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Rupee appreciated 7 paise to 84.22 against the US dollar in morning trade on Tuesday, on a sharp rebound in domestic equities amid improved investor risk appetite. Forex traders said the <keyword id="21663515" type="General" weightage="20" keywordseo="MSCI-equity-index" source="keywords">MSCI equity index</keyword> rebalancing significantly boosted sentiment for Indian equity markets as <keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">foreign institutional investors</keyword> broke a 40-session streak of net selling by purchasing Rs 9,947 crores on Monday, lending robust support to the rupee. Moreover, the win by the incumbent government in Maharashtra, further fueled investor confidence in economic stability, sparking a rally in equity markets. At the interbank foreign exchange, the rupee opened at 84.27 and moved in a tight range and touched an early high of 84.22 against the greenback, registering a gain of 7 paise over its previous close. On Monday, the rupee appreciated 12 paise to close at 84.29 against US dollar. "While Donald Trump's aggressive trade policies loom large, the rupee's outlook remains cautiously optimistic. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword>'s projection of a GDP growth rebound to 7.6 per cent in Q3 has infused fresh confidence in India's economic trajectory. Additionally, a surge in capital inflows is likely to provide robust support," CR Forex Advisors MD Amit Pabari said. Pabari further said that the RBI's vigilant stance will be critical in managing volatility, with interventions likely at key levels to maintain stability. "Given the factors, the USDINR pair appears to face resistance around the 84.50 level, with expectations of trading within a range of 83.80 to 84.50, leaning toward a downside bias," he said. On the global front, US Treasury Secretary nominee Scott Bessent's fiscal deficit reduction agenda capped US Treasury yields, Pabari said. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.28 per cent at 107.11. Brent crude, the global oil benchmark, rose by 0.33 per cent to USD 73.25 per barrel in futures trade. In the domestic equity market, the 30-share equity benchmark Sensex jumped 167.76 points or 0.21 per cent to 80,277.61 points in early trade, while Nifty jumped 55.80 points or 0.23 per cent to 24,277.70 points. Foreign Institutional Investors (FIIs) turned net buyers in the capital markets on Monday, purchasing shares worth Rs 9,947.55 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-oxygenos-15-update-now-rolling-out-with-flux-themes-improved-ai-features-and-more/articleshow/115657313.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-oxygenos-15-update-now-rolling-out-with-flux-themes-improved-ai-features-and-more/articleshow/115657313.cms" target="_blank">OnePlus Open OxygenOS 15 update now rolling out with Flux Themes, improved AI features and more</a><a href="https://www.businessinsider.in/tech/news/microsofts-ai-powered-recall-feature-is-now-rolling-out-to-copilot-pcs/articleshow/115654136.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/microsofts-ai-powered-recall-feature-is-now-rolling-out-to-copilot-pcs/articleshow/115654136.cms" target="_blank">Microsoft’s AI-powered Recall feature is now rolling out to Copilot+ PCs</a><a href="https://www.businessinsider.in/business/telecom/news/jio-airtel-and-vi-lost-nearly-11-million-subscribers-in-september-2024/articleshow/115565541.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/jio-airtel-and-vi-lost-nearly-11-million-subscribers-in-september-2024/articleshow/115565541.cms" target="_blank">Jio, Airtel and Vi lost nearly 11 million subscribers in September 2024</a>

Rupee rises 7 paise to 84.22 against US dollar in early trade

<ul class="summary-list"><li>Russian stocks are being cut from indexes created by <keyword id="12315035" type="UNKNOWN" weightage="60" keywordseo="msci" source="Orion">MSCI</keyword> and <keyword id="13301595" type="UNKNOWN" weightage="60" keywordseo="ftse-russell" source="Orion">FTSE Russell</keyword>, the companies said separately. </li><li>Russian stocks are "uninvestable" in the wake of Moscow's invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>, MSCI said. </li></ul>Russian stocks will be removed from indexes created by MSCI and FTSE Russell, marking further fallout in global <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> from <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s invasion of Ukraine.Russia will be deleted from all <a href="https://research.ftserussell.com/products/index-notices/home/getnotice/?id=2603553">FTSE Russell Equity Indices</a> on March 7 and <a href="https://www.msci.com/eqb/pressreleases/archive/PR_Russia_Classification.pdf">MSCI Russia Indexes</a> will be reclassified on March 9 from emerging market status to standalone markets status "at a price that is effectively zero," the index providers said in separate statements Wednesday. MSCI said the decision comes after consulting with international institutional investors on the accessibility and investability of the Russian equity market. It received feedback from asset and managers, broker dealers, and exchanges, among others. An "overwhelming majority" confirmed "that the Russian equity market is currently uninvestable and that Russian securities should be removed from the MSCI Emerging Markets Indexes," the company said. FTSE Russell said its consultations included talks with independent advisory committees and other stakeholders on the treatment of Russia stemming from escalating sanctions on Russia by the European Union, the United Kingdom and the US, as well as the temporary suspension of trading on the Moscow Exchange, or MOEX.Moscow's invasion of Ukraine last week has led to the closing of Russia's main stock market, with Thursday marking the fourth day of no trading. Meanwhile, the London Stock Exchange has suspended trading in a number of Russian companies. The New York Stock Exchange and Nasdaq have also halted trading in Russian stocks. The round of moves from global market participants stand to <a href="https://markets.businessinsider.com/news/stocks/russian-stock-market-crash-london-moscow-sberbank-gazprom-sanctions-ukraine-2022-3">slash the amount of investment</a> going toward Russian companies.Earlier this week, asset manager BlackRock said it will <a href="https://markets.businessinsider.com/news/etf/blackrock-warns-investors-stops-issuing-new-shares-russia-etf-erus-2022-3">stop issuing new shares of an exchange-traded fund tracking Russian stocks</a>. The iShares MSCI Russia ETF, which trades under the ticker <a href="https://markets.businessinsider.com/etfs/ishares-msci-russia-etf-us46434g7988?utm_medium=ingest&amp;utm_source=markets">ERUS</a>, temporarily suspended the creation of new shares until further notice in light of "significant declines" in the ruble and the liquidity of Russian securities.

Russian stocks are 'uninvestable' following the invasion of Ukraine and will be removed from indexes at MSCI and FTSE Russell

<ul class="summary-list"><li>S&amp;P Dow Jones Indices said Friday that it will remove all Russia stocks from its benchmarks next week.</li><li>The change will take effect March 9 and will apply to all stocks listed or domiciled in Russia as well as ADRs and GDRs.</li></ul>S&amp;P Dow Jones Indices said Friday that it will remove all Russia stocks from its benchmarks next week following the country's invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>.The change will take effect before the market open on March 9 and will apply to all stocks listed or domiciled in Russia as well as American depositary receipts and global depositary receipts.The overseer of the <keyword id="11907242" type="UNKNOWN" weightage="60" keywordseo="dow-jones-industrial-average" source="Orion">Dow Jones Industrial Average</keyword> and the S&amp;P 500 will also strip Russia of its emerging-market status and reclassify it in a standalone category."Given the deterioration in the level of accessibility of the Russian market which may impact the ability of market participants to replicate S&amp;P DJI Indices containing Russian securities, S&amp;P DJI will reclassify Russia," <keyword id="13310388" type="UNKNOWN" weightage="60" keywordseo="sp-global" source="Orion">S&amp;P Global</keyword> said.The announcement from the company follows <a href="https://markets.businessinsider.com/news/stocks/russian-stocks-uninvestable-ukraine-invasion-msci-ftse-russell-indexes-2022-3">similar moves from MSCI and FTSE</a> earlier this week. Russia stocks will be deleted from all <a href="https://research.ftserussell.com/products/index-notices/home/getnotice/?id=2603553">FTSE Russell Equity Indices</a> on March 7, and <a href="https://www.msci.com/eqb/pressreleases/archive/PR_Russia_Classification.pdf">MSCI Russia Indexes</a> will be reclassified on March 9 from emerging market status to standalone <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> status "at a price that is effectively zero," the index providers said in separate statements Wednesday. Russia's war on Ukraine and the waves of Western sanctions that have followed are leaving Moscow increasingly shut off from global markets.Top Russian banks have been kicked out of the SWIFT messaging system that is considered the backbone of world finance. Foreign currency assets of its central bank have been frozen. More and more companies are announcing they are exiting Russia.Meanwhile, the country's stock market has been closed all week. The London Stock Exchange has suspended trading in Russian companies. The New York Stock Exchange and Nasdaq have also halted trading in Russian stocks.

S&P Dow Jones to remove Russia stocks from its indexes in wake of Ukraine invasion, joining MSCI and FTSE

<ul class="summary-list"><li>BlackRock and MSCI are facing probes by lawmakers for facilitating investments in Chinese firms, the WSJ reported. </li><li>The probes are related to investments in companies flagged by the US over security risks or human rights violations. </li></ul>BlackRock and MSCI are facing a probe from lawmakers in Congress over the asset manager and the index provider's roles in funneling American investments into shares of Chinese firms that have been flagged by the US over security concerns or human rights abuses, <a href="https://www.wsj.com/articles/blackrock-msci-face-congressional-probes-for-facilitating-china-investments-2147ce2c?mod=markets_lead_pos2" target="_blank" rel="noopener">the Wall Street Journal reported on Tuesday</a>. Per the Journal, the House Select Committee on the Chinese Communist Party is seeking facts that will help determine the US's approach to China policy, including investment flows into the country.A letter sent by the committee and seen by the WSJ states that the firms are "exacerbating an already significant national-security threat and undermining American values" by helping route American investment money into Chinese companies with security and human rights risks.According to the letter, stocks in some of BlackRock's funds or MSCI's emerging markets indexes include those of companies on US "red flag lists," some of which have helped advance Chinese military interests or have been involved in abuses in the China's Xinjiang region, where most of the country's Uyghur population is located. The congressional panel said it found that American investors have funded 60 such companies and BlackRock has invested $429 million through five of its funds. In a statement to Insider, BlackRock said: "Like many global asset managers, BlackRock offers our clients a number of strategies to invest in or exclude China from their portfolios. The majority of our clients' investments in China are through index funds, and we are one of 16 asset managers currently offering US index funds investing in Chinese companies. With all investments in China and markets around the world, BlackRock complies with all applicable US government laws. We will continue engaging with the Select Committee directly on the issues raised."MSCI said it is reviewing the inquiry from the House panel on China.US-China relations are at a tense crossroads as the two superpowers trade economic blows and ratchet up military posturing. The US has throttled China's access to key chip components that it says could power military hardware, while China recently has restricted the export of many metals used in semiconductor manufacturing.

BlackRock and MSCI are facing congressional probes over facilitating investments in Chinese firms flagged by US for security concerns

<ul><li><keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword>’s share price is up by more than 10% today morning after it posted its earnings yesterday. </li><li>Analysts are optimistic that the bank’s asset quality and decline in provisioning expenses will help it ride through the next year.</li><li>Kotak Mahindra Bank may also possibly be included in the <keyword id="48670" type="CITY" weightage="20" keywordseo="Morgan-Stanley">Morgan Stanley</keyword> Capital Investment (MSCI) Global Indices as the latter revises its foreign ownership limits (FOL). </li></ul>Kotak Mahindra Bank’s share price has skyrocketed by 10% on the back of bullish commentary and target upgrades from brokerages. The bank posted a profit of 27% in the second quarter and its net interest income grew by 17%. <div type="image" title="Copy of KMB1" msid="78887422" hostid="261" caption="&amp;lt;p&amp;gt;Kotak Mahindra Bank&amp;#39;s stock over the last one month&amp;lt;/p&amp;gt;"></div> “We increase our FY21 and FY22 earnings by 27% and 20% (respectively), aided by steady revenues and sharp decline in provisioning expenses,” said brokerage Motilal Oswal in its report. It upgraded its rating of Kotak Mahindra bank to ‘buy’, following a gap of 10 quarters. <div type="Article" hostid="261" msid="78869757" title="Kotak Mahindra Bank still on ‘alert’ as profit improves 27% over the last three months" mstype="2" mssubtype="0"></div> Potential MSCI inclusion boost Kotak Mahindra Bank may also possibly be included in the Morgan Stanley Capital Investment (MSCI) Global Indices as it revises its foreign ownership limits (FOL). This comes after Foreign Portfolio Investor (FPI) limits for Indian companies were relaxed to the sectoral limit. “Stocks that are being included tend to outperform in the run-up in their inclusion in key indices. Further, we observe that MSCI India index tends to outperform before and post the announcement,” the Morgan Stanley report said. It expects MSCI India to see passive inflows of $2.5 billion on the back of this move. Even though Kotak Mahindra Bank’s stock is up nearly 25% over the last one month, it still has to recuperate from the impact of COVID-19. As compared to January — before Prime Minister Narendra Modi announced a nation-wide lockdown to prevent the pandemic from spreading — the share price is down over 5%. <div type="image" title="KMB1" msid="78887454" hostid="261" caption="&amp;lt;p&amp;gt;Kotak Mahindra Bank&amp;#39;s share price since January&amp;lt;/p&amp;gt;"></div> Brokerages bullish post Q2 earnings “With a strong liability franchise in place, high capital and steady asset quality keeps our view constructive, although balance on loan growth has to improve from here on,” Prabhudas Lilladher analysts said in a note. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerages on Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,650 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,634 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lilladher </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,503 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YES Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,6870 </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/china-launches-three-new-spy-satellites-amid-border-dispute-with-india-and-tensions-in-the-south-china-sea/articleshow/78886330.cms">China launches three new spy satellites amid border dispute with India and tensions in the South China Sea</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-is-looking-to-expand-operations-in-canada-if-h-1b-visa-issues-persist/articleshow/78884838.cms">EXCLUSIVE: HCL Tech is expanding operations in Canada as H-1B visa issues persist</a> <a href="https://www.businessinsider.in/finance/banks/news/kotak-mahindra-bank-q2-results-show-profit-up-by-27/articleshow/78869757.cms">Kotak Mahindra Bank still on ‘alert’ as profit improves 27% over the last three months</a>

Kotak Mahindra Bank surges 10% on earnings upgrades and potential MSCI inclusion

<ul class="summary-list"><li>Global shares wavered as investors mulled the chances of a supersized rate hike from the Federal Reserve.</li><li>Consumer spending data later could give a read on how resilient economic activity is.</li></ul>Global shares sagged on Friday, weighed down by the prospect that the Federal Reserve could raise rates by the most in over 30 years to counter surging <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword>, while a downbeat read of the Chinese economy and gloomy earnings added to the pressure on investor sentiment.<keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">Stocks</keyword> have been battered this week by mounting evidence that inflation could damage global growth, prompting central banks to deliver supersized rate hikes to quell price pressures. China's zero-COVID policy, which has added to the pessimism, led to annual economic growth of just 0.4% year-on-year in the second quarter of this year, missing market expectations for a rise of 1.0%, and down from 4.8% growth in the first quarter.<a href="https://markets.businessinsider.com/futures/s&amp;p-500-futures">S&amp;P 500</a>, <a href="https://markets.businessinsider.com/fuures/dow-futures">Dow Jones</a> and <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq 100</a> futures edged up around 0.2% in European trading, while the <a href="https://markets.businessinsider.com/index/stoxx_europe_600">MSCI All World Index</a> eased 0.1%, heading for a 3.2% fall this week. In Europe, the <keyword id="12489913" type="UNKNOWN" weightage="60" keywordseo="stoxx-600" source="Orion">Stoxx 600</keyword> traded up 0.85%, but was on course to post a 7% drop on the week, while the <a href="https://www.cnbc.com/quotes/.MIAPJ0000PUS">MSCI Asia ex-Japan index</a> fell 0.9%, weighed down by losses in Chinese blue chips after Friday's dismal GDP figures.The <a href="https://markets.businessinsider.com/index/us-dollar-index">dollar</a>, which has hit new 20-year highs against a basket of major currencies this month, was set for its third consecutive weekly gain, fueled by a mixture of safe-haven buying as investors fret about the prospect of recession and an expectation for juicier returns on US assets as the Fed ramps up rates.In earnings, JPMorgan and Morgan Stanley kicked off results season on a glum note. Both banks missed estimates for the first time since 2020 in a sign the bumper gains from pandemic-era market activity may be drying up, and the drag of a strong <keyword id="11931694" type="UNKNOWN" weightage="60" keywordseo="dollar" source="Orion">dollar</keyword> is making itself felt."Even though the US is a more domestic focused economy and stock market, the costs of dollar strength are clear. S&amp;P 500 index earnings are being cut around 5% by current dollar strength, led by the hard-hit tech sector which generates over 60% of its sales abroad," Ben Laidler, eToro global <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> strategist, said.Wells Fargo and Citigroup report on Friday, while Bank of America and Goldman Sachs are due next week.Data on Friday will offer a key litmus test of how the consumer is holding up in an environment where inflation is running at 41-year highs and mortgage rates have soared to their highest since 2008. Retail sales data for June is expected to show consumer spending rose by 0.9%, a reversal from May's 0.3% contraction, according to data from Bloomberg, while a read on sentiment is expected to show consumer confidence hitting another record low in early July. With inflation running at 9.1%, investors are attaching a growing chance that the Fed could raise rates by as much as a full percentage point when it meets later this month — something that hasn't happened since late 1989. Interest rate futures show a near-50% chance of such an increase, a possibility that was negligible prior to Wednesday's consumer inflation reading for June."Just as the June UMich consumer inflation survey spooked the Fed into a 75bps hike last month, traders are betting that yesterday's 9.1% CPI print will spook the Fed into another, even more supersized hike this month. Right now, that seems like a decent bet," Michael Brown, chief strategist at Caxton FX, said.Meanwhile, oil hovered below $100 a barrel, having lost 7.6% in value this week, in its fifth straight weekly decline — its longest losing streak this year. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude futures</a> were last down 0.2% at $99.16 a barrel, while <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI crude</a> was down 0.3% at $95.47 a barrel. Read more: <a href="https://www.businessinsider.com/bitcoin-price-at-critical-juncture-as-celsius-files-for-bankruptcy-2022-7?r=US&amp;IR=T">As Celsius files for bankruptcy and the Three Arrows unwind begins, bitcoin and the whole crypto market is at a critical juncture. 2 experts weigh-in on what's next - and reveal a key chart to watch for clues.</a>

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Rupee rises 7 paise to 84.22 against US dollar in early trade

PTI

Russian stocks are 'uninvestable' following the invasion of Ukraine and will be removed from indexes at MSCI and FTSE Russell

Carla Mozée

S&P Dow Jones to remove Russia stocks from its indexes in wake of Ukraine invasion, joining MSCI and FTSE

Jason Ma

BlackRock and MSCI are facing congressional probes over facilitating investments in Chinese firms flagged by US for security concerns

Max Adams

Kotak Mahindra Bank surges 10% on earnings upgrades and potential MSCI inclusion

Prabhjote Gill

Global shares struggle as investors weigh up chances of a mega Fed rate hike and downbeat earnings

Amanda Cooper

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