Today’s Session on Indian Stock Market


Posted March 2, 2016 by vivekhello4

The RBI was forced to step in to prevent the rupee from gaining too much.

 
GLOBAL MARKETS ROUNDUP
The S&P BSE Sensex surged as much as 431 points in early morning trade on Wednesday to reclaim its crucial level of 24000, led by gains in ICICI Bank, SBI, HDFC Bank, ITC, and HDFC. The Nifty50 reclaimed it crucial resistance level of 7,300 and was trading near its next crucial level of 7,350 supported by gains in realty, power, oil & gas, capital goods, and banks.

Indian ADRs News
• Indian ADRs ended higher on Tuesday.
• In the IT space, Infosys was up 0.60 percent at USD 17.42.
• Wipro added 0.37 percent at USD 11.55.
• In the banking space, ICICI Bank added 0.45 percent at USD 6.12.
• HDFC Bank gained 2.88 percent at USD 55.70.
• In the other sectors, Tata Motors was up 1.50 percent at USD 23.73.
• Dr Reddy’s Laboratories rose 0.67 percent at USD 44.65.

The Indian rupee extended up move on Wednesday by opening at 67.74 a dollar, up 12 paise compared to 67.86 in previous session. This consistent recovery is led by rally in equity markets on hopes of rate cut post pricing in Union Budget.

The RBI was forced to step in to prevent the rupee from gaining too much, traders said, in a reversal of just a week ago when the central bank was selling dollars to prevent the currency from hitting a record low of 68.85 to the dollar. Markets also gained tracking advances in Asian markets following China's monetary easing and downbeat manufacturing and service surveys that raised hopes of additional stimulus measures.


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Last Updated March 2, 2016