INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Stocks exchanges, forex and money markets are closed on Wednesday on account of Bakri Id or Eid al-Adha
Globally, stock markets across Singapore and Malaysia are shut to observe Hari Raya Haji
Commodity markets, meanwhile, are shut partially, as they will resume trading in the evening session (from 5pm - 11:30 /11:55 pm)
Domestic stock indices gained in the last three consecutive sessions amid hopes globally that Sino-US trade talks this week would help ease
The rupee, too, has reversed some losses after seeing all-time low levels.
On Tuesday, the BSE Sensex added 7 points, or 0.02 per cent, to
NSE barometer Nifty50 made a fresh all-time closing high of 11,570, up 19.15 points, or 0.17 per cent
The earnings season is in its last leg and analysts say profit for the Nifty50 pack, including banks, was up 10 per cent on a YoY basis
Analysts say management commentaries are optimistic but global environment could play spoilsport.
In case of rupee, forex watchers say the
currency has gone into a tailspin
Care Ratings in a note said while the ongoing US-Turkey imbroglio will cause volatility depending on which way the dollar-lira pair moves, a
rupee value of 69 to the dollar should be the equilibrium level, based on expected fundamentals in the rest of the year.
This is predicated
on expectations of higher trade and current account deficits, and higher invisibles such as FPI, FDI and maintenance of ECBs.
The domestic
currency on Tuesday erased early gains to eventually settle 1 paisa higher at 69.81 against the US dollar
Analysts attributed the stability to fag-end demand for the greenback from importers.
