3:30 pm Rupee stings: Stung by the rupee's recent collapse, the Reserve Bank of India (RBI) is taking a carrot-and-stick approach to curb trade in the offshore forwards market that is seen as a key source of wrenching currency volatility, reports Reuters. However, with no viable alternative to trading in non-deliverable forwards (NDF) involving the rupee, the strategy is likely to have only a limited impact. "They are saying that if you are a big pension fund or a large hedge fund, come to India and we will provide you with all the dollar liquidity that you need rather than going to the NDF markets," said the head of trading at a US bank in Hong Kong, who did not want to be named.
The market showed no sign of recovery in the last hour of trading before the September series expiry. Continuing its flattish trend, the Sensex is up 22.04 points or 0.11 percent at 19878.28, and the Nifty gains 4.25 points or 0.07 percent at 5878.10. About 1103 shares have advanced, 1073 shares declined, and 155 shares are unchanged. BHEL remains to be the gainer of the day, gaining around 5.5 percent. Coal India , Sun Pharma , Tata Steel and HDFC are other major gainers in the Sensex. Indian Hotels surged 11 percent on the BSE. On the losing side are Jindal Steel , GAIL , Reliance , HUL and Hero MotoCorp. Shares of Godrej Properties touched a record low of Rs 349.70 on Thursday. Morgan Stanley has equalweight rating on the stock and cut its target price to Rs 407 from Rs 535. The brokerage house also cut its earnings per share estimates for FY14 and FY15 by 45 percent each, driven by slower-than-expected sales at the Ahmedabad and Commercial projects, delay in planned new launches and new revenue recognition guidelines.
The market showed no sign of recovery in the last hour of trading before the September series expiry. Continuing its flattish trend, the Sensex is up 22.04 points or 0.11 percent at 19878.28, and the Nifty gains 4.25 points or 0.07 percent at 5878.10. About 1103 shares have advanced, 1073 shares declined, and 155 shares are unchanged. BHEL remains to be the gainer of the day, gaining around 5.5 percent. Coal India , Sun Pharma , Tata Steel and HDFC are other major gainers in the Sensex. Indian Hotels surged 11 percent on the BSE. On the losing side are Jindal Steel , GAIL , Reliance , HUL and Hero MotoCorp. Shares of Godrej Properties touched a record low of Rs 349.70 on Thursday. Morgan Stanley has equalweight rating on the stock and cut its target price to Rs 407 from Rs 535. The brokerage house also cut its earnings per share estimates for FY14 and FY15 by 45 percent each, driven by slower-than-expected sales at the Ahmedabad and Commercial projects, delay in planned new launches and new revenue recognition guidelines.
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