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Rupee Opens:
Indian rupee opened 5 paise lower at 76.18 per dollar on Wednesday against previous close of 76.13.
“USDINR spot closed 18 paise higher at 76.13, due to weakness in equity markets and rise in the US bond yields. Rupee has been exceptionally stable inspite of surging US bond yields and sell-off in local bond and stock markets,” said Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities.
“We suspect it is aggressive central bank intervention and robust non-FPI capital flows which could be keeping the Rupee stable. However, over the near term, USDINR can drift higher towards 76.50 levels on spot, tracking global cues. Bias remains slightly upwards,” Banerjee added.
Gold Prices Today: Yellow metal to stay positive amid inflation fears, rising oil prices, slower global growth prospects
As per technical chart, gold and silver are showing some strength, momentum indicator RSI is also indicating the same on the hourly as well as daily chart, so traders are advised to create fresh buy…
Buzzing:
Shares of Mrs Bectors Foods Specialities dropped 9% intraday after a huge block deal. Around 9.45 million shares or 16% stake of the company changed hands in two bunches, Bloomberg reported.
However, details of the buyer and sellers were not known.
Mrs. Bectors Food Specialities was quoting at Rs 320.25, down Rs 17.00, or 5.04 percent.
Blue Star doubles production capacity of deep freezers at Wada unitBlue Star new manufacturing facility at Wada is fully equipped with the latest advanced manufacturing systems, and imbibes global best practices in its operations. Built with a CAPEX of around Rs 130 crore, this facility is constructed on a built-up area of around 19,300 sq m, and has the capacity to produce around 2,00,000 deep freezers and 1,00,000 storage water coolers per annum.With this new plant, Blue Star has doubled its production capacity of deep freezers.
Market at 10 AMBenchmark indices erased some of the early gains but still trading higher with Nifty below 17600.The Sensex was up 129.96 points or 0.22% at 58706.33, and the Nifty was up 53.40 points or 0.30% at 17583.70. About 2087 shares have advanced, 829 shares declined, and 93 shares are unchanged.
Hariom Pipe Industries debuts at 43% premium over issue price
Hyderabad-based iron and steel products maker Hariom Pipe Industries made a decent listing as the stock clocked a 39.87 percent premium on the BSE to the issue price on April 13 in line with expectations given the firm’s good financial performance and decent subscription of IPO.
The stock listed at Rs 214 on the BSE, while on the NSE it got listed at Rs 220 (up 43.79%) against an issue price of Rs 153 per share. Analysts had expected double-digit listing gains for the stock.
BSE Realty index rose 1 percent led by the Macrotech Developers, DLF, Oberoi Realty
Raghvendra Nath, Managing Director – Ladderup Wealth Management Private Limited:
Supply chain constraints have time and again hurt the production process across the sectors since COVID. Food which amounts to almost fifty percent of the inflation basket has been one of the victims of the ongoing war, as global grain production got disrupted.
Even the prices for edible oil prices and fertilizers contributed to rise in CPI figures for the month to 6.95%. RBI has already addressed the inflation fears and have prioritized tackling inflation over supporting economic growth going forward.
Veranda Learning Solutions hit 5% upper circuit:
Nomura Singapore has sold all its shares of Veranda Learning Solutions in trading sessions since the listing. Nomura Singapore has offloaded 7,78,600 equity shares in the company via open market transactions on April 12 as per the bulk deals data. These shares were sold at an average price of Rs 162.51 per share on the BSE.
However, European financial services group Societe Generale was the buyer for shares on Tuesday, acquiring 7,68,398 equity shares in Veranda at an average price of Rs 162.50 per share. These shares resulted in a shareholding of 1.37 percent in the company.
Veranda Learning Solutions was quoting at Rs 171.30, up Rs 8.15, or 5 percent on the BSE.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
There are strong market headwinds emerging for the near-term. Inflation in the US at 8.5% in March, dollar index above 100 and the imminent monetary tightening by Fed which might lead to a recession are negatives for global equity markets. In India the March inflation print has come above estimates at 6.95%. This will push up the 10-year yields. Since only some of these negatives are discounted by the market, there can be more selling particularly from FIIs who have again turned big sellers.
Safety is now in segments which are unlikely to be impacted by inflation and potentially rising interest rates. Companies with high market share and pricing power will withstand the headwinds. It is also important to remember that in the early stage of inflation earnings of companies will go up.
BSE Power index rose 1 percent supported by the Adani Green, Adani Transmission, Torrent Power
