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Indices jump 0.9% at open with Sensex and Nifty adding 500 and 150 pts, respectively
Hindalco gains in early trading, adds 2%
A section of market participants now feel more optimistic about a soft landing of the US economy. India inc, upbeat:
The whipsaw movement in the mother market of the US is a reflection of the fast-changing perception about the US inflation expectations, terminal Fed rate and direction of the US economy. A section of market participants now feel more optimistic about a soft landing of the US economy and have now turned bullish about the market. It remains to be seen whether this view gathers wider acceptance and sustains.
In India, bulls are gaining strength aided by India’s growth outperformance, good early Q2 results, declining FII selling, steadily rising DII buying and the optimism ushered in by the festive season. Bank Nifty is resilient with the potential to take banking stocks as well as Nifty higher.
Rupee rises 22 paise to 82.08 against US dollar in early trade
The rupee appreciated 22 paise to 82.08 against the US dollar in early trade on Tuesday, tracking positive domestic equities and an overnight fall in the dollar index.
At the interbank foreign exchange, the domestic unit opened at 82.21 against the dollar, then gained further ground to touch 82.08, a gain of 22 paise over its previous close.
On Monday, the rupee depreciated by 11 paise to close at 82.30 against the US dollar.
The rupee started stronger this Tuesday, tracking an overnight fall in the dollar index, said Sriram Iyer, Senior Research Analyst at Reliance Securities. (PTI
Fight against inflation will be dogged, prolonged: RBI article
The fight against inflation will be dogged and prolonged, given the long and variable lags with which monetary policy operates, an RBI article said.
“Yet, if we succeed, we will entrench India’s prospects as one of the fastest growing economies of the world enjoying a negative inflation differential with the rest of the world,” according to the article on the state of economy authored by a team lead by Reserve Bank of India (RBI) Deputy Governor Michael Debabrata Patra.
It said this happy outcome will re-enthuse foreign investors, stabilise markets and secure financial stability on an enduring basis.
Retail inflation spiked to 7.41 per cent in September, remaining above RBI’s upper tolerance level of 6 per cent for the ninth month in a row. (PTI)
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