Boeing shares fall 8% in pre-market trade after Ahmedabad plane crash
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Economic Times
34 minutes ago
- Economic Times
Can rupee recover from its worst fall in over a month due to rising oil prices?
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: The Indian rupee weakened by 60 paise to touch 86.20 per dollar on Friday, its worst fall in over a month due to rise in crude oil prices amid Israeli strike on Iran. The currency however closed stronger at 86.08 per dollar, likely due to intervention by the Reserve Bank of India , traders said. Rupee had closed at 85.60/$1 on 10-year bond yield touched 6.40% levels in the early hours of trading, before easing and closing at 6.36%, up two basis points from its previous rupee traded between the range of 86.20/$1 to 85.93/$1, strengthening mildly in between due to central bank intervention and muted dollar sales by foreign banks, traders crude oil prices rose to $75 per barrel on Friday, from $68 per barrel the day before as Israeli strikes on Iran's nuclear and military facilities hit risk sentiments.A rise in crude oil prices is inflationary for India and adds pressure on the rupee as the country is a major importer of the commodity. A $10 per barrel increase in crude oil prices can widen the current account deficit by 0.4% of the GDP and add up to 35 basis points in retail inflation, according to RBI likely sold dollars via state-run banks in the first half of the trading session, but in a muted manner, traders said."The possible intervention by the RBI was only up to a certain level and did not make any effort to bring down to 85.70 levels. But a key resistance amid uncertainty in the Middle East would be at 86.25/$1 levels," said Anil Bhansali, head of treasury at Finrex Treasury bonds too, the mood was fragile amid geopolitical tensions, traders said. "Since there has been a selloff and the yields touched 6.40%, we will be able to see some buying next week," a bond trader at a primary dealership said.
Economic Times
34 minutes ago
- Economic Times
Indices declines 0.7% amid rising oil prices and geopolitical tensions
Live Events Agencies (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: India's equity indices ended 0.7% lower on Friday after falling as much as 1.6% earlier in the day after Israel's strikes on Iran raised fears of supply disruption of crude oil and a wider conflict in the Middle East. Brent Crude Futures jumped over 7% to $74.6 per barrel on said the underlying bullish undertone helped the market cut a portion of its losses in Friday's trading session. "Despite the bearish news flows, the decline in the market was limited as benchmark Nifty held the key support level of 24,460 and recovered the losses made in the early trading session," said Akshay Chinchalkar, head of research, Axis NSE Nifty fell 0.7%, or 169.60 points, to finish at 24,718.60. The BSE Sensex moved 0.7%, or 573.38 points, lower at 81,118.60. Both indices declined by over 1% each in the past five trading has launched unprecedented strikes on Iran, targeting its nuclear programme and military leaders. The event sent oil prices soaring on worries that an escalation could disrupt supplies from the oil-rich region. Iran is one of the world's biggest oil producers. Brent crude has surged about 14% in the past two home, the Volatility Index or VIX-the market's fear gauge-gained 7.6% to 15.08 on Friday, indicating traders expect higher risks in the near do not expect a bigger slide unless key support levels of 24,450-24,500 are breached."Till the support levels are intact, any declines are expected to be bought into," said Ruchit Jain, vice president- head, technical research, Motilal Oswal Financial Services . "Nifty is likely to witness time-wise correction and struggle to move above 25,000 to 25,200 levels."The Nifty Mid-cap 150 and the Small-cap 250 indices declined 0.4% each. In the past week, the mid-cap index shed 1.2% while the small-cap index fell 0.44%. Out of the 4,122 shares traded on the BSE, 1,401 advanced, while 2,595 declined. Foreign portfolio investors (FPIs) sold shares worth a net of ₹3,831 crore on Friday. Their domestic counterparts sold shares worth ₹9,394 crore. In June, overseas investors sold shares worth ₹5,079.8 crore.
Economic Times
34 minutes ago
- Economic Times
RBI cancels 30-year green bond auction amid high bids
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
