Latest News Today – Rupee Slides Lower To 74.57 Against Dollar As Investors


Rupee Vs Dollar Today: The rupee settled at 74.57 against the dollar

The rupee pared some of its initial gains and further slipped three paise against the US dollar on Friday, July 16, to settle at 74.57 (provisional) as investors awaited new triggers. At the interbank forex market, the domestic unit opened at 74.53 against the dollar and registered an intra-day high of 74.51. It witnessed a low of 74.66 during the session. In an early trade session, the local unit inched higher by two paise to 74.52 against the greenback.

The domestic unit finally ended the day at 74.57, down three paise over its last close. On Thursday, July 15, the local unit settled at 74.54 against the American currency. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.06 per cent to 92.56.

During the week, the domestic currency witnessed volatile trading as on Wednesday, it snapped its three-day winning streak to settle lower at 74.59 against the dollar. Yesterday, it settled higher to 74.54 against the greenback supported by domestic equities.

What analysts say:

Mr. Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services:

“The forex market focus will be on tonight’s US retail sales data and consumer confidence data for any reading on inflation and the strength of the recovery. Any solid pace of US economic recovery, will underpin the rumours of earlier than expected rate hikes/QE tapering keeping USDINR afloat till the July FOMC outcome.

So in USDINR spot until the support of 74.40 doesn’t break, the trend will remain positive towards 75. Only a break of 74.40 will push prices towards 74.00 zone.”
 

Mr Amit Pabari, MD, CR Forex:

”A fall in figures of unemployment claims to a 16-month low of 360,000 and US business activity growing at a record high lifted the US Dollar despite a fall in the 10-year bond yield.

Going ahead, traders are looking to U.S. retail sales data and consumer confidence for the strength of the economic recovery and further clues on dollar movement.

Despite dollar remaining on back foot and inflows on account of various IPO’s and QIP’s, rupee could not manage to break the 74.40 crucial support level yesterday. If the BIG-bull continues to play its part to curb volatility downside, any dips in the USDINR pair would be taken for buying by importers, and while for exporters, it would remain sideways to sell. 

If inflows get standstill, a depreciation pressure resides on rupee and can take it towards 75.20-75.50 levels in the upcoming time.”
 

Kshitij Purohit, Lead International & Commodities at CapitalVia Global Research Limited:

”Given the pair’s struggle to break through the 75.00 barrier, as well as the recently rising momentum line, USD/INR prices are likely to conquer the significant support convergence near 74.50-74.45 as the quote eases.

Technically, the USDINR July opened on a flat note today and was moving in a marginally sideways trend since morning. Prices tested the same support level lying in the range of 74.55-74.53 from past four days, any closing below this range on daily charts may trigger sellers’ area and we may witness a sharp downfall till the next immediate support zone lying in 74.30-74.27.

Ultimately, prices again tried to breach this level and closed above 74.65 indicating that, buyers may come into action. If in the upcoming sessions, prices bounce back from the support zone 74.55-74.52, we may see a rise till 74.78-74.80 which is acting as a major profit booking zone from past few sessions and if prices close above this zone, we may see a further hike.”

Domestic Equity Markets Today:

On the domestic equity market front, the BSE Sensex ended 18.79 points or 0.04 per cent lower at 53,140.06, while the broader NSE Nifty slipped 0.80 points or 0.01 per cent to 15,923.40.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities:

“On a weekly basis, the market formed a complete reversal formation by closing above the highest level of the previous week. Also during the week, the market tested lower boundaries and crossed the upward barrier under the leadership of Financials and Technology companies. Except for the media and PSU bank, all other indices closed in the positive territory. 

In the coming week, based on its technical formation, the Nifty has scope to move towards 16100 without much effort. However, for that, support from Banks and the FMCG sector will hold key. We feel the technology sector has delivered its best and now it’s the turn of the FMCG sector to support the market. The strategy should be to buy if Nifty corrects to 15900/15850 without hitting the levels of 16100. Traders should keep a final stop loss at 15750 for the same. 

According to exchange data, the foreign institutional investors were net sellers in the capital market on July 15 as they offloaded shares worth Rs 264.77 crore. Global oil benchmark Brent crude futures advanced 0.37 per cent to $ 73.74 per barrel.



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Latest News Today – Yellow Metal Falls, Silver Too Slides


Gold Price Today: Yellow metal and silver rates fell on the MCX

Gold prices in India fell on Monday as yellow metal futures on MCX stood at Rs 47,719 per 10 grams. Silver futures also slid and stood at Rs 69,196 per kg.

Meanwhile the gold spot price today was at Rs 47,810 with no change over yesterday. 

In the international markets, yellow metal prices were stable and stood at $1802.8 per Troy ounce. Silver prices fell to $26.0 per Troy ounce.

Commenting on the gold price trends, Ravindra Rao, Head of Commodity Research at Kotak Securities said, “COMEX gold trades marginally lower near $1805 per ounce after a 0.6 per cent gain on Friday. Gold eased as US bond yields came off the lows amid stability in equity markets. Also weighing on price is weaker investor interest and Fed’s monetary tightening expectations. However, supporting price is rising virus concerns, US-China tensions and inflationary concerns. Gold may remain choppy amid lack of fresh cues however increasing challenges may improve safe haven appeal.”



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Latest News Today – Sensex Plunges Over 500 Points, Nifty Slides Below


Tata Motors, M&M, ICICI Bank, SBI and IndusInd Bank have lost 1-2 per cent each on BSE

The domestic stock markets opened weak, with the BSE Sensex plunging more than 500 points or 1 per cent, on the back of negative global cues. Asian markets are trading in the red across the board after comments by Federal Reserve on interest rates spooked Wall Street over the weekend. Federal Reserve official James Bullard had said the U.S. central bank might raise interest rates sooner than previously expected.

At 9:20 am, the BSE Sensex was trading at 51,981.75, lower by 380.55 points or 0.76 per cent and the NSE Nifty was at 15,574.45, down 112 points or 0.70 per cent. All the BSE sectoral indices were trading in the red, with the financial and auto indices taking the most hit.

In the broader markets, the BSE Midcap index and BSE Smallcap index were trading lower by 0.7 per cent and 0.3 per cent respectively.

Asian stocks dropped on Monday as investors mulled the implications of a surprise hawkish shift last week by the U.S. Federal Reserve, while the Treasury yield curve flattened further with 30-year yields dropping below 2 per cent.

Japan’s Nikkei led declines with a 3.3 per cent drop and dipped below 28,000 for the first time in a month, while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1 per cent in early trading.

US stocks ended sharply lower on Friday, with the Dow and S&P 500 posting their worst weekly performances in months, in wake of the Federal Reserve official’s comments. The Dow Jones fell 1.58 per cent, the S&P 500 lost 1.31 per cent and Nasdaq Composite dropped 0.92 per cent,.

In corporate earnings, Oil India, Bharat Dynamics, Info Edge and Jaiprakash Associates will declare their Q4 numbers during the day.

Auto and financial stocks are receiving a hammering in early trading. In the auto space, In the auto space, Tata Motors and M&M have shed over 2 per cent each on the BSE. And in the financial space, ICICI Bank, SBI and IndusInd Bank have lost more than 1 per cent each.

Among stocks in the news, PNB Housing Finance fell 5 per cent to hit its lower circuit after SEBI asked the company to put on hold a share allocation to a clutch of investors led by private equity firm Carlyle Group.

Centrum Capital gained more than 16 per cent after RBI approved the takeover by the company’s unit of the troubled Punjab and Maharashtra Co-operative Bank.

The BSE market breadth is weak. Out of 2,691 stocks traded on the BSE, there are 1,485 declining stocks as against 1,104 advances.



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Latest News Today – Yellow Metal Slides To One-Month Low, Silver Too Falls


Gold price today: Yellow metal fell to a one-month low, silver too slid steeply

Gold prices on Thursday fell to a month-long low and stood at Rs 47,799 per 10 grams at the MCX, much below the Rs 48,000-mark.

Silver also witnessed a significant fall as the July silver futures traded at Rs 70,332 a kilogram.

In the international market, gold prices slipped by more than one per cent on Wednesday after US Federal Reserve officials had indicated that interest rate hikes could take place in 2023, which is sooner than expected.

After a fall in the previous session to its lowest since May 6 at $1,803.79 per ounce, spot gold was slightly up 0.2 per cent. US gold futures were down at $1,816.90 per ounce. 



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Latest News Today – Yellow Metal Slides Again, Silver Goes Up


Gold Price Today: Yellow metal slid again today while silver went up

Gold price in India slid again for the second day on Thursday as on the Multi-Commodity Exchange (MCX), gold futures were down by 0.04 per cent at Rs 49,580 for 10 grams.

However, silver edged higher on Thursday. On MCX, silver July future was up by 0.13 per cent at Rs 72,775 per kg.

In the international market, gold prices inched lower on Thursday. Spot gold was down 0.2 per cent at $1,904.36 per ounce. On Tuesday, gold prices hit their highest level since January 8 at $1,916.40. US gold futures eased 0.1 per cent to $1,907.70 per ounce.

The US 10-year Treasury yield slipped below 1.60 per cent, reducing the opportunity cost of holding non-interest bearing gold. The dollar index, however, edged 0.1 per cent higher against its rivals, making gold less appealing for other currency holders.



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Latest News Today – Tech Mahindra Q4 Profit Slides 17.4% To Rs 1,081 Crore


Tech Mahindra records fall in fourth quarter net profit

Software services company Tech Mahindra recorded a 17.4% slide in consolidated profit which stood at Rs 1,081.4 crore for the quarter ended March 2021 (Q4). The profit in the previous quarter was at Rs 1,309.8 crore.

Consolidated revenue for the quarter at Rs 9,729.9 crore grew by 0.9 per cent over Rs 9,647.1 crore in December quarter.

The company’s IT services business registered a 1% sequential growth in revenue at Rs 8,673 crore, but the BPO segment revenue was almost flat at Rs 1,056.9 crore in Q4 of FY21 against Rs 1,056.6 crore in Q3 of FY21.

Life Insurance Corporation of India (LIC) had raised its stake in Tech Mahindra to 2.64% at the end of March 2021, from its earlier share of 2.03%.

Tech Mahindra’s revenue in dollar terms grew by 1.6% sequentially to $1,329.6 million and the revenue growth stood at 0.7 percent quarter on quarter (QoQ) in constant currency terms.

“Our continued focus on cutting-edge technologies has expanded client engagement with large deal wins this quarter. We are witnessing a strong demand acceleration and are committed towards delivering a next-level human-centered experience of the future,” said Managing Director & Chief Executive Officer C P Gurnani.



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Mahindra & Mahindra’s Quarterly Profit Slides As Costs | Sidnaz Blog


Mahindra and Mahindra Ltd reported a slump in third-quarter profit on Friday, as the carmaker reported a one-time loss on its South Korean unit Ssangyong Motor which has filed for bankruptcy

Mahindra, as part of a wider review to retain only those businesses with the potential to make money, has been in talks to sell its stake in Ssangyong.

The South Korean automaker, however, filed for a pre-packaged rehabilitation bankruptcy plan in December “which may involve capital restructuring for existing and current shareholders”, Mahindra said in a statement.

Mahindra estimates it will incur a one-time loss of Rs 1,210 crore related to Ssangyong and the unit will also cease to be its subsidiary.

Upon approval of the bankruptcy plan, “the court will commence rehabilitation proceedings and appoint a receiver to manage the affairs of the company”, Mahindra said.

On a standalone basis, profit after tax was Rs 30.93crore for the quarter ended Dec. 31, compared with Rs 307 crore a year earlier, Mahindra said.

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However, Mahindra’s standalone results in combination with those of its manufacturing unit translate to a profit after tax of Rs 531 crore for the third quarter, a 40 per cent jump from the same quarter a year earlier.

“Capital allocation actions were targeted at loss-making subsidiaries, these actions have made a significant contribution to the financial performance,” it said.

Mahindra, which last month said would increase prices of its personal and commercial vehicles, continued to warn of challenges due to a shortage of semiconductors and rise in commodity prices.

As part of its review, Mahindra has also ended its joint venture with Ford Motor Co and has cut more than half of the workforce at its North American unit.



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