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Indian Markets Inch Upwards
Wed, 27 Apr 01:30 pm

After opening the day on a flattish note, the Indian stock markets recovered in the post-noon trading session and went on to trade in the green. Sectoral indices are trading on a mixed note with stocks from the telecom and oil & gas sectors leading the gains. Banking stocks are however trading in the red.

The BSE Sensex is trading up 40 points (up 0.2%) and the NSE Nifty is trading up 11 points (up 0.2%). The BSE Mid Cap index and the BSE Small Cap index are trading in the green, both up by 0.4%. Gold prices, per 10 grams, are trading at Rs 29,339 levels. Silver price, per kilogram is trading at Rs 40,733 levels. Crude oil is trading at Rs 2,980 per barrel.

The rupee is trading at 66.50 to the US$. The rupee depreciated 3 paise to 66.55 as against the greenback in early trade today. The selling pressure for rupee comes ahead of the outcome of two-day Federal Reserve policy meet later in the day.

One shall note that the US Federal Reserve has waved the caution flag on interest rate hikes later this year. Fed officials had said a rate increase in April would signal an inappropriate sense of urgency. However, some officials want to raise rates as soon as April if the incoming economic data is consistent with their expectations.

Last month, the US Fed not only left the rates untouched but also signalled that it would expect to raise its benchmark rate just twice this year. This was against the four interest rate hikes this year the Fed predicted earlier. The focal question for now is whether the Fed raise interest rates in its ongoing meeting or leave them untouched.

To keep a regular tab on the movements in USD/INR, you can read weekly updates from the Daily Profit Hunter team. Their roundup tracks the developments in the global economy as well as currency and commodity markets.

Stocks in the automobile space are trading on a mixed note with Ashok Leyland and Hero MotoCorp witnessing maximum buying interest.

In another news update it was reported that Mahindra & Mahindra (M&M) has unveiled a limited edition of its Scorpio starting at Rs 13.07 lakh (ex-showroom Mumbai without octroi).

It was noted that this limited edition Scorpio Adventure is based on the top-end model 'S10' of the new generation Scorpio and only 1,000 vehicles will be produced. The Scorpio Adventure comes with manual transmission and is available in both 2-wheel drive and 4-wheel drive options.

On a separate note, M&M has launched its latest SUV - the NuvoSport earlier this month. The launch has given a further boost to the company's leadership position in the UV segment. Also, the company has launched YUVO, a new age range of tractors in the 30-45 HP category earlier this month.

One shall note that the company has completed nine product launches in FY16. The impact of this, along with the above launches, will be reflected in the financials of FY17. We have discussed this in our result analysis report of the company (subscription required).

Presently the stock of M&M is trading marginally higher.

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Mar 20, 2018 11:11 AM