RCom zooms post block deal

The stock has zoomed nearly 6 percent in noon deals. 

Reliance Communications (RCom) has zoomed to a high of Rs. 63.30 - up almost 11.5 percent from the day's low of Rs. 56.80 following a huge block deal.

The BSE counter has witnessed a huge block deal of around 42.45 million shares at around Rs 58.35.

The stock is now up over 6 percent at Rs. 61.60. The counter has seen heavy volume of around 46.82 million shares as against the two-week daily average volume of around 1.59 million shares on the BSE.

Meanwhile, the Sensex is now down 59 points at 27,837. 

Rupee depreciates on risk-off sentiment

The rupee is currently trading at 63.63/$, little changed from its previous close of 63.662/$ on Thursday. 

Indian Rupee, extending previous sessions’ weakness, declined on Friday on month end dollar demand from importers and lower opening in the domestic equity market. Besides, risk-off sentiment after Greece failed again to reach an agreement with its creditors and stumbled towards a default also weighed on the sentiment. On the global front, euro was in a holding pattern early on Friday, having gone nowhere in the past 24 hours as Greece hung in the balance after the latest round of talks failed to clinch a funding deal for the cash-strapped country.

The rupee is currently trading at 63.63/$, little changed from its previous close of 63.662/$ on Thursday. The currency touched a high and low of 63.62/$ and 63.65/$ respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 63.61​​ and for Euro stood at 71.16 on June 25, 2015. While, the RBI’s reference rate for the Yen stood at 51.40, the reference rate for the Great Britain Pound (GBP) stood at 99.7947. 

ICICI Bank slips after marginal cut in base rate

The stock is now at the lowest level of the day, with a loss of over 2 percent on the BSE.

Largest private sector lender ICICI Bank is trading on a feeble note on the Bombay Stock Exchange (BSE), after the bank marginally reduced its base rate to 9.70 percent from 9.75 percent earlier.

Now, the stock is trading at the lowest level of the day - with a drop of over 2 percent to Rs. 309.

The counter has logged trades of around 189,000 shares as compared to its daily average volume of 921,000 shares in the past two weeks.

Meanwhile, the BSE benchmark index, Sensex, has tumbled 158 points at 27,237. 

Top corporate news of the day- June 26, 2015

Jet Airways plans to raise US$ 400mn through non convertible debentures or bonds to fund its expansion. 

Jet Airways plans to raise US$ 400mn through non convertible debentures or bonds to fund its expansion.

Aiming to provide internet connectivity in the rural and remote areas across the world,  Bharti Group has acquired a strategic minority stake in OneWeb, a satellite internet company for providing affordable internet access.

ICICI Bank marginally reduced its base rate to 9.70 % from 9.75 % earlier, making its lending rate at par with industry leader SBI and that of HDFC Bank.

With the rising demand for eco-friendly paints in India, Clariant is eyeing huge growth potential for its innovative range ofpigments in India.

The government wants CIL to keep coal prices low for cheaper power tariff.

While state-run banks may be hesitant to fund new infrastructure projects, private lenders such as Srei Infrastructure are rolling up their sleeves. The company is on road to raise up to Rs5bn in five-year bonds. 

RS Agarwal and RS Goenka, the founder promoters of the Rs. 90 bn Emami group have set up a family advisory board with representation from the younger generation of the two unrelated families as part of a succession plan at the Kolkata-based diversified conglomerate which has interests ranging from fast moving consumer goods to real estate.

Emami Agrotech plans to invest Rs2.5bn to set up an edible oil refinery in Gujarat.

Gujarat Alkalies and Chemicals Ltd (GACL) and National Aluminium Company Limited (Nalco) have signed an agreement on June 23, 2015 for the formation of a joint venture to manufacture caustic soda. 

Top economy news of the day - June 26, 2015

The Centre has proposed an investment of US$125 bn during five years for the Indian Railways. The investment is aimed at modernisation, do-congestion of existing railway system, upgrade of existing one, production of wagons and build over 8,000 stations and train coaches. 

The Centre has proposed an investment of US$125 bn during five years for the Indian Railways. The investment is aimed at modernisation, do-congestion of existing railway system, upgrade of existing one, production of wagons and build over 8,000 stations and train coaches.

World steel output declined 2.1% in May this year compared to May 2014 led mainly by drop in steel output across Europe, the US, China and Japan. India, however, seemed to have bucked the trend and posted a 4% increase in steel production in May 2015.

The Ministry of Urban Development has laid down the operational guidelines for formulation, approval and execution of projects under the three missions — Smart Cities Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Housing for All Mission in Urban Areas.

Rupee opens at 63.64/$

The local unit hit a low of 63.64 and a high of 63.61 against the US dollar. 

The rupee today opened at 63.59 against the US dollar. The local unit hit a low of 63.64 and a high of 63.61 against the US dollar.

On Thursday,  rupee ended at 63.62 against the US dollar.  US market saw minor losses with Dow, S&P 500 and Nasdaq closing marginally lower.

Asian stocks are headed south for now. China's Shanghai Composite has crashed by 4% in early trade.

The rupee, which ended flat for two days in a row, will also be eyed. In US, healthcare stocks rallied after the U.S. Supreme Court upheld tax subsidies key to President Barack Obama's signature healthcare reform law. 

Subdued start for Sensex

US market saw minor losses with Dow, S&P 500 and Nasdaq closing marginally lower. Asian stocks are headed south for now. China's Shanghai Composite has crashed by 4% in early trade. The rupee, which ended flat for two days in a row, will also be eyed.

The Indian market has managed to stay a bit resilient in recent times despite global developments causing worries in other markets. Greece Prime Minister Alexis Tsipras could not reach a deal with Greece's lenders while a meeting of European finance ministers broke up without progress. Will the Athens government default? Will Greece exit from the Euro zone? These are questions top on investors’ minds.

A volatile June series has come to an end where the Nifty swung over 500 points. But on expiry day the Nifty closed a tad shy of 8400 mark. This caught call and put writers on the wrong foot as most traders had positions at the 8400 level. For the month of June, the gains for Nifty were just around 80 points.

IIFL is hosting 10 companies at a Management Roadshow in Mumbai today.

The opening is a subdued start. US market saw minor losses with Dow, S&P 500 and Nasdaq closing marginally lower. Asian stocks are headed south for now. China's Shanghai Composite has crashed by 4% in early trade. The rupee, which ended flat for two days in a row, will also be eyed. In US, healthcare stocks rallied after the U.S. Supreme Court upheld tax subsidies key to President Barack Obama's signature healthcare reform law.

The southwest monsoon was 28% above normal as of Thursday and is expected to cover the entire country in the next couple of days. The Prime Minister Narendra Modi said that for the first time in the country, the people, and the urban leadership would play the pivotal role in deciding the future course of their cities. He was speaking at the launch of three major urban development initiatives: AMRUT (Atal Mission for Rejuvenation and Urban Transformation); Smart Cities Mission; and Housing for All (Urban), at Vigyan Bhawan in New Delhi.

Railway Minister Suresh Prabhu reportedly said that his ministry is looking at $500 bn investment in Railways in the next 10-12 years. "We need to focus on infra sector for growth in India," Prabhu reportedly said. "We will give out high value contracts for rail infra in the next 6 months," Prabhu was quoted as saying.

The government wants Coal India Ltd to keep coal prices low for cheaper power tariff, according to reports.