Sensex sheds 80 points; Consumer durables, bank stocks major losers

The Sensex and the Nifty fell over 0.3 per cent at the closing session on Wednesday amid firm global cues.

The 30-share BSE index Sensex was down 79.85 points (0.38 per cent) at 20,899.94 and the 50-share NSE index Nifty was down 38 points (0.61 per cent) at 6,215.15.

On the BSE, IT, power, TECk and healthcare indices remained investors' favourite and were up 1.39 per cent, 1.23 per cent, 1.00 per cent and 0.86 per cent, respectively.

On the other hand, consumer durables, banking, realty and metal indices succumbed to selling pressure and were down 2.19 per cent, 1.87 per cent, 1.8 per cent and 1.31 per cent, respectively.

NTPC, TCS, Sun Pharma, Infosys and Cipla were the top five Sensex gainers, while the top five losers were SBI, SSLT, Jindal Steel, Hindalco and HDFC.

Europe’s benchmark stock index jumped to a five-year high, as companies including ING Groep NV reported better-than-estimated earnings and Toyota Motor Corp.raised its forecast.

Asian stocks rose, snapping a four-day drop on the regional equities benchmark, as Japanese shares were buoyed by a weaker yen and Commonwealth Bank of Australia’s profits surged.

Voltas Ltd Q2 net down 1.5% at Rs 42.28 cr

Company had net profit of Rs 42.93 crore in the July- September quarter of the previous fiscal

Tata Group firm Voltas Ltd today reported 1.51% decline in consolidated net profit at Rs 42.28 crore for the second quarter ended September 30, 2013-14.

The company had net profit of Rs 42.93 crore in the July- September quarter of the previous fiscal, 2012-13.

Voltas' net sales in Q2, 2013-14 declined by 7.20% to Rs 1,076.53 crore from Rs 1,160.1 crore for the same period of last fiscal, Voltas said in a filing to the BSE.

Overall expenses during the quarter stood at Rs 1,043.24 crore, down 7.5% compared with Rs 1,128.1 crore in the year-ago period.

Voltas scrip was trading at Rs 92.70 per scrip on the BSE, down 0.59% from its previous close.

BHEL turns volatile post Q2 earnings

The stock hit a low of Rs 139, falling over 4% from intra-day high of Rs 145 on BSE.

Bharat Heavy Electricals Limited (BHEL) is trading almost flat at Rs 142 after reporting a sharp 64% year-on-year (yoy) decline in net profit at Rs 456 crore for the quarter ended September 30, 2013 (Q2), due to lower operational income.  The state-owned heavy electrical equipment maker had profit of Rs 1,274 crore in a year ago quarter.

The company’s net sales declined by 15% at Rs 8,819 crore on yoy basis, BHEL said in a statement.

As on September 30, 2013, the order book stood at Rs 122,300 crore, a 16.35% lower than Rs 122,300 crore during the same period last year.

The stock hit a low of Rs 139, falling over 4% from intra-day high of Rs 145 on BSE, after announcement of Q2 results.

Star Network to invest over Rs 20K cr to expand sports coverage in India

Star Network, the media and entertainment firm owned by Rupert Murdoch, today said it will invest more than Rs 20,000 crore to expand its sports coverage in India and has roped in cricket captain M.S. Dhoni as brand ambassador for its Star Sports channels.

The network also unveiled a new brand identity for Star Sports across six channels and has renamed all the ESPN channels, subsequent to the buyout of ESPN Inc’s stake in their 16-year-old joint venture ESPN STAR Sports (ESS).

“Star has made a commitment of more than Rs 20,000 crore into the sports business. The investment is being used to fuel the expansion of sports coverage in the country and to build exciting new leagues, including the Indian Super League in football, the Hockey India League and the Indian Badminton League,” Star Network said in a statement.

Commenting on the development, Star India CEO Uday Shankar said: “Cricket is too big to be confined to just one channel. Today, we are redoubling our efforts to showcase the best of Indian and international cricket to the sports fan.

The new brand is also about showcasing our commitment to other sports.”

However, the company said cricket will continue to be its focus as it also brings in the best of other local and world sports such as soccer, hockey, badminton and tennis to India.

Rebranding

As part of the rebranding, six channels will now be under the umbrella Star Sports brand. The ESPN channel will now be named as Star Sports 4 and ESPN HD will be Star Sports HD2. Star Cricket will be Star Sports 3.

Elaborating on the new brand strategy, the company said: “The brand highlights Star Network’s ambition to change the face of sports broadcasting in India and provide world-class sports coverage to fans across the country.”

In June last year, Star Network had announced that it will buy out ESPN Inc’s stake in their 16-year-old joint venture ESPN STAR Sports (ESS) to gain full control of the sports broadcaster. ESS was a 50:50 joint venture between News Corporation and ESPN, an arm of Walt Disney Co.

Cox & King’s introduces 'Philippines Holidays'

Travel group Cox & Kings has devised a perfect island getaway for couples.

With over 7000 tropical islands, Philippines is the second largest archipelago in the world. Cox & Kings' Philippines holidays begin from Rs 22,438 and are inclusive of accommodation, sightseeing and transfers. Travellers can choose between three packages: Discover Manila, Romantic Philippines and the Best of Philippines.

Each city has its own charm to offer. No Filipino holiday is complete without Manila. Whether you prowl through the street markets of Chinatown or revel in the Roxas Boulevard, famed for its yacht club, classy hotels, casinos and nightspots, the capital city has always been a holiday favourite.

“Philippines is a perfect holiday, since the tropical island getaway is endowed with a variety of colours, from its beaches, nightlife, music, renowned hospitality, luxurious hotels, exotic cuisine and spas,” said Karan Anand, Head, Relationships, Cox & Kings.

The travel group has operations in 26 countries.

IDFC Alternatives picks up minority stake in NCDEX for Rs 45.6 cr

IDFC Alternatives’ private equity arm has acquired a minority stake in agri commodity derivatives exchange National Commodity & Derivatives Exchange Ltd (NCDEX), India’s largest agri-commodity exchange for Rs 45.6 crore. The stake was acquired from Jaypee Capital Services Ltd.

NCDEX has an agricultural commodity market share of more than 70 per cent based on average daily traded value and more than 80 per cent based on open interest. It has more than 700 accredited warehouses across India with the capacity to handle more than 2.6 mt.

“We are pleased to have IDFC Alternatives as our shareholder and I’m sure they will add strategic value through their considerable experience and insight into the Indian financial markets,” NCDEX CEO Samir Shah said.

Satish Mandhana, Managing Partner and CIO at IDFC Alternatives, said: “In continuation of our focus on the agri and rural sector, this investment in the financial-cum-physical infrastructure of our rural economy, brings a good portfolio balance. As exchange traded agri-commodities in India are well below international benchmarks, we see significant growth opportunity for NCDEX”.

Gold futures rise to Rs 29,210 per 10 gm

Gold prices traded marginally higher by 0.16 per cent at Rs 29,210 per ten grams at the futures trade today as speculators created positions, driven by a rise in demand at the spot market amid a firm global trend.

On the Multi Commodity Exchange, gold for delivery in February rose Rs 47 or 0.16 per cent to Rs 29,210 per ten grams in a business turnover of 164 lots. Similarly, the metal for delivery in December traded higher by Rs 17 or 0.06 per cent to Rs 29,710 per ten grams in 2,352 lots.

Analysts said speculators created positions driven by a rising demand in the spot market amid a firm global trend.

Meanwhile, gold edged up by 0.03 per cent to $1,312.30 an ounce in Singapore.

Tata Power trades in green on the BSE

Tata Power is currently trading at Rs. 84.60, up by 1.15 points or 1.38% from its previous closing of Rs. 83.45 on the BSE.

The scrip opened at Rs. 83.95 and has touched a high and low of Rs. 85.80 and Rs. 83.00 respectively. So far 7,04,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 113.20 on 05-Dec-2012 and a 52 week low of Rs. 68.25 on 06-Aug-2013.

Last one week high and low of the scrip stood at Rs. 84.60 and Rs. 79.85 respectively. The current market cap of the company is Rs. 20,123 crore.

The promoters holding in the company stood at 32.47% while Institutions and Non-Institutions held 48.38% and 15.97% respectively.

Tata Power, India’s largest integrated power utility, is setting-up wind projects with total generating capacity of over 160 MW in the country to augment its renewable energy portfolio. Besides wind, the company has presence in solar power generation and is also implementing hydro projects.

Markets extend losses, financials weigh

BSE Realty, Bankex, Metal and Oil & Gas indices have plunged by 1% each

Benchmark indices have extended losses and are trading near day’s low weighed down by banks, metal and oil & gas shares.

At 1250 hrs, the Sensex was down 60 points at 20,914 and the Nifty slipped 24 points to trade around the 6,230 levels.

According to Devangshu Datta, Technical Analyst, “Right now the trading range is very narrow. Option premiums seem to suggest that a breakout from the current 6250-6350 range could go till either 6450 or till 6125 (more potential downside). So roughly a 125-150 pt swing could come if there's a breakout. (Assume 40 pts premium on futures versus spot index levels)”.

On the global front, most Asian markets refused to budge on Wednesday in the face of uncertainty over monetary policy in the United States and Europe, though Japanese stocks managed to buck the trend thanks to gains in major car makers. Tokyo shares stood out with a 0.9% rise led by a 1.3% jump in Toyota on reports it was about to raise its profit forecasts.

Excitement was sorely lacking otherwise, with MSCI's index of Asia-Pacific shares outside Japan inching up 0.1%. Australia's main index was all but flat, as were shares in Shanghai.

Investors mostly took their cue from Wall Street which had turned lower on Tuesday after the Institute for Supply Management's October read on US services came in at a surprisingly strong 55.4.

Back home, the rupee weakened in morning trade today due to dollar demand from importers.

According to currency dealers, besides dollar gaining against other currencies in the global markets, lower opening in the domestic equity market too influenced the rupee's depreciation.

On the sectoral front, BSE Realty, Bankex, Metal and Oil & Gas indices have plunged by 1% each. However, BSE Power, IT, TECk and Healthcare indices have gained by 1% each.

The main losers on the Sensex at this hour include Sesa Sterlite, Hindalco, HDFC, SBI, Bharti Airtel, HDFC Bank, Bajaj Auto and RIL.

State Bank of India (SBI), the country's largest lender, today said it will increase its base rate or minimum lending rate by 20 basis points from Thursday. The base rate of the bank will be revised to 10% from 9.80% now.

On Saturday, HDFC Bank, the second largest private sector lender in India, had increased its minimum lending rate by 20 basis points to 10%.

Shares of information technology (IT) companies are in demand after Cognizant raises full year profit and revenue forecast.

Tata Consultancy Services (TCS), Wipro, Tech Mahindra, Infosys and HCL Technologies are trading higher in the range of 1-3% on the Bombay Stock Exchange (BSE).

Among other shares, ABB India has moved higher by nearly 11% at Rs 698 after reporting 67% year-on-year (yoy) growth in net profit at Rs 36 crore for the third quarter ended September 2013 (Q3), despite fall in operational revenue. The company had profit of Rs 21 crore in a year ago quarter.

Torrent Power has surged over 18% to Rs 113 on back of heavy volumes on the bourses. The stock opened at Rs 96 on BSE, has seen over four-fold jump in trading volumes.

The market breadth in BSE remains firm with 1,202 shares advancing and 964 shares declining.

NTPC trades in green on the BSE

NTPC is currently trading at Rs. 150.55, up by 3.20 points or 2.21% from its previous closing of Rs. 147.30 on the BSE.

The scrip opened at Rs. 146.75 and has touched a high and low of Rs. 151.25 and Rs. 146.30 respectively. So far 6, 91,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 170.70 on 08-Nov-2012 and a 52 week low of Rs. 122.65 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 149.65 and Rs. 145.00 respectively. The current market cap of the company is Rs. 1,23,970 crore.

The promoters holding in the company stood at 75.00% while Institutions and Non-Institutions held 20.43% and 4.57% respectively.

The company has reported a fall of 20.66% in its net profit at Rs 2492.90 crore for the quarter as compared to Rs 3142.35 crore for the same quarter in the previous year. Total income of the company has decreased by 0.65% at Rs 17059.41 crore for quarter under review as compared to Rs 17170.93 crore for the quarter ended September 30, 2012.

46 companies made open offers worth Rs 37,460 cr in first half

Some 46 companies made open offers worth Rs 37,460 crore in the first half of 2013-14 under the Takeover Regulations, the highest in the past several years.

According to Pranav Haldea, Managing Director of Prime, a database on primary capital market, this represents an increase of over 2000 per cent over the same period last year. H1 of 2012-13 had open offers worth only Rs 1,721 crore.

The mega Rs 29,220-crore offer of Unilever PLC for Hindustan Unilever Ltd contributed to 78 per cent of the total offer amount during the first half of the current fiscal.

On the acceptance side, shareholders tendered shares for only Rs 21,038 crore or 56 per cent of the offer amount made (same period last year Rs 578 crore). The HUL offer saw 65 per cent acceptance.

Bajaj Auto motorcycle sales down 4%

Bajaj Auto has witnessed a 4 per cent decline in motorcycle sales year-on-year during October. The Pune-based motorcycle major sold 3.48 lakh bikes in October 2013 compared with 3.61 lakh units in the same month of 2012.

Sales of its three-wheelers took a greater hit with 37,000 units, representing a decline of 26 per cent.

Combined sales stood at 3.85 lakh units versus 4.11 lakh units, a dip of 6 per cent YoY.

The good news came from total vehicles exported with the company notching its highest-ever October exports. At 1.38 lakh units, the exports stood 9 per cent higher over last year.

On a year-to-date basis, (April to October), Bajaj Auto sold a little over 2.05 million bikes against 2.27 million units in the same period of the previous fiscal, down 9 per cent. Sales of three-wheelers remained flat.

SBI follows HDFC Bank, raises base rate by 20 bps

Rate hikes follow RBI's decision to raise repo rate by 25 bps

State Bank of India (SBI), the country's largest lender, today said it will increase its base rate or minimum lending rate by 20 basis points from Thursday. The base rate of the bank will be revised to 10% from 9.80% now.

On Saturday, HDFC Bank, the second largest private sector lender in India, had increased its minimum lending rate by 20 basis points to 10%.

Both the banks have also increased their benchmark prime lending rate (BPLR). While HDFC Bank's revised BPLR is now at 18.50%, SBI will increase it to 14.75% with effect from November 7, 2013.

The rate hikes come following the Reserve Bank of India's (RBI) decision to raise the policy repo rate by 25 basis points on October 29, 2013.

Other top lenders including ICICI Bank, Axis Bank, Bank of Baroda and Punjab National Bank (PNB) are yet to announce any revision in their minimum lending rate.

HDFC Bank, however, has pared interest rates on deposits maturing in 46 days to six months by 25 basis points. The private lender now offers 8.25% interest on these deposits compared to 8.50% earlier.

Power Grid gains on receiving nod for four investment proposals worth Rs 2,820 crore

The promoters holding in the company stood at 69.42% while Institutions and Non-Institutions held 23.69% and 6.88% respectively.  Power Grid Corporation of India (PGCIL) has received an approval for four investment proposals worth Rs 2,820.04 crore. The board of directors at its meeting held on October 30, 2013 has approved for the same. The first investment approval is for transmission system for Solapur STPP (2X660 MW) at an estimated cost of Rs 63.32 crore with a commissioning schedule of 24 months from the date of investment approval.

The second approval is for procurement of Telecom equipment, Operation Support System (OSS), Auxiliary Systems (including Repeater Shelters & ACs, DG sets & DC Power Supply (DCPS) Systems including Battery) due to augmentation of Telecom network for National Transmission Asset Management Centre (NTAMC) project and other Telecom network requirements at an estimated cost of Rs 76.30 crore with a commissioning schedule of 12 months from the date of award.

Besides, the third investment approval is for Eastern Region Strengthening Scheme-V at an estimated cost of Rs 1,364.52 crore with a commissioning schedule of 30 months from the date of investment approval, and the fourth approval is for inter-regional system strengthening scheme in WR and NR (Part-A) at an estimated cost of Rs 1,315.90 crore with a commissioning schedule of 36 months from the date of investment approval.

PGCIL is India’s principal electric power transmission company. It owns and operates most of India’s interstate and inter-regional electric power transmission systems with inter-regional power transfer capacity of about 20,800 MW and wheels nearly 45% of total power generated across India.

FMC removes additional 5% margin on the future contracts of gold and silver

Commodity market regulator, the Forward Markets Commission (FMC) has removed an additional 5 percent margin on the future contracts of gold and silver due to less volatility in prices of these commodities. The regulator has also removed additional margins from crude oil, brent crude oil, natural gas, aluminium, copper, lead, nickel and zinc traded on the six national commodity exchanges till further orders.

FMC said in a circular that since the price volatility has subdued in the recent past, the Commission has decided to remove the additional margin of 5%. The removal of margins on these commodities will be effective from November 7.

The additional margin on future contracts of gold, silver, brent crude oil, crude oil and natural gas was imposed on August 29 this year, a day after gold touched the all time high of Rs 34,500 per ten grams in the intraday trade, while on base metals namely aluminium, copper, lead, nickel and zinc, it was imposed on September 3 this year to tackle volatility in the market.

Bharti Airtel’s Manoj Kohli sells 50,000 shares for Rs 1.81 crore

Bharti Airtel’s MD and CEO (International) Manoj Kohli has sold 50,000 shares in the company for Rs 1.81 crore in an open market transaction. The shares were sold on November 1, 2013 through National Stock Exchange (NSE).

Pursuant to the sale, Kohli holds 225,739 shares, which constitute of 0.01% stake in the company.  The shares were sold through HSBC Securities and Capital Markets (India).

Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.

India’s CAD to be contained below $60 billion this financial year

Finance Minister P Chidambaram has exuded confidence that India’s current account deficit (CAD) will be contained below $60 billion this financial year as against an earlier estimate of $70 billion. The CAD, the difference between the inflow and outflow of foreign exchange, had touched an all-time high of $88.2 billion, or 4.8% of GDP, in the last fiscal.

Gold imports were one of the major reasons that pushed CAD to a record high in the previous financial year. While, slew of efforts this time around have been taken by India’s apex bank and government to curb gold import and thereby narrow down CAD. So far in 2013, RBI restricted gold imports on a consignment basis by banks. A transaction tax of 0.01% was imposed on non-agricultural futures contracts including precious metals. Besides, India's biggest jewellers' association asked members to stop selling gold bars and coins, and the import duty on gold was raised to 10 %.

Chidambaram further underscored that both Reserve Bank of India and government were prepared to deal with impact of US Federal Reserve’s gradual stimulus withdrawal and assured that number of measures were being taken so that the event of tapering does not takes the market by surprise and just has minimal impact.

Dabur shines on unveiling ‘Real Fruit Shakes’

Dabur is currently trading at Rs. 174.25, up by 1.25 points or 0.72% from its previous closing of Rs. 173.00 on the BSE.

The scrip opened at Rs. 172.25 and has touched a high and low of Rs. 174.45 and Rs. 171.35 respectively. So far 32,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 184.90 on 28-Oct-2013 and a 52 week low of Rs. 120.90 on 23-Nov-2012.

Last one week high and low of the scrip stood at Rs. 181.30 and Rs. 172.05 respectively. The current market cap of the company is Rs. 30,385 crore.

The promoters holding in the company stood at 68.63% while Institutions and Non-Institutions held 24.67% and 6.70% respectively. Dabur India has entered into the packaged milk shake market with the launch of Real Fruit Shakes under the brand Real. This also marks brand Real extending its fruit expertise into milk-based drinks. Real Fruit Shakes has been test launched with a single variant - Mango Shake and will be offered to consumers in two SKUS - 200ml for Rs 25 and 1litre for Rs 105.

Rupee sheds 30 paise to 61.93/dollar

The rupee weakened by 30 paise at 61.93 to the dollar against the previous close of 61.63 on fresh dollar demand from banks and importers.

On Tuesday, the domestic unit strengthened due to large inflows from a telecom company and dollar selling by foreign banks.

Abhishek Goenka, Founder and CEO, India Forex Advisors, said since the past three consecutive sessions, it has been observed that the rupee opens on a weak note but ends the day on a strong note.

According to dealers, the expectation that RBI may wind down the special forex swap window for oil marketing companies will weigh on the rupee.

Call rates, G-secs

The overnight call money rate, the rate at which banks borrow from each other for their short-term funding requirements, opened sharply higher at 8.25 per cent against the previous close of 7 per cent.

Yield on the 10-year benchmark 7.16 per cent 2023 government bond hardened to 8.75 per cent from its previous close of 8.73 per cent. Bond prices opened lower at Rs 89.8 from Rs 89.95.

Crude oil jumps ahead of US stockpiles report

Oil prices rose in Asian trade today but faced pressure from US demand fears and speculation over the future of the Federal Reserve’s stimulus programme, analysts said.

New York’s main contract West Texas Intermediate (WTI) crude for December delivery gained 41 cents to $93.78 a barrel in mid-morning Asian trade, after sinking $1.25 to close at a five-month low in New York.

Brent North Sea crude for December climbed 45 cents to $105.78.

“Investors will be closely watching the EIA (Energy Information Administration) stockpile numbers out later Wednesday that is likely to show a further supply surge in the US internal market,” David Lennox, resource analyst at Fat Prophets in Sydney, said.

“Investors have gotten somewhat used to the high stockpile numbers in the US, but we have also seen the WTI come off weaker when there is a drastic increase, such as immediately after the summer driving season.”

Crude inventories

The EIA is expected to report US supplies increased 1.9 million barrels in the week ending November 1, according to analysts polled by Dow Jones Newswires.

Inventories in the United States have risen for the past six weeks, to about 28 million barrels, raising concerns about oversupply in the world’s largest economy and top crude consumer.

Lennox added that market was also looking ahead to Thursday’s release of US third-quarter gross domestic product (GDP) advanced estimates.

The result will give investors a better idea about the Fed’s plans for its stimulus programme, with strong growth expected to tilt the bank towards an earlier wind down.

TCS gains as Zions Bancorporation selects 'TCS BaNCS' for core banking transformation

TCS is currently trading at Rs. 2074.00, up by 31.95 points or 1.56% from its previous closing of Rs. 2042.05 on the BSE.

The scrip opened at Rs. 2062.00 and has touched a high and low of Rs. 2087.00 and Rs. 2060.00 respectively. So far 12,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2258.05 on 15-Oct-2013 and a 52 week low of Rs. 1197.60 on 18-Dec-2012.

Last one week high and low of the scrip stood at Rs. 2140.80 and Rs. 2031.85 respectively. The current market cap of the company is Rs. 4,06,054.00 crore.

The promoters holding in the company stood at 73.96% while Institutions and Non-Institutions held 21.67% and 4.37% respectively.

Zions Bancorporation, one of America's premier financial services companies, has selected TCS BaNCS for its core banking transformation program to achieve standardization, centralization and straight through processing across the enterprise. In addition to the cost-saving benefits, the ability to have a single, 360 degree view of its end-user customers is a key focus of the core replacement program. TCS BaNCS is a core banking software suite developed by Tata Consultancy Services for banks, capital market firms, insurance companies and diversified financial institutions.

The depth of TCS BaNCS’ capabilities, its implementation track record and overall quality of banking and technology experts were among the major factors that influenced this selection by Zions Bancorporation, which consists of a collection of great banks in select Western US markets with combined total assets exceeding $50 billion. The transformation will be completed in phases, with Zions’ management expecting significant improvements in operational efficiency and customer experience, and reduced operational and financial risk stemming from older legacy systems.

Sensex trading marginally in the green

The market has opened marginally higher. The Sensex is up 25.41 points at 21000.20, and the Nifty up 7.40 points at 6260.55. About 244 shares have advanced, 85 shares declined, and 7 shares are unchanged. Technology stocks are gaining today on the back of peer company Cognizant's better than expected September quarter results.

 The company reported Q3 revenues at USD 2.31 billion, a growth of 6.7 percent sequentially and 21.9 percent compared to the same quarter last year. TCS , Wipro and Infosys are up around 1-2 percent. Cipla and Reliance are other gainers in the Sensex. On the losing side are Bajaj Auto , HUL , Sun Pharma , HDFC and BHEL . Indian rupee weakened by 38 paise in early trade on Wednesday. It has opened at 61.99 per dollar as against previous day's closing 61.61 per dollar. The US dollar maintained a bid tone early in Asian trade after upbeat US economic data kept alive some expectations that Federal Reserve might scale back stimulus as soon as next month.

 According to NS Venkatesh of IDBI Bank , currency markets will take cues from stock market movements. "Although we are witnessing some dollar inflows from exporters and custodian banks, rupee will see a weakening bias. Earlier than expected close of the RBI swap window could have an impact on dollar rupee movement in the medium term," he adds. "The range for the day is seen between 61.50-61.90/USD," Venkatesh says. In the US, markets slipped with Wall Street pausing after a two-session rise, as data showing the US services industry expanded more-than-expected in October offset softer economic headlines from Europe. The CBOE volatility index though held steady just above 13.
 In Asia, investors digested minutes from the Bank of Japan's meeting earlier this month. The yen weakened to 98.55 per dollar in early trade, which helped to underpin gains. It has been three weeks since the currency last touched regain the key 99 level. In commodities, Nymex prices hit a fresh four-month low pressured by forecasts for rising supplies and continued weak demand as Gulf Coast refineries were expected to remain offline at least through the end of this week. From precious metals space, gold struggled to shake off its longest losing streak in nearly six months as doubts persisted over when the US central bank would begin scaling back its stimulus measures.