter from the Directorate General of Human Resource Development said the notification on the CBIC will be issued in the first week of May, ahead of the July 1 rollout date for GST. The CBIC will have 21 zones, 101 GST taxpayer services commissionerates comprising 15 sub-commissionerates, 768 divisions, 3,969 ranges, 49 audit commissionerates and 50 appeals commissionerates.

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