The US stocks closed mostly lower yesterday as weak financials and consumer staple shares eclipsed a rally in healthcare and biotechnology sectors. Meanwhile, foreign funds bought shares net Rs 192.68 crore yesterday, as per provisional figures.
Getting off the ground on a strong footing, the 30-share index rose further by 210.68 points, or 0.67 per cent, to hit a new peak of 31,494.32, breaking its previous life-time high (intra-day) of 31,430.32 reached on June 6.
Among a host of key decisions yesterday, Sebi relaxed its takeover norms for restructuring listed companies with stressed assets, which is expected to bolster efforts in fight against bad loans.
Yesterday, the rupee had closed with a marginal fall of 3 paise at 64.52 a dollar.
Sebi to check if brokers made unfair gains
Naidu said it was expected that the builders would pass on the benefits of lower tax burden after the GST implementation to the buyers in the form of reduced prices/instalments.
The gauge had lost 14.04 points in the previous session. On similar lines, the NSE Nifty declined by 26 points, or 0.28 per cent, to 9,627.50.
Banking stocks came under heavy selling pressure after the Punjab government announced farm loan waiver for small and marginal farmers, which is likely to impact the PSU banks.
According to sources, Sebi wants to make special resolution mandatory for removal of an independent director as such a provision will reduce the arbitrariness of promoters in deciding upon the ouster of such directors.
The US currency's increasing appeal among importers and banks led to foreign capital outflows.
The 30-share BSE index rose 80.96 points, or 0.25 per cent to 31,392.53. It had gained 255.17 points in the previous session.
The sentiment was also boosted after market regulator Sebi said it plans to relax norms for direct registration of foreign investors and fast-track the listing process as part of efforts to make the Indian stock market more attractive.
The rupee opened a tad higher at 64.42 per dollar from weekend's closing level of 64.43 at the Forex market. It gained further ground to hit an intra-day high of 64.31 in mid-morning deals, but later succumbed to fresh dollar pressure and relinquished all initial gains to end unchanged at 64.43.
Opening strong, the BSE 30-share index hit a high of 31,362.15, before closing at a new record high of 31,311.57, up 255.17 points, or 0.82 per cent, breaking its previous record closing of 31,309.49 on June 5
On Friday, the rupee had closed higher by 10 paise at 64.43 against the US dollar, taking cues from encouraging export numbers for May.
"The opening up of our market to secondary listings of Chinese companies is a big part of what we aim to do," Charles Li, chief executive of HKEX told a news conference on Friday.
Both the BSE and the NSE recorded their second straight weekly fall by losing 205.66 points, or 0.65 per cent, and 80.20 points, or 0.82 per cent, respectively.
The 30-share BSE index recovered sharply by 107 points, or 0.34 per cent, to 31,182.73, with all sectoral indices led by auto, consumer durables, realty and oil and gas trading in the positive zone.
Forex dealers said the greenback's gains against other currencies overseas helped, which complemented the increased demand for the US currency from importers.
The BSE 3 0-share Sensex, after opening higher, scaled a high of 31,229.44, but slipped to end lower by 80.18 points,or 0.26 per cent, at 31,075.73. The index had moved up 60.21 points in the last two sessions.
Consumer prices unexpectedly fell on month in May and the annual increase in core CPI slipped to 1.7 percent, the smallest rise since May 2015, after advancing 1.9 percent in April.
GST rollout: This week, online marketplace Paytm Mall announced a three-day Pre-GST Clearance Sale from June 13-15, in which over 6,000 retailers sold more than 500 brands.
Even though they chose to stick to their calls of a pause, economists at foreign brokerages HSBC and Nomura said chances of a rate cut are higher given the data print.
The data released on Monday showed core inflation, too, dropped from 4.5 per cent in April to 4.3 per cent in May, recording a broad-based slowdown sequentially, with even services such as education, health and housing showing moderation
The 30-share index plunged by 155.91 points, or 0.49 per cent, to 31,106.15.
Dealers attributed the rupee's fall to fresh demand for the US currency and a lower opening in domestic stocks, too.
Infosys Ltd ended down 0.80 per cent, after falling as much as 3.5 per cent earlier.
The market today opened on a positive note, helped by a string of factors like better monsoon forecast and the status quo on policy rates by the RBI yesterday.
RBI Governor Urjit Patel-led MPC for the fourth straight bi-monthly review kept the repo rate unchanged at 6.25 per cent.
Forex dealers said increased demand for the US currency from importers as also the greenback's gains against rivals overseas put pressure on the rupee.
The NSE Nifty also went up by 29.25 points, or 0.30 per cent, to 9,666.40. Brokers said investors were seen holding their bets awaiting the outcome of the RBI's bi-monthly Monetary Policy Committee meet.
Market participants holding their bets ahead of the UK general elections and the European Central Bank (ECB) meeting added to the overall weak sentiment.
On Friday, the rupee had gained 4 paise to a fresh one-week high of 64.44 against the US dollar on sustained selling of the American currency by exporters.
The 30-share Sensex scaled an all-time high of 31,355.42 (intra-day), breaking its previous record of 31,332.56, recorded on June 2.
Sensex gains 135.70 pts to close at 31,273; Nifty finishes 37.40 pts up at 9,653
Such firms’ AUMs have risen 50% to `23,000 cr as on March 31, 2017, against `15,000 crore a year ago