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Time of India
34 minutes ago
- Time of India
Dollar gains ground against peers after robust US economic data
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The dollar rose against major currencies on Friday after data showed better-than-expected U.S. jobs growth in May despite a slowdown from the previous month, suggesting the Federal Reserve might wait longer to cut interest Department data showed that employers added 139,000 jobs in May, fewer than the 147,000 jobs added in April, but exceeding the 130,000 gain forecast in a Reuters poll of dollar was up 0.95% to 144.87 against the Japanese yen and added 0.26% to 0.822 against the Swiss franc . The greenback extended gains against both safe-haven currencies following the U.S. currency was headed for a second straight weekly gain against both the yen and franc, but it was still down about 8% year-to-date and about 9% year-to-date, respectively, against both dollar has been weighed down by uncertainty from President Donald Trump's tariff policies and the prospects of negotiations with trading partners including China, the deficit spending and tax bill being considered in the U.S. Senate after it passed the House of Representatives, and the trajectory of recent economic data , said Eugene Epstein, head of structuring for North America at Moneycorp in New the market is starting to reverse some of its short positioning against the dollar in the wake of stronger-than-expected economic data, including the jobs data, Epstein said."Every bank is forecasting a weaker dollar, which I think is probably the right call long-term. But now you have this stretched positioning and suddenly reversing everything since you have stronger jobs numbers and stronger hourly earnings. The numbers are stronger overall and now good news is bad news because the 10-year yields went up so the rate cuts are not going to come," Epstein euro added to losses against the dollar immediately after the jobs data and was down 0.43% at $1.1395. It is still up about 10% year-to-date against the single currency, which is headed for a weekly gain against the greenback, had hit a six-week high of $1.14950 on Thursday following comments by European Central Bank President Christine Lagarde that the central bank was nearing the end of the monetary policy easing dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.53% to 99.20 on the session, but it is on track to notch a weekly and Chinese leader Xi Jinping held a rare leader-to-leader call on Thursday, as tensions over tit-for-tat tariffs appear to be easing. The dollar strengthened 0.23% to 7.191 versus the offshore Chinese yuan. Bitcoin rose 4.21% to $104,739.17. Ethereum rose 4.17% to $2,499.02.
Time of India
34 minutes ago
- Time of India
More money on the Street draws bulls to realty, auto, financials
Following the RBI's policy rate cut and CRR reduction, interest rate-sensitive sectors like banks, financials, property, and autos experienced a surge, propelling the Nifty past 25,000. The Nifty Bank index reached a new high, while realty and financial services also saw significant gains. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Interest rate-sensitive sectors, such as banks, financials, property and automotives, surged after Friday's twin policy announcements on funding costs and liquidity enhancement , pushing the benchmark Nifty higher by more than 1% past the 25,000 Nifty Bank index made a fresh high of 56,695 level on Friday, ending 1.5% higher. Nifty's Realty index was up 4.7% at close, the Financial Services index advanced 1.75%, and the Auto index closed 1.5% higher. The Reserve Bank of India (RBI) slashed the policy rate by half a percentage point - the most since March 2020 - and reduced the cash reserve ratio (CRR) to the Covid-era record low."The market has responded appropriately to the RBI's repo rate and CRR cuts, which could translate into longer-term gains if consumption also picks up," said Amit Khurana, head of equities at Dolat Capital Market. "Rate-sensitive sectors are gaining momentum, driven by short covering, but sustained growth depends on increased cash market participation."The Nifty Bank and Financial Services indices are also seeing a change in trend on the technical charts."Bank Nifty witnessed a bullish breakout from a seven-week consolidation phase on Friday, marking fresh all-time highs. Finnifty has also seen a similar breakthrough," said Vipin Kumar, assistant vice president of derivatives and technical research at Globe Capital said Bank Nifty is poised to move towards the 57,500-57,800 range in the near term, with key support around 55,400. This implies about a 2.1% upside in the index from current levels.A rate cut usually translates into lower lending rates for the banks, prompting citizens to borrow more at cheaper rates, either for investing or buying new assets like homes or vehicles. Due to the cut in CRR rates, NBFCs will also get easier access to bank funds, which may increase their lending said from a longer-term perspective, some of these sectors may be attractive to investors."Valuations for banks remain modest, with NBFCs favoured due to the CRR cut. Real estate may also benefit from improved sentiment, though auto demand remains weak and is unlikely to be significantly impacted by these measures," he the shorter term, Kumar said that the auto index has formed a fresh buying pivot with renewed buying interest and he will reassess the index near the 24,150 level."In the real estate sector, we recommend buying the index heavyweight DLF on dips, while other stocks within the space can be considered at current levels," he said.
Time of India
34 minutes ago
- Time of India
Thanks, Mr Sanjay Malhotra for giving wings to investors' dreams
Live Events Hot Property (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Borrowing costs at India's two most rate-sensitive sectors - property and automobiles - are set to head South soon after the central bank Friday made its steepest rate cut since March 2020 and promised ample liquidity in the shape of the lowest cash reserve ratio (CRR) on record. The Nifty Realty index surged nearly 5%, even dwarfing gains for financial stocks, reflecting the likely impact of the big-bang policy moves on home of home, personal, and car loans tied to external benchmarks, such as the repo, will see an immediate downward reduction. However, loans tied to the marginal cost of funds-based lending rate (MCLR), like corporate exposures, will take longer to head action, Reserve Bank of India (RBI) Governor Sanjay Malhotra said, is geared toward boosting broader credit demand for which monetary support is a "necessary condition", although not sufficient."We see this as an opportunity to step up credit deployment, especially towards productive sectors and retail demand, while continuing to support MSMEs, retail, agri, and other priority segments," said Ashok Chandra, MD & CEO of Punjab National Bank On Friday, the RBI reduced the benchmark repo rate by 50 basis points to 5.5%, taking the total cut to 100 bps in the current rate easing cycle that began in February. Furthermore, the RBI also reduced the CRR or the funds lenders must park with the RBI, by a percentage point starting September, promising to add $30 billion of liquidity in phases and helping reduce borrowing the cut, State Bank of India , the largest mortgage lender, was charging 8-8.65% interest on home per a Paisabazaar analysis, if the home loan rate falls to 7.5%, a loan of ₹75 lakh with a tenure of 20 years would see EMI fall to ₹60,419 a month. At 8% a borrower would pay ₹62,733 as monthly interest such as Godrej Properties DLF and Prestige surged between 5% and 6.75% on unusually large volumes, overshadowing gains at large financiers that are expectedly the biggest gainers from the policy moves Friday. The Nifty Automobile index climbed 1.5%, with truckmaker Ashok Leyland leading the list of gainers at 3.6%.The RBI's decision is also expected to help improve housing affordability and prop up demand for residential properties across the country, especially in the mid-income and affordable housing segments, experts home loan rates likely to ease following this rate reduction, realty developers are optimistic about a fresh wave of end-user activity."The rate cut is expected to bring down home loan interest rates , improving affordability and widening access to homeownership. This could provide a meaningful push for first-time buyers and households looking to upgrade, especially in price-sensitive urban and suburban markets. We expect this move to translate into increased enquiries and faster decision-making in the coming months," said Deepak Goradia, chairman of Dosti borrowing costs could also unlock fence-sitter demand in tier II and III cities, where salaried buyers are highly rate-sensitive.
