Oil prices hovered below $100 a barrel today in Asia as encouraging news about the US economy was tempered by European demands for Greece to make further spending cuts before getting a new bailout.
Having started trade on a dull note, a benchmark index for Indian equities markets today slipped into the red amid profit booking in blue chips like Infosys and ICICI Bank.
Institutional investors are using the recent rally in the stock market as an opportunity to book profits on their investments. Sachin Kumar reports.
The rupee declined by 19 paise to Rs 49.34 per dollar in early trade on the Interbank Foreign Exchange market on Thursday, weighed down by dollar's gains against other currency rivals.
Fag-end buying pushed up the Bombay Stock Exchange benchmark Sensex today by over 123 points amid firm European markets that gained on hopes of a solution to the Greek debt crisis.
State-owned explorer Oil & Natural Gas Corp (ONGC) on Wednesday reported a 5% drop in its net profit in the quarter ended December 31 as a sharp rise in fuel subsidy output offset one-time gains it made from Cairn India’s Rajasthan oilfields.
India’s largest telecom service provider Bharti Airtel on Wednesday reported a 22% year-on-year drop in consolidated net profit at R1,011 crore for the quarter ended December, the eighth such decline, due to higher interest outgo and costs related to its 3G network roll-out.
Tech Mahindra on Wednesday reported a 7.4% year-on-year growth in net profit at R276 crore for the October-December quarter against R257 crore a year-ago, as a falling rupee pushed operating margins by 90 basis points (100 basis points is 1 percentage point).
In choppy trade, the BSE benchmark index Sensex recovered by 85 points on funds buying in bluechips, mainly in Reliance Industries and Infosys, amid a firming trend in the global markets.
India’s own Sensex has had a great start to the new year, with the 30-share BSE benchmark stock index emerging as a global winner thus far. It has outperformed most leading global indices in the period from Jan 1 to Feb 6, surging 15% (2252 points).
Sachin Kumar reports.
The rupee strengthened by 11 paise to Rs 48.94 a dollar in early trade on the Interbank Foreign Exchange market today on increased foreign capital inflows.
Sensex on Tuesday closed 84 points lower as traders booked profits after five consecutive weeks of rallying. Aviation stocks, however, shot up after the government approved carriers' demand of importing jet fuel directly - a move which will help airlines bring down operating costs.
The Bombay Stock Exchange benchmark Sensex today registered gains for the fifth straight session, rising over 102 points as realty and capital goods stocks led the rally on continued buying by funds, amid firm trend in the Asian region.
The United States is coming to be seen as a global threat, acting unilaterally with aggressive new market rules that critics say will hurt US firms, foreign banks, and international markets in one swoop.
India's foreign exchange reserves increased by $673.4 million to $293.93 billion for the week ended Jan 27, Reserve Bank of India data showed.