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Rupee trades in narrow range against US dollar in early trade
The rupee witnessed a range-bound trading in early trade on Tuesday as firming crude oil prices and concerns about the hawkish US Fed offset the support from the overnight weakness of the American currency. At the interbank foreign exchange, the rupee opened at 79.73 against the dollar and moved in a narrow range. It touched an early low of 79.79 in initial deals. On Monday, the rupee rose by 12 paise to close at 79.78 against the US dollar.
As Zomato shares crash for second day, Jefferies says ‘great case’ to buy
Shares of Zomato extended decline with the stock hitting a new all-time low for the second consecutive day on Tuesday of ₹44 apiece on the BSE. Zomato shares had fallen to its all-time low on Monday post the ending of the mandatory pre-IPO (Initial Public Offering) shareholders lock-in period on July 23. Axis Bank shares: Brokerages see up to 40% upside, bullish post Q1 results
Shares of Axis Bank plunged nearly 2% in Tuesday’s opening deals to ₹717 apiece on the BSE after the bank reported Q1FY23 results on Monday post market hours. Axis Bank’s net profit nearly doubled to ₹4,125 crore in the April-June quarter of FY23, helped by decline in bad loans as compared to ₹2,160 crore in the corresponding quarter of the previous fiscal.
Stock Market LIVE: Sensex down 400 points, Nifty sub 16,600; IT index drags
Share Market LIVE Update: Indian benchmark indices started in red and are down 0.7%. Bajaj Finserv and Powergrid gain, whereas Infosys and Dr Reddy tank. Asian markets had a cautious start on Tuesday but went into the green after receiving positive signals from China’s technology sector.
Wall Street ended a choppy day of trading with a flat finish on Monday, as investors brace for another sharp interest rate hike by the Federal Reserve this week to combat inflation. The Asian markets continued their decline from Monday and opened in the red.
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