ICICI Direct, Rupee is expected to depreciate today amid strong rebound in dollar. Better than expected US advance GDP numbers and resilient labor market has increased the probability of rate hike scenario in US.
According to Geojit, Barring dhaniya other spices ended Thursday’s session on a positive note. Turmeric futures rose supported by firm demand and on prospects of lower acreage this season.
Indian rupee opened weaker and hit near two week low against US dollar tracking losses in the local equity and Asian currencies markets.
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Brent crude fell 59 cents, or 0.7%, to $83.65 a barrel by 0027 GMT, but was on track for a weekly 5% increase. U.S. West Texas Intermediate (WTI) crude fell 51 cents, or 0.6%, to $79.58 a barrel, on track for a 5.2% weekly increase.
On the sectoral front, auto, oil & gas, bank and FMCG indices down 0.5-1 percent each, while pharma index up 3 percent and realty index up 2 percent.
Market participants are now awaiting cues from the ECB and BoJ for any impact on precious metals market.
ICICI Direct, Euro is likely to trade on bullish bias amid softness in dollar. Further expectation of 25 bps hike in today’s policy meeting could support the Euro to rise back towards 1.1120.
According to Geojit, Turmeric futures continued rising on NCDEX on Wednesday supported by firm demand and on prospects of lower acreage this kharif season.
The BSE Midcap index rose 0.5 percent, while Smallcap index ended on a flat note.
The promise of economic stimulus in China, the world's second-biggest oil consumer, also lent support to the market.
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In June, Indian crude steel production recorded a 12.9% increase compared to the same period last year.
ICICI Direct, Rupee depreciated for the first time in last three days ahead of the key FOMC meeting.
According to Geojit, Sentiments were muddled in spices complex on NCDEX on Tuesday. Turmeric futures resumed rising, while both jeera and coriander futures pared initial gains to end the session down.
The BSE Midcap and Smallcap indices ended in the green.
Brent crude futures slid 32 cents, or 0.4%, to $83.32 a barrel by 0036 GMT. U.S. West Texas Intermediate (WTI) crude was at $79.35 a barrel, down 28 cents, or 0.4%.
At the interbank foreign exchange, the domestic unit opened at 81.74 against the dollar and touched an early high of 81.67 in initial deals.
The Street is now eyeing the Fed's rate outcome, scheduled to be out by the midnight of July 26
"No separate registration shall be required for any person registered with the limited purpose clearing corporation as a participant for participating in the tri-party repo segment for undertaking proprietary trades in corporate bonds," the Securities and Exchange Board of India (Sebi) said in a notification issued on Monday.
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ICICI Direct, Euro is likely to trade on a weaker note amid rebound in dollar. Further, expectation of weaker economic numbers could also weigh on the pair.
According to Geojit, Mixed moves were witnessed in NCDEX spices complex on Monday as well. Turmeric and jeera futures ended the session in red on profit booking, while dhaniya futures inched higher to hit its highest level in more than five months.
BSE Midcap and Smallcap indices up 0.4 percent each.
Brent futures gained 7 cents at $82.81 a barrel at 00:07 GMT, while U.S. West Texas Intermediate (WTI) crude rose 11 cents at $78.85.