Business

Minutes of RBI’s June policy meeting, released after market hours on Wednesday, flagged inflation risks on the back of factors like firm oil prices and volatile global financial markets, which further sapped confidence. Foreign portfolio investors.

Also tweaks buyback norms, approves amendments to takeover regulations

The Sensex had lost 335.40 points in the previous two sessions, tracking a sell-off across global markets after the US and China reignited trade disputes.

RITES IPO is the first state-owned company to hit the IPO market in this financial year. With the sale, the government plans to garner around Rs 460 crore.

The rupee recovered from its nearly one-month low by strengthening 32 paise to 68.06 against the US dollar in early trade today.

"Investors are waking up to the idea that all the rhetoric on trade could be more than just a negotiating tactic," said Emily Roland, head of capital markets research at John Hancock Investments in Boston.

The market breadth, indicating its overall health, remained negative as a total of 420 scrips advanced and 1,381 declined, while 79 remained unchanged. As many as 194 securities hit their price bands.

Domestic forex market sentiment succumbed to bouts of pressure on revival of fresh global trade war fears and concerns about possibility that the adverse US trade policy will have a substantial impact on the Indian economy.

With the successful listing of the engineering consultancy firm, RITES, next to hit the share markets will be the transporter’s borrowing arm, Indian Railway Finance Corporation (IRFC) and then engineering firm RVNL, according to officials.

The 30-share Sensex opened on a better note at 35,698.43 and slipped further to touch a high of 35,721.55, largely on sustained capital inflows by domestic institutional investors (DIIs) and a drop in global crude prices.

The benchmark six-month forward premium payable in October edged down to 104-106 paise from 105.50-107.50 paise and the far-forward April 2019 contract declined to 247-249 paise from 249.50-251.50 paise last Friday.

The experts are also of the view that Indian stocks are now entering a dull phase since most key events like earnings season, macroeconomic data and RBI policy announcements are over.

In a move to curb shifting of volumes to overseas markets after the imposition of long-term capital gains tax (LTCG), both NSE and BSE have decided to stop giving data to bourses in Singapore and Dubai.

Over the past two decades, SGX has become the most popular market for foreign investors to bet on Indian equity indexes

The Sensex saw a slightly better start and advanced to a high of 35,749.88, but soon turned lower in line with a weak trend at other Asian markets.

Foreign institutional investors (FIIs) sold shares worth Rs 1,168.88 crore on Tuesday, as per the provisional data. On Tuesday, the rupee had closed 7 paise down at 67.49 against the US currency. 

The domestic unit strengthened further and moved in range of 67.33 and 67.48 per dollar during morning deals, it was quoting at 67.38 at 1030 hrs.

Market experts said that the near term market trend will be dictated by domestic macro data like IIP, CPI and WPI, movement of crude oil prices and currency (INR vs USD) and progress of monsoon.

Rupee fell to 67.78 against the dollar intra-day on uncertain capital flows