10:45am Rupee Update
The rupee strengthened by 32 paise at over four-week high of
62.35 against the dollar today at the Interbank Foreign Exchange on sustained
selling of the US currency by exporters and banks amid higher opening in the
domestic equity market.
Forex dealers said besides increased selling of the American
currency by exporters and banks and a higher opening of the domestic equity
market, the dollar's weakness against other currencies overseas, supported the
rupee.
Yesterday, the rupee jumped 50 paise to close at 62.67
against the Greenback on persistent selling of dollars by banks and hopes of
capital inflows in view of a strong equity market, reports PTI.
10:25am Stocks in
News
Tata Steel climbed 2 percent as Moody's upgraded company to
Ba1 with a stable outlook.
Gold loan companies such as Muthoot Finance and Manappuram
gained more than 1.5 percent. The RBI increased the bullet repayment limit to
Rs 2 lakh from Rs 1 lakh earlier for co-operative banks but the sense is it
indicates an easing regulatory stance towards gold loans. Hence that could be
extended to banks and NBFCS in the near to medium term.
Brigade Enterprises surged 11.5 percent as Motilal Oswal
initiated coverage with a buy rating on the stock with a target price of Rs
232, indicating a 50 percent upside to current market price. The brokerage
expects significant scale up across business segments with revenue expected to
double and profits to treble over 3 years.
SpiceJet is locked at 10 percent upper circuit today.
Sources told that Ajay Singh and
partners submitted a preliminary plan to the aviation secretary. Additionally
as per government sources, Spicejet said it will deposit some funds by January
8-10 and remaining deposit amount within a month.
10:00am Market Check
Equity benchmarks gained for the second consecutive session
today supported by healthcare, banking & Financials, oil & gas, capital
goods, select auto and IT stocks.
The Sensex rose 168.76 points to 27443.47 and the Nifty
climbed 50.95 points to 8285.55. The broader markets gained too with the BSE
Midcap and Smallcap indices rising 0.6 percent each.
About 1342 shares have advanced, 571 shares declined, and
367 shares are unchanged on the Bombay Stock Exchange. About three shares
advanced for every share declining on the NSE.
Healthcare stocks like Sun Pharma, Dr Reddy's Labs and Cipla
topped the buying list, up 2-3 percent. Hindustan Unilever rallied for the
fifth consecutive session today, climbing 2.5 percent. The stock gained 10.5
percent in five sessions, especially after brokerages upgraded stock.
Infosys remained volatile ahead of third quarter earnings in
afternoon. Software services exporter is expected to report a 1.9 percent
sequential growth in profit at Rs 3,157 crore for the quarter ended December
2014, according to average of estimates of analysts polled Dollar revenue may
increase by 1 percent quarter-on-quarter to USD 2,222 million during
October-December quarter.
Globally, Asian stocks are firm on steadying oil prices. The
Chinese CPI at 1.5 percent was in line with expectation. The markets will also
be watching for the non-farm payrolls data from the US due later today. Brent
crude is steady above USD 51 a barrel. More information please visit this site www.bigprofitbuzz.com
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