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Expect rupee to trade within 74.90-75.80 range vs dollar: Kotak Securities' Anindya Banerjee
Anindya Banerjee, DVP, Currency and Interest Rate Derivatives at Kotak Securities, said a combination of rising oil prices, US bond yields and the dollar index impacted the rupee. "The RBI should not be bothered much as volatility has been quite low over the past 14 months. The weaker rupee offers the RBI an opportunity to lock into greater profits for its long positions in the forward and futures markets. We expect the USD-INR (pair) to trade with an upward bias within a range of 74.90-75.80 in the spot market," he said.
Rupee ends at lowest level since July 2020
The rupee fell to its lowest level since July 2020 as a sharp rise in global oil prices raised concerns about inflation. The partially convertible rupee ended at 75.36 against the dollar, having hit the 75.39 mark -- its weakest since July 14, 2020 -- during the session.
India imports 80 percent of its oil needs and high prices result in increased imported inflation and have a spiralling impact on the prices across other sectors.
Positive on IT, not discouraged by one set of earnings: Avendus Capital Alternate Strategies' Vaibhav Sanghavi
Vaibhav Sanghavi, Co-CEO of Avendus Capital Alternate Strategies, said: "While IT is something we continue to be buoyant on, we are not discouraged by one of the results here. At the same time, we may think that the banking and finance for probably a couple of quarters will start to show some good signs in terms of their price performance. So those are the sectors along with the indices are something which we are positive on."
"Avoiding global sectors like metals and mining, which are tactical plays, at this point in time including materials," he added.
Expect IndiGo shares for a while before rising further: Prabhudas Lilladher's Amisha Vora
Amisha Vora, Joint MD at Prabhudas Lilladher, expects InterGlobe Aviation shares to consolidate for a while before giving a good return. "I am not so gung-ho to be very frank. The sector is consolidated, it has very good, long-term growth (is there) but the stock will consolidate before it shoots and gives further returns," he said.
Kotak Institutional Equities raises InterGlobe Aviation target price
Shares in Interglobe Aviation -- which owns and operates airline IndiGo -- have been rallying in the recent past. The stock closed 4.7 percent higher at Rs 2,055. The stock has rallied eight percent in the last month, and given an impressive 30 percent return in the past six months. It is now just 10 percent away from its 52-week high of Rs 2,300. The rally is across the aviation sector which has felt the brunt of the COVID-19 pandemic shutdowns. The domestic air traffic has picked up and is now at 76 percent of pre-pandemic levels. (Read more on IndiGo shares here)
Market At Close | Sensex, Nifty hit record closing highs but off intraday peaks; banking, PSU, auto shares top gainers
Here are some highlights of the Oct 11 session:
--Nifty crosses 18,000 level in intraday trade for 1st time ever
--Sensex hits intraday high of 60,476, Nifty Bank 38,495, midcap index 31,748
--Nifty Bank gains 519 points to end at 38,294; midcap index rises 193 points to settle at 31,631
--HDFC Bank top contributor to Nifty Bank; stock hits record high
--Reliance Industries fails to hold gains, slips nearly 3 percent from intraday high
--More than 30 Nifty stocks close higher; Tata Motors, Coal India top gainers
--Power stocks surge on rising demand; NTPC, Power Grid, Tata Power, Torrent Higher
--Auto shares rise on improved demand ahead of festive season; Nifty Auto up over 2 percent
--ONGC continues to gain momentum as crude oil rises further
--Banking shares rise; SBI hits record high
--IEX, MCX hit record highs on growth prospects
--GMR Infra surges 9 percent on positive commentary in investor presentation
--Bandhan Bank sees profit booking after strong Q2 update
--Midcap IT stocks slip in line with large caps; coforge, mphasis top losers
--Zee Entertainment gains sharply in last hour of trade, ends 6 percent higher
--Rupee ends at 15-month low against US dollar
Closing Bell | Sensex rises 77 points to record 60,136, Nifty at record 17,955
The Sensex rose 76.7 points or 0.1 percent to end at 60,135.8 and the broader Nifty50 benchmark added 59.8 points (0.3 percent) to settle at 17,955 -- both record closing highs. Gains in financial, auto and metal shares pushed the market higher, but losses in IT stocks limited the upside. (Read more on the closing bell here)
Avenue Supermarts market cap reaches Rs 3 lakh crore as shares hit record high
Shares of Avenue Supermarts, which operates supermarket chain DMart, hit an all-time high of Rs 4,629, rising more than six percent on BSE. The company's market capitalisation crossed the Rs 3 lakh crore mark.
The scrip has jumped over 70 percent so far this year.
GMR Infra, Aban Offshore among top midcap gainers; power stocks rise up to 7%
GMR Infra and Aban Offshore, up 11 percent and 20 percent respectively, were among the top midcap gainers. Power stocks such as Torrent Power, CG Power and CESC rose between 2.5 and 6.75 percent.
BEML, Voltas and SKF hit fresh 52-week highs with good volumes.
Chambal Fertilizer, Bajaj Hindusthan and GSFC were under pressure with cuts of between two and seven percent.
Around 320 stocks in the BSE 500 universe moved higher in late afternoon deals.