Closing Bell (6 Sep 2018)

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Rupee breaches 72/$, but pain may not be over: Analysts

Going by the current momentum, levels of 72.50 look likely in the next few days before the RBI signals its unease with the speed of the fall, said Deepak Jasani, Head – Retail Research at HDFC Securities.

The Indian currency has depreciated nearly 5 percent in the last one month and is down almost 13 percent so far in the year 2018. The 10-year govt bond yields expanded above 8 percent to touch its highest level since November 2014.

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The 10-year G-Sec Yield in India has been inching up on fear of more rate hikes by the Reserve Bank of India (RBI). We have seen around Rs 2,700-crore outflow from the Indian debt market in September 2018 so far.


We have collated views from various experts as to where the rupee is headed from here on:

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Source:https://www.moneycontrol.com/news/business/markets/shocker-rupee-breaches-72-but-pain-may-not-be-over-analysts-2923861.html

Opening Bell (6 Sep 2018)

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Don't see Nifty touching 11,800–12,000 in near term; Sun Pharma among long-term bets

Nifty may not touch 11,800–12,000 levels in the immediate future as the largecaps forming the benchmark indices are overheated, Akash Jain, Vice President - Equity Research, Ajcon Global, told Moneycontrol's Sunil Shankar Matkar.

He added that market may come under pressure due to sliding rupee and burgeoning fiscal deficit. Hence, recommends keeping a cautious approach. Edited excerpt:


Do you see the Nifty heading towards 11,800-12,000 levels or is the market overvalued at present?

We do not see Nifty heading towards 11,800–12,000 levels in the immediate future. Yes, we do believe that largecaps forming the indices are overheated although there are many midcaps and smallcaps available at reasonable valuations after a significant correction post-LTCG imposition in Union Budget 2018-19, implementation on ASM and the recent SEBI circular on FPIs which dented sentiments of street participants as a whole.

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Source: https://www.moneycontrol.com/news/business/markets/dont-see-rupee-to-hit-73-soon-good-time-to-buy-psu-banks-for-long-term-bet-on-these-top-3-portfolio-stocks-2916541.html

Closing Bell: Last hour recovery helps D-Street cut losses, Sensex down 100 points; Nifty above 11,450

At the close of market hours, the Sensex is down 139.61 points or 0.37% at 38018.31, while the Nifty is down 43.30 points or 0.38% at 11477.00.


A good recovery in the last hour has helped the market close with shallow cuts. The Sensex managed to recover over 250 points from its low point, while the Nifty shed about 70-odd points from its low point. Both indices closed in the red.

The recovery was led by automobile names, courtesy a good rally in Tata Motors. The stock rallied after its August JLR sales were stellar and helped in boosting auto names. There was a recovery in the metals segment as well, while pharmaceuticals, the sole gainer through the morning and afternoon, strengthened its position to end in the green. The Nifty Pharma and metal index were higher by a percent.

Among broader markets, the midcaps managed to end the day with a fall of around one-third of a percent. It had declined over a percent in the morning.

At the close of market hours, the Sensex is down 139.61 points or 0.37% at 38018.31, while the Nifty is down 43.30 points or 0.38% at 11477.00. The market breadth is negative as 1,053 shares advanced, against a decline of 1,680 shares, while 180 shares were unchanged.

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Source:https://www.moneycontrol.com/news/business/markets/closing-bell-last-hour-recovery-helps-d-street-cut-losses-sensex-down-100-points-nifty-above-11450-2917841.html

D-Street continues to be volatile amid weak rupee, high crude prices; Nifty around 11,500

Selloff in banks, FMCG, metals as well as names in the midcaps space are weighing on indices. Higher crude oil prices as well as a bearish rupee continue to spook investors.

After witnessing a positive opening, the rupee has resumed its downward momentum, and hit a fresh record low 71.72.

The currency had opened higher by 18 paise at 71.40 per dollar against its previous close 71.58. It plunged 37 paise to end at a record low of 71.58 on Tuesday.

“The rupee continues to make a new record low on account of crisis in the emerging market currencies.

Further consistent rise in the crude oil prices and dollar index has kept sentiments bearish. There are talks of rupee moving towards 72-73 levels hence there is lot of speculative dollar buying in the market which is driving the currency lower every day,” Rushabh Maru - Research Analyst at Anand Rathi Shares and Stock Brokers said in a statement.

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Source:https://www.moneycontrol.com/news/business/markets/market-live-d-street-continues-to-be-volatile-amid-weak-rupee-high-crude-prices-nifty-around-11500-2917841.html