Sensex, Nifty Rebound After Worst Week In Over Two Years
Rupee Closes Below 74/$ Mark For The First Time
The rupee weakened for the fifth consecutive session and closed below the 74 to the dollar mark for the first time.
The Indian currency closed at 74.07 per dollar, after the monetary policy committee kept interest rates on hold on Friday. The MPC left its repurchase rate at 6.5 percent, while changing its policy stance to “calibrated tightening” from “neutral”.
Closing Bell: Sensex, Nifty Snap 3-Day Decline Led By Reliance Industries
Indian equity benchmarks rebounded after posting their worst weekly performance in 31 months led by Reliance Industries, Kotak Mahindra Bank and State Bank of India.
The S&P BSE Sensex rose 97 points or 0.28 percent to 34,474 and the NSE Nifty 50 Index climbed 0.3 percent or 32 points to 10,348.
Today's session was highly volatile as the Nifty 50 Index swung over 10 times between gains and losses as metal, realty and financials came under heavy selling pressure.
Twelve of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Metal Index's 3.2 percent drop. On the other hand, the S&P BSE Energy Index was top gainer, up 4.4 percent.
Mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap and SmallCap Indices fell 2 percent each.
Mutual Fund AUMs Down 13% In September
- Total assets under management (AUM) down 13 percent at Rs 22.04 lakh crore versus Rs 25.2 lakh crore (MoM)
- Equity AUM down 7.1 percent at Rs 7.47 lakh crore versus Rs 8.04 lakh crore (MoM)
- Balanced fund AUM down 5.8 percent at Rs 1.77 lakh crore versus Rs 1.87 lakh crore
Source: AMFI Wesbite
Kotak Mahindra Bank Surges Most In Over 4 months
Shares of the Uday Kotak-led private sector lender rose as much as 6.14 percent, the most since May 31, to Rs 1,116.80 on heavy volumes.
Trading volume was 1.4 times its 20-day average, according to data compiled by Bloomberg.
As many as 4.38 lakh shares changed hands on the BSE compared with an average of 2.31 lakh shares traded daily in the past two weeks.
Expect Oil To Stabilise Around $85/bbl In Q4: JPMorgan
Trade war pressure, downward shift in global manufacturing and global GDP growth revisions are impacting emerging markets, Nikolaos Panigirtzoglou, MD, global market strategy at JPMorgan told BloombergQuint in an interview.
Key highlights of the conversation:
- Trade war pressure, downward shift in global manufacturing and global GDP growth revisions impacting emerging markets
- India equities and bonds were consensus overweight
- Fed has been hawkish and that has been negative for emerging markets
- Expect oil to stabilise around $85/bbl in Q4
- As U.S.-China trade war escalates PBOC will let the currency weaken further
- Big problem for Indian rupee will be anchoring of Chinese currency above 7 per dollar