| India Market Update Archive: |
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Sensex Falls, Weak Rupee, Fuel Price Hike
May 23, 2:48 PM EDT |
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| The latest read on the inflation was reported at 7.82% near the level recorded at the previous week. Government is likely to increase fuel prices. |
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| Rising inflation and elevated crude oil prices dragged stocks lower. Sensex fell 1.5% or 257.47 to 16,649.64 and NSE declined 1.6% to 4,946.55. The stocks fell for the second day in a row on a weakness in realty, energy and metals and mining companies. After the release of wholesale inflation report banks and realty stocks fell. Software company TCS won an order of 1,000 crore rupees to process passport applications from the Indian government. |
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Sensex Drops 2%, Rupee 13-month Low
May 22, 5:14 PM EDT |
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| Sensex in Mumbai trading fell as crude oil rose to a record high. Rupee fell to 13-month low and closed at 42.83. |
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| Sensex in Mumbai trading fell as crude oil continued to rise and rupee fell to a 13-month low. The rupee traded in a wide range between 42.61 and 42.84 a dollar and closed at the weakest level of the day. The government is likely to pass another fuel price hike to consumers as crude oil price rises above $130 a barrel. Sensex declined 2% or 336.05 at 16,907.11. On the NSE, the S&P CNX Nifty edged lower at 1.8% or 92.2 at 5,025.45. |
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Weak Rupee, Record Crude, Surging Inflation
May 21, 2:49 PM EDT |
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| Stocks in Mumbai trading fell after inflation fears dominated the trading sentiment. Rupee fell against dollar as crude oil rose to a record high. |
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| Stocks in India fell as inflation continue to hover near 3-year high, crude reached another record and weak rupee against dollar. Sensex fell 13 points to 17,243. Daily turnover on the BSE stood at 7,077 crore rupees and on the National Stock Exchange the turnover was recorded at 15,279 crore rupees. The RBI approved the merger between HDFC Bank and Centurion Bank of Punjab. Rupee fell to 42.83 against the U.S. dollar. |
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Sensex Falls, Suzlon Earnings Rise
May 20, 11:57 PM EDT |
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| Currency traders sold rupee after a sharp rise in crude oil prices on the hopes that the higher crude oil price will increase demand for dollars. |
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| Mumbai stocks fell after the worries of the rising inflation and crude oil prices kept investors cautious. Comments from the Governor of RBI suggested that rates may be raised to combat inflation that may be higher than tracked by the indexes. Suzlon, the largest wind turbine manufacturer reported 29% rise in earnings o 69% rise in sales. Rising crude oil prices forced rupee lower to 42.59 against the U.S. dollar. |
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Stocks Fight Rising Inflation
May 16, 5:26 PM EDT |
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| Investors worried after the latest read on the inflaton surged to a new high on rising commodities and energy products prices. |
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| The latest read on wholesale inflation for twelve months period ending two weeks ago rose to 7.83% from 7.61% in the previous week. The rising inflation in food, energy, fuel and manufactured products prices have put consumers in a tight spot. Government sought and received as much as 5% price reduction in cement prices will help but similar relief is not likely in fuel prices and other industrial products. Sensex 30 index added 0.5% to 17,434. |
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Realty, IT, Capital Goods Stocks Surge
May 15, 7:18 PM EDT |
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| The goverment ruled out the relief in import duty on crude oil. Steel export duty is still under review. Sensex surged 2.2% or 375. |
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| Stocks in Mumbai trading surged higher, led by a sustained gains in capital goods, real estate and software export companies. Rupee continue to hover near 42.60 to a one U.S. dollar level. Rising crude prices and worries related to slower growth in the exports kept the ruppee in check. The Indian rupee has now dropped 10% from its peak in the late December. Larsen Toubro led the gainers in the Sensex with a rise of 5.4% to 2,983 and Reliance Industries added 3.5% to 2,619 rupees. |
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Metals, IT Rise, Cement Stocks Fall
May 14, 2:05 PM EDT |
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| Metals surged on the hope that the government will reduce or eliminate export duties. IT stocks rose after rupee weakened. |
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| Mumbai stocks rose after a rise in IT and metal stocks. Rupee fell to a 13-month low to 42.44 against one dollar as rising crude oil import worries investors. Software exporters gained on rupee weakness. Metal and steel companies added in the trading after the government said it is considering industry request to review duties on metal exports. Cement companies fell on the worries that recent price weakness and rising new capacity will hurt the industry margins. |
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DLF $2 B Offering in Singapore
May 13, 6:49 PM EDT |
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| Reliance Communications and Alcatel Lucent form a joint venture to provide infrastructure services. |
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| Indian stocks on Wednesday reversed early session gains to settle lower in a mixed trade. In Mumbai trading, the 30-share BSE Sensex fell 0.6% or 108.04 at 16,752.86. On the NSE, S&P CNX Nifty fell 1.1% or 54.85 at 4,957.80. Of the Sensex shares, 21 shares gained and 9 shares fell. Of the BSE traded shares, 1,366 shares advanced, 1,341 shares declined while 76 shares remained unchanged. |
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IIP Growth Slows, Rupee Falls
May 12, 7:03 PM EDT |
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| Rupee against dollar fell as crude oil jumped to a record high and industrial producon dropped in March. |
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| Industrial production in March fell to 3% and for the fiscal year ending in the month declined to 8.1% from 11.6% a year ago. The sharp fall in manufacturing sector output dragged the index lower in the month. Rupee fell in trading to 41.63 on the news. Software exporters rose after a weakness in rupee. TCS, Infosys, Wipro and Satyam rose. Ranbaxy gained 5% after it agreed to develop for the U.S. based Merck anti-infection drug. |
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Sensex Falls 2%, Elevated Inflation
May 09, 3:14 PM EDT |
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| Stocks in Mumbai trading fall for the second day in a row after the weekly measure of wholesale inflation stayed above the RBI target. |
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| Wholesale price index in India fell in the latest period measured two weeks ago. Rising energy and food prices continue to fuel inflation above the target set by the Reserve Bank of India. Sensex index fell 2% to 16,737. Trading on two largest stocks exchanged was 20,000 crore rupees or $5 billion. ICICI Bank, HDFC Bank and State Bank of India fell in trading. Reliance Industries fell 5.2%. |
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