Rupee weakness continued further below 82.75 down by another 18 paisa as dollar index rising above 102.50 kept added pressure on rupee fall as risky assets showed sell off, says Jateen Trivedi, VP Research Analyst at LKP Securities.
Indian benchmark indices felt the heat with major corrections seen of around 2.50 per cent in the last two days keeping rupee at lower levels, he said.
RBI intervention is expected near 83.00 with important data coming in two days of US jobless claims, PMI, unemployment and non-farm payroll which will act as key triggers for data specific approach from Fed desk. Rupee range can be seen at 82.60-82.95, he added.
Shantanu Bhargava, Managing Director, Head of Discretionary Investment Services, Waterfield Advisors said a combination of the long-term structural factors and the near-term strengths seems to have inspired Morgan Stanley’s decision to upgrade its views on India's markets to overweight.
In the latest quarter, India grew by 6.1 per cent, exceeding market expectations by ~100 bps and continues to be the fastest-growing big economy in the world. The service sector, construction and agriculture saw a faster increase than predicted. Plus, India is experiencing an extended period of macroeconomic stability with a much better current account deficit, adequate reserves, and manageable inflation.
Political stability first criteria for robust markets and PM Modi guarantees that: FM Sitharaman
Financial markets play a crucial role in capital mobilisation and allocation, and the stability of government is the first criterion for the Indian stock indices to make a difference to the growing economy, Finance Minister Nirmala Sitharaman said here on Tuesday.
India’s CPI inflation eases to 11-month low of 4.83 pc in April
India’s consumer price inflation eased to an 11-month low of 4.83 per cent in April, bringing more relief to household budgets, figures released by the Ministry of Statistics showed on Monday.
Led by Adani Group, India saw robust deal-making activity in April: Report
India Inc saw robust deal-making activity in April, with three major domestic consolidations by the Adani Group valued at $2 billion, representing 38 per cent of the total deal values, a new report showed on Monday.
UPI payments see surge in India, leading people to overspending too: Experts
As India's digital and less-cash journey gains steam, more and more people are not only purchasing their daily essentials via unified payments interface (UPI) mode of digital transactions but also costly home appliances, high-end gadgets and designer apparels, among other things.
After 10 years of tech innovations, India geared up for next phase of growth: Industry leaders
It was former Prime Minister Atal Bihari Vajpayee who announced May 11 as National Technology Day, to commemorate the Pokhran nuclear tests conducted by the Indian Army in Rajasthan in 1998.
NSE, BSE to conduct special trading session on May 18
Stock exchanges informed their trading members that a special live trading session is scheduled on Saturday, 18th May 2024 together with participating MIIs -- BSE, NSE, ICCL, NCL, CDSL, NSDL, and MSEI. During this special live trading session, mentioned MIIs will perform intra-day switch-over to their respective Disaster recovery site.
India's services sector clocks robust growth in April, lifts business confidence to 3-month high
India's services sector continued to register robust growth in April on the back of strong domestic and foreign demand, which lifted business confidence to a three-month high, according to an HSBC survey published on Monday.
Adani Green reports 30 pc EBITDA growth in FY24, revises target to 50 GW for 2030
Adani Green Energy Ltd (AGEL) on Friday reported 30 per cent EBITDA growth at Rs 7,222 crore in FY24, as the renewable energy (RE) major revised its target for 2030 to 50 gigawatt (GW) from 45 GW.