Rupee slumps to 71-mark first time ever, drops 26 paise against US dollar

Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering.

Stock Market Live: The rupee slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering Sino-US trade tensions, weighed on the domestic currency.

Rupee Vs Dollar

On Thursday, the rupee slid further by 15 paise to close at a fresh lifetime low of 70.74 to the dollar due to strong demand for the greenback from oil importers and surging crude oil prices stoking inflation fears.
Growing fears about rising inflation in amid high global crude oil prices and consistent outflow of foreign funds from the domestic equity market also weighed on the domestic currency.
Benchmark Brent crude oil was at USD 78 a barrel in early Asian trade.
Meanwhile, the BSE Sensex fell 78.64 points, or 0.20 per cent, to 38,611.46 points in opening trade.

Read more on Rupee At 71

 

BSE debuts on NSE: 6 little-known facts about the bourse

Asia's oldest stock exchange has finally listed on NSE, its much younger rival

 

After a long and wobbly road so far, Asia’s oldest stock exchange BSE finally listed on rival National Stock Exchange on Friday. As it adds another chapter in its 142-year-long history, Business Standard lists six little-known facts about BSE that will surprise you:

1) The origin: Under a banyan tree

2) Admission fee: An exorbitant Rs 51

3) BSE: Brokers’ Stock Exchange?

4) When BSE underestimated NSE

5) The term Sensex

6) One-week holiday

 BSE debuts on NSE: 6 little-known facts about the bourse on Business Standard. Asia's oldest stock exchange has finally listed on NSE, its much younger rival. (read more...)

5 key events that will drive the markets from here on

After a knee-jerk reaction to the surgical strike by India across the Line of Control (LoC) that saw the S&P BSE Sensex tumble over 500 points in intra-day deals on Thursday, the markets remained on the edge on Friday. The S&P BSE Sensex and the Nifty 50 indices lost ground after opening on a flat note.

Analysts expect markets to remain choppy as investors adopt a wait-and-watch mode over the next few sessions till there is more clarity on the geopolitical situation.

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Besides the second quarter results of India Inc, here are 5 key factors that will determine the market direction over the next couple of months.

Clarity on the geopolitical situation...

RBI Monetary Policy review...

US Presidential Election...

Rate hike by the US Fed...

Oil Prices...

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Read Source...

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7 out of top 10 fund picks rise 17%

Seven out of top 10 stock picks by India’s equity fund managers have gained 17 per cent so far in 2016. This has helped equity schemes outperform the key indices. 

Notably, fund managers have not churned their top holdings in their schemes’ portfolios. They continued to have the same set of stocks on their top list, although the position of the stocks changed a bit.

HDFC Bank, Infosys, ICICI Bank, Larsen & Toubro (L&T), Axis Bank, State Bank of India (SBI), Maruti Suzuki, Reliance Industries, IndusInd Bank, and Sun Pharmaceuticals are the most-owned stocks by fund managers. These counters have cornered nearly Rs 1.05 lakh crore of the total assets of open-end equity schemes.

At a time when benchmark key indices have gained 9.3 per cent, a majority of the top stock picks have outperformed with a wide margin.

Axis Bank has emerged the biggest hit among the top holdings. The stock has gained a hefty 33.3 per cent in 2016. It was followed by IndusInd Bank (22.5 per cent), HDFC Bank (18.6 per cent) and  read more..