Latest news with #HDFCSecurities
Mint
a day ago
- Business
- Mint
Nagaraj Shetti suggests KPR Mill, FACT shares to buy in the short term; do you own?
Stock market today: Domestic stock markets began the day flat on Thursday, with expectations that investor sentiment will improve as India and the UK are set to officially announce the Free Trade Agreement (FTA) later today. This anticipated optimism is bolstered by recent global events, such as the trade agreement between the US and Japan. At 11:59 IST, the Nifty 50 index was trading at 25,038 . 15, down by 178.35 points or 0.73%, whereas the BSE Sensex was trading at 82,090.44, reflecting a slip of 644.59 points or 0.79%. Analysts indicated that investors are optimistic about the India-UK FTA and the US-Japan agreement that reduced tariffs. The overall sentiment is positive, and any additional trade news before August 1 could stimulate a market surge. According to Nagaraj Shetti of HDFC Securities, is in the process of forming a new lower top of the pattern. Shetti recommends two stocks to buy in the short-term. Here's what Shetti says about the overall market. After showing a sustainable upmove towards the crucial overhead resistance of 25,250 levels yesterday, Nifty 50 was not able to surpass the said hurdle so far today and slipped into weakness. The negative chart pattern like lower highs and lows is still intact and presently Nifty 50 is in the process of forming a new lower top of the pattern. However, a decisive move only above 25,250-25,300 could negate this bearish sentiment. Immediate support is placed at 25,050 levels. Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term - K.P.R. Mill Limited, and Fertilizers and Chemicals Travancore Ltd (FACT). After witnessing a range bound action in the last few weeks, the stock price witnessed a sustainable upside breakout recently and closed higher. Volume has started to expand during upside breakout in the stock price and daily RSI shows positive indication. The stock price has bounced back sharply on Thursday after a healthy downward correction of the last one week. We observe formation of higher bottom at the swing low of ₹ 940 levels recently. Volume pattern and momentum oscillators are indicating positive bias for the stock price ahead. Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
The Print
2 days ago
- Business
- The Print
Silver surges Rs 4,000 to hit record high of Rs 1.18 lakh/kg; gold jumps Rs 1,000
Gold of 99.5 per cent purity appreciated Rs 900 to Rs 1,00,450 per 10 grams (inclusive of all taxes) on Wednesday. In the previous trade, the yellow metal finished at Rs 99,550 per 10 grams. According to the All India Sarafa Association, gold of 99.9 per cent purity climbed Rs 1,000 to Rs 1,01,020 per 10 grams (inclusive of all taxes). It had closed at Rs 1,00,020 per 10 grams in the previous market close. New Delhi, Jul 23 (PTI) Silver prices surged by Rs 4,000 to hit a record high of Rs 1,18,000 per kilogram while gold advanced Rs 1,000 in the national capital on Wednesday due to heavy buying by stockists. 'Gold continues to be in demand as global uncertainty rises, largely due to diminishing expectations for a US-EU trade deal ahead of the August 1 deadline. 'This uncertainty has intensified market anxiety, which drives flow towards the safe-haven,' Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said. The precious metal is also supported by overall weakness in the US Dollar, Gandhi said. In the national capital, Silver had soared Rs 3,000 to close at Rs 1,14,000 per kg on Tuesday. It had risen by Rs 7,500 per kg in the last three sessions. Bullion traders said the ongoing bullish sentiment in the silver market is primarily driven by industrial demand. Meanwhile, silver futures for September delivery climbed Rs 896 or 0.77 per cent to hit a fresh record high of Rs 1,16,551 per kg on the Multi Commodity Exchange (MCX). Additionally, gold futures for August delivery slipped Rs 24 to Rs 1,00,305 per 10 grams on the commodities bourse. On the global front, spot gold fell 0.26 per cent to USD 3,422.87 per ounce. According to Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, investors will await manufacturing and services PMI data from major economies, including the US, the UK and the Eurozone, which will provide more cues trajectory of bullion prices in the near term. Spot silver climbed 0.26 per cent to USD 39.39 per ounce in the overseas markets. PTI HG HG SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
2 days ago
- Business
- The Print
Rupee falls 7 paise to close at 86.38 against US dollar
The weakness in the American currency and softening of crude oil prices supported the rupee at lower levels, while foreign fund outflows and a negative trend in domestic equities weighed on the local unit and restricted the upside. Forex traders said, all eyes are now on the outcome of India-US trade talks, especially as the August 1 deadline for potential tariffs on Indian exports draws near. Mumbai, Jul 22 (PTI) The rupee pared initial gains and settled for the day down 7 paise at 86.38 against the US dollar on Tuesday, amid uncertainty over the US-India trade deal ahead of the August 1 deadline. At the interbank foreign exchange, the domestic unit opened at 86.26 against the greenback and touched an intra-day high of 86.22 and a low of 86.41 against the greenback. At the end of Tuesday's trading session, the local unit settled at 86.38, down 7 paise over its previous closing price. This was rupee's fifth straight session of decline since July 16 when the unit had lost 16 paise and ended at 85.92 against the dollar. On Monday, the rupee depreciated 15 paise to close at 86.31 against the US dollar. 'We expect the rupee to trade with a slight negative bias on trade deal talks. However, weakness in the American currency and softening of crude oil prices may support the rupee at lower levels,' Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said. Dilip Parmar, Research Analyst, HDFC Securities said the rupee depreciated for the fifth consecutive day, driven by risk-averse market sentiment and consistent dollar demand. 'Regional currencies remain range-bound as the dollar consolidates amid geopolitical uncertainties. Near-term, spot USD-INR has support at 85.95 and resistance at 86.70,' he added. Meanwhile, the US team will visit India in August for the next round of negotiations for the proposed bilateral trade agreement between the two countries, an official said on Monday. India and the US teams concluded the fifth round of talks for the agreement last week in Washington. These deliberations are important as both sides are looking at finalising an interim trade deal before August 1, which marks the end of the suspension period of Trump tariffs imposed on dozens of countries, including India (26 per cent). If the discussions fail or get delayed, Indian exporters could face fresh pressure — adding to the rupee's challenges. However, if a deal is reached, it could offer a much-needed breather. Until then, the uncertainty is likely to keep market participants cautious. 'Traders may remain cautious ahead of PMI and durable goods orders data from the US this week,' Choudhary said, adding that USD-INR spot price is expected to trade in a range of 86.10 to 86.65. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.03 per cent to 97.82. Brent crude, the global oil benchmark, fell 0.94 per cent to USD 68.56 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex declined 13.53 points, or 0.02 per cent, to close at 82,186.81, while the Nifty fell 29.80 points, or 0.12 per cent, to settle at 25,060.90. Foreign institutional investors (FIIs) offloaded equities worth Rs 3,548.92 crore on a net basis on Tuesday, according to exchange data. PTI DRR HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Business Recorder
2 days ago
- Business
- Business Recorder
Indian rupee dips but firmer yuan, exporter dollar sales cushion losses
MUMBAI: The Indian rupee ended marginally weaker on Wednesday with the strength in the Chinese yuan and exporter activity helping the currency hold above a psychologically important support level. The rupee closed at 86.4075 per U.S. dollar, down slightly from its close at 86.3675 in the previous session but managing to hold above the 86.50 support level. The offshore Chinese yuan rose to a near three-week high while the dollar index was a tad lower at 97.4. Dollar sales from a large private bank and exporter activity also helped the rupee contain its losses on the day, alongside positive regional cues, a trader at a state-run bank said. India's benchmark equity indexes, the BSE Sensex and Nifty 50 closed higher by about 0.6% each, tracking gains in global equities that were buoyed by hopes of easing trade tensions after a deal between the U.S. and Japan. 'Equity markets globally are rallying on the view that deals reduce uncertainty,' ING said in a note. Indian rupee weakens slightly, broad dollar softness cushions pressure U.S. President Donald Trump also announced a trade agreement with the Philippines, released terms of a previous deal with Indonesia on Tuesday and said that EU representatives were coming for trade negotiations on Wednesday. Officials from China and the U.S. are also expected to meet next week to discuss an extension to the deadline for negotiating a trade deal. For India, though, the prospects of a trade deal before the August 1 deadline have dimmed, with talks deadlocked over tariff cuts on key agricultural and dairy products. Foreign portfolio outflows and the lack of an outcome on trade negotiations have maintained pressure on the rupee, said Dilip Parmar, a foreign exchange research analyst at HDFC Securities.
The Print
3 days ago
- Business
- The Print
Rupee falls 15 paise against US dollar
At the interbank foreign exchange, the domestic unit opened at 86.27 against the greenback and touched an intra-day high of 86.19 and a low of 86.36. Forex traders said that after breaching the crucial 86 level, the rupee continued its decline, which intensified the downward trend, tracking a strengthening dollar index. Mumbai, Jul 21 (PTI) The rupee depreciated 15 paise to close at 86.31 against the US dollar on Monday due to consistent dollar demand from oil importers and foreign fund outflows. The local unit finally settled at 86.31, down 15 paise over its previous closing. On Friday, the rupee settled 4 paise lower at 86.16 against the US dollar. Forex traders said all eyes are now on the outcome of India-US trade talks, especially as the August 1 deadline for potential tariffs on Indian exports draws closer. If the discussions fail or get delayed, it would add to the rupee's challenges, and if a deal is reached, it could offer a much-needed breather. The uncertainty around the India-US trade deal is likely to keep market participants cautious, they added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.22 per cent to 98.26. Brent crude, the global oil benchmark, fell 0.48 per cent to USD 68.95 per barrel in futures trade. 'The Indian rupee has experienced considerable weakness in recent days and remains the weakest among Asian currencies. 'The primary catalysts for this decline are consistent dollar demand from the importers and a continued exodus of foreign capital. On the technical front, the spot USD/INR has immediate resistance at 86.65 and a significant support at 85.80,' said Dilip Parmar, Research Analyst, HDFC Securities. In the domestic equity market, the 30-share BSE Sensex advanced 442.61 points, or 0.54 per cent, to 82,200.34, while the Nifty rose 122.30 points, or 0.49 per cent, to 25,090.70. Foreign institutional investors (FIIs) sold equities worth Rs 1,681.23 crore on a net basis on Monday, according to exchange data. PTI DRR DRR BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
