The BSE Mid-cap Index is trading up 0.47% at 11,041, whereas BSE Small-cap Index is trading up 0.44% at 11,688. Wipro, Vedanta, Coal India, Hindalco, ITC and Dr. Reddy's Lab are among the gainers, whereas M&M, Bharti Airtel, Hero MotoCorp, Reliance Industries and Infosys are losing sheen on BSE
The BSE Mid-cap Index is trading up 0.47% at 11,041, whereas BSE Small-cap Index is trading up 0.44% at 11,688.
Wipro, Vedanta, Coal India, Hindalco, ITC and Dr. Reddy's Lab are among the gainers, whereas M&M, Bharti Airtel, Hero MotoCorp, Reliance Industries and Infosys are losing sheen on BSE.
The Indian rupee opened higher by 16 paise at 66.53/$ in early trade on Tuesday. On domestic front, the domestic economic growth numbers would be better than expected and as the fiscal deficit narrowed. In addition, growing probability of US Fed hiking interest rates during December is taking a toll on various emerging market currencies. Market participants are keeping an eye on the developments in the winter session of Indian parliament. Expectations are high that the incumbent regime will be able to garner support from the opposition parties in order to pass the important Goods and Services Tax Bill.
The Modi government may choose to breathe a bit easy as India’s Q2 GDP clocked a growth rate of 7.4% which was more or less in less in-line with street estimates and as per RBI's trajectory of between 7- 7.5% for the full year. To that extent RBI’s monetary policy comes with wide expectations of a status quo. Finance Minister Arun Jaitley reportedly said GDP in the current fiscal will be better than the growth rate recorded in the last financial year and improve further in subsequent years. India's infrastructure output grew at 3.2% in October yoy unchanged from September but down from 9% a year ago. The Centre’s fiscal deficit rose to Rs4.1tn or 74% of the budget estimate of Rs. 5.5tn by October 31.
A lot will hinge on what the RBI governor says later in the day. India's November PMI numbers are scheduled. Also on tap are the auto numbers and stocks already saw hectic activity ahead of the announcement. The Rupee which has been languishing for a while could see some firmness following the upbeat GDP data and will swing depending on the RBI commentary. OMCs will be in focus after petrol price was cut by 58 paise per litre and diesel by 25 paise
Companies being included in the MSCI indices from Tuesday were already on the buyers list on Monday. Those which are getting dropped witnessed selling pressure on expected lines. Sequent Scientific, Welspun Corp Ricoh, Indo Count Industries, Escorts and HSIL saw gains while Amtek Auto, Shree Renuka, Torrent Pharma, Jai Prakash Power, Castex Technologies bore the selling brunt on being dropped. MSCI said 24 companies have been included in the MSCI India Smallcap index while excluding 12 stocks.
Dr. Lal PathLabs Limited proposes to open on December 8, 2015, an Initial Public Offering of up to 11,600,000 equity shares of Face Value of Rs. 10 Each (“Equity Shares”) for cash at a Price Band from Rs. 540 to Rs. 550 per Equity Share (the “Offer”) through an offer for sale of up to 1,261,996 Equity Shares.
Bharti Airtel and Vodafone India might buy additional spectrum from Videocon in Bihar, Uttar Pradesh (UP) East and Haryana circles due to growing need for 4G technology based radio waves, rating firm India Ratings said on Monday.
Market regulator SEBI on Monday announced the broad guidelines for the listing of stock exchanges, paving the way for BSE and NSE to go public. SEBI has made it mandatory for stock exchanges to ensure that the minimum public shareholding is at least 51 per cent. Trading members, associates and agents can hold the balance 49 per cent.
Keeping in view the macro-economic developments and the experience gained in administering the External Commercial Borrowing (ECB) regime over the last 10 years. The Reserve Bank of India, in consultation with the Government of India, has reviewed the extant ECB framework. Accordingly, a circular containing the revised ECB framework has been released.
The combined Index of Eight Core Industries stands at 175.4 in October, 2015, which was 3.2 % higher compared to the index of October, 2014. Its cumulative growth during April to October, 2015-16 was 2.5 %.
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