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The local currency strengthened 10 paise to close at Rs 82.72 against the U.S dollar on Thursday. It closed at Rs 82.82 on Wednesday. Source: Bloomberg India's benchmark stock indices traded lower through Thursday after the RBI asked all scheduled banks to maintain an incremental cash reserve ratio while maintaining the status quo on policy rates. Fast-moving consumer goods, followed by banking and financial stocks, fell the most. The S&P BSE Sensex closed down 308 points, or 0.47%, at 65,688.18, while the NSE Nifty 50 was 90 points, or 0.46%, lower at 19,543.10. The RBI has imposed a 10% ICRR as a temporary measure on deposits between May 19 and July 28 to suck out surplus liquidity from the banking system after the 2,000 currency notes were deposited. The Reserve Bank of India kept interest rates unchanged at 6.50% as expected by the analysts, taking the Indian rupee to 82.72, ten basis points stronger than Wednesday's close. Global stocks climbed while treasuries traded flat as investors awaited U.S. inflation data for cues on the Federal Reserve’s next steps. European gas prices advanced on concern about potential industrial action in Australia. The Euro Stoxx 50 index added 1.2% and U.S. equity futures pointed to gains after a tech-led drop in the previous session. In Asia, shares in South Korea and China fell, with Hong Kong-listed tech companies among the day’s laggards. Focus was on Alibaba Group Holding Ltd.’s earnings due later in the day. Japanese and Australian shares posted modest gains. Reliance Industries Ltd., Titan Co., IndusInd Bank Ltd., Adani Enterprises Ltd., and Bajaj Finance Ltd. were the positively adding to the change in the Nifty 50 Index. Whereas, HDFC Bank Ltd., ICICI Bank Ltd., ITC Ltd., Kotak Mahindra Bank Ltd., and Asian Paints Ltd. were negatively contributing to the change. The broader market indices ended lower; the S&P BSE MidCap Index was down 0.09%, whereas S&P BSE SmallCap Index was 0.15% lower. Twelve out of the 19 sectors compiled by BSE declined while seven sectors advanced. S&P BSE Utilities rose the most, whereas S&P BSE Telecommunication fell the most. The market breadth was skewed in the favour of the sellers. About 1,692 stocks rose, 1,904 declined, while 146 remained unchanged on the BSE. L&T to build Rs 5,690 crore Hyderabad airport metro. Hyderabad airport metro ground-breaking on Sept. 11. Alert: L&T, NCC were in fray for Hyderabad airport metro project. Source: Cogencis Grasim Q1 (Consolidated, YoY) Revenues up 10.8% at Rs 31065.19 crore vs Rs 28041.54 crore Ebitda up 6.2% at Rs 6356.75 crore vs Rs 5982.84 crore Margins at 20.46% vs 21.33% Net profit down 6.6% at Rs 2576.35 crore vs Rs 2758.75 crore Source: Exchange filing All objections are dismissed. Court had reserved its orders on July 10.
Read more: bloombergquint
