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Markets give big thumbs up to Fed
Thu, 19 Sep Closing

Indian equity markets opened with a huge gap up on the back of Fed maintaining status quo on its QE3 programme. The market continued to surge in the afternoon trading session and closed the day on a positive note. The Fed said that it would await evidence of stronger economic growth in the US before adjusting the pace of its bond-buying programme. It maintained that it would hold bond purchases steady at US $85 bn per month. The prospect of low US rates for longer should be a major relief to emerging markets which have been suffering from capital inflows back to the developed world. Realty, Banking and Capital Goods sectors were the leading pack of gainers. While the BSE Sensex closed higher by 684 points, the NSE-Nifty closed higher by 215 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.

As regards global markets, Asian indices closed in the green. European indices have opened in the green. The rupee was trading at Rs 61.8 to the dollar at the time of writing.

Data from the Reserve Bank of India (RBI) showed that despite some banks raising lending rates, credit (loan) growth swelled 18% for the fortnight ended September 6. Deposits grew 13.3% during the fortnight. This is the first time in the current financial year that credit growth has peaked to this level. Previously, such growth was registered in June last year, when loan growth in the banking system touched 18.3% in the fortnight ended June 1, 2012. Despite higher deposit rates, deposit growth has continued below the 14% mark in this financial year.

According to a leading financial daily, in an attempt to contain current account deficit (CAD) that puts pressure on the rupee, the government is considering making it mandatory for trade with a few countries to take place in local currencies to reduce dependence on the dollar. The commerce ministry constituted a task force in August to explore the possibility of India trading in local currencies with some key trading partners. The panel is expected to submit its report in the first week of October. The task force is currently exploring whether to seek trade in local currency with countries with which India has a deficit, surplus or balanced trade. While the possible trading partners with whom India could seek such arrangements are yet to be finalized, countries like China and Japan have already shown interest.

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Views on News

ADANI GAS Share Price Up by 10%; BSE 500 Index Up 0.9% (Market Updates)

Mar 2, 2021 | Updated on Mar 2, 2021

ADANI GAS share price is trading up by 10% and its current market price is Rs 585. The BSE 500 is up by 0.9%. The top gainers in the BSE 500 Index are ADANI GAS (up 10.5%) and BASF INDIA (up 10.2%). The top losers are MAHARASHTRA SEAMLESS and TAMIL NADU NEWSPRINT .

JUST DIAL Share Price Up by 13%; BSE 500 Index Up 0.7% (Market Updates)

Mar 2, 2021 | Updated on Mar 2, 2021

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ADANI PORTS & SEZ Announces Quarterly Results (3QFY21); Net Profit Up 16.5% (Quarterly Result Update)

Feb 11, 2021 | Updated on Feb 11, 2021

For the quarter ended December 2020, ADANI PORTS & SEZ has posted a net profit of Rs 16 bn (up 16.5% YoY). Sales on the other hand came in at Rs 37 bn (up 12.3% YoY). Read on for a complete analysis of ADANI PORTS & SEZ's quarterly results.

AVANTI FEEDS Announces Quarterly Results (3QFY21); Net Profit Up 47.2% (Quarterly Result Update)

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For the quarter ended December 2020, AVANTI FEEDS has posted a net profit of Rs 869 m (up 47.2% YoY). Sales on the other hand came in at Rs 9 bn (down 0.8% YoY). Read on for a complete analysis of AVANTI FEEDS's quarterly results.

FORTIS HEALTHCARE 2018-19 Annual Report Analysis (Annual Result Update)

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