INR extends decline to one-month low
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Hans India
9 minutes ago
- Hans India
Value buying lifts key indices
Mumbai: Snapping the three-day losing run, benchmark BSE Sensex rebounded by nearly 447 points on Tuesday following value buying in blue-chip Reliance Industries and financial shares. The 30-share BSE Sensex jumped 446.93 points or 0.55 per cent to settle at 81,337.95. During the day, it surged 538.86 points or 0.66 per cent to 81,429.88. The 50-share NSE Nifty climbed 140.20 points or 0.57 per cent to 24,821.10. Among Sensex firms, Reliance Industries rose the most by 2.21 per cent. Gains in HDFC Bank, Larsen & Toubro, Bharti Airtel and Tata Motors also aided the rally. Asian Paints, Adani Ports, Tata Steel, Maruti and Bajaj Finance were also among the gainers. However, Axis Bank, Tata Consultancy Services, Titan and ITC were among the laggards. 'Amidst lingering uncertainties over the ongoing US-India trade negotiations, the domestic equity market staged a modest recovery from intra-day lows. Investor sentiment remains cautious ahead of key global events, including policy decisions from the US Fed and the August 1 reciprocal tariff deadline. 'Sustenance of this rally is likely to be positive in the near term with an eye on the above details, including Q1 results and this week's monthly expiry,' Vinod Nair, Head of Research, Geojit Investments Limited, said. The BSE smallcap gauge jumped 1.10 per cent and midcap rallied 0.84 per cent. All BSE sectoral indices ended higher. Realty surged the most by 1.64 per cent, followed by telecommunication (1.50 per cent), energy (1.22 per cent), industrials (1.20 per cent), healthcare (1.15 per cent), commodities (1.05 per cent) and auto (0.92 per cent). As many as 2,486 stocks advanced while 1,515 declined and 154 remained unchanged on the BSE. 'Indian equities rebounded sharply on Tuesday, breaking a three-day losing streak as value buying and easing volatility lifted sentiment,' Gaurav Garg, Lemonn Markets Desk, said. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,082.47 crore on Monday, according to exchange data. The recovery in the Nifty was driven by oversold positions in heavyweight stocks, coupled with the presence of strong support at the 100-day EMA, Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
Hans India
9 minutes ago
- Hans India
2 deals put India on top-10 Apac M&A list
New Delhi: Mergers and Acquisition (M&A) activity in Asia-Pacific region fluctuated throughout the year, declining in June as dealmakers awaited clarity to emerge on global trade negotiations, a report said on Tuesday. Meanwhile, the $1.39 billion acquisition of a minority stake in JB Chemicals & Pharmaceuticals by Torrent Pharmaceuticals in India was June's third-largest Asia Pacific deal, according to S&P Global Market Intelligence data. Two of India's deals made it to the list of the top-10 largest deals in June. The aggregate value of M&A deals in the Asia Pacific region declined 21.3 per cent YoY to $28.87 billion in June. However, the number of deals increased 13.2 per cent to 834. The decline came after a 57.4 per cent jump in May. On a month-over-month basis, the aggregate deal value fell 32.1 per cent in June, while the number of deals was up 12.2 per cent. The report said that 28 per cent of Asian respondents were more interested in M&A due to trade concerns. 'Asian dealmakers are adapting rather than retreating from deals. This was the highest positive response of any international region, indicating that many sAsian companies viewed the disruption as a chance, for example, to pursue non-US targets,' the report mentioned. According to the report, local private equity firms are eager to deploy funds in midmarket deals in Southeast Asia, while larger international funds are shopping for bigger targets in East Asia. 'Many respondents see private equity buyers as key acquirers across Asia.' These include private equity deals and growth investments, such as buyouts of family businesses in Southeast Asia, carve-outs in Japan or growth equity in Indian technology startups, the report said. US President Donald Trump's April announcements of 'reciprocal tariffs' in April shook global markets. On July 23, the US and Japan reached a deal that includes 15 per cent tariffs on Japanese imports into US.
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Business Standard
9 minutes ago
- Business Standard
Rupee slides past 87/$ as Trump's tariff remarks, oil rally weigh
The Indian currency weakned past the 87 mark on Wednesday as the country braces for higher-than-expected US tariffs and a surge in crude oil prices The domestic currency opened 28 paise lower at 87.10 against the dollar on Wednesday, the lowest level since March 13 this year, according to Bloomberg. The local unit has depreciated 1.57 per cent so far this month and 1.78 per cent in this calendar year so far. The weakness in currency came after US President Donald Trump's statement that India may face a tariff rate of 20 to 25 per cent. He, however, cautioned that the final levy still was not finalised. The Rupee breached the key resistance level of 86.90, a zone where the Reserve Bank of India (RBI) was actively intervening yesterday, with the currency rebounding three times from that level, Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, said. Unless the RBI steps in again via the offshore Non-Deliverable Forward (NDF) market, the opening could remain under pressure, he said. Exporters are expected to continue holding onto their dollar earnings, while importers may remain active in the spot market for purchases until better hedging levels emerge, he said. Adding to the downward pressure are persistent foreign portfolio investor (FPI) outflows from Indian equities, with capital being redirected toward developed markets that are currently trading at record highs, analysts noted. FPIs have sold Indian equities for the seventh straight session in the secondary market, according to data from NSE. On Tuesday, FPIs offloaded stocks worth ₹4,636.60crore. In the last seven sessions, global funds have sold stocks worth ₹24271.98 crore. The dollar index is poised for the best month this year, with the measure of the greenback against a basket of six major currencies, down 0.16 per cent at 98.72.
