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Mumbai, The rupee depreciated 6 paise to settle at 83.39 (provisional) against the US dollar on Thursday due to a strengthening greenback against major rivals overseas and rising crude oil prices in the international markets. However, a firm trend in domestic equity markets and recent foreign fund inflows supported the domestic currency, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.32 and oscillated between the intra-day peak of 83.30 and the lowest level of 83.40 against the greenback. The local unit finally settled at 83.39 (provisional), registering a loss of 6 paise from its previous close. On Wednesday, the rupee declined 4 paise to close at 83.33 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.34 per cent higher at 104.42. <keyword id="19955354" type="General" weightage="20" keywordseo="anuj-choudhary" source="keywords">Anuj Choudhary</keyword>, <keyword id="19955353" type="General" weightage="20" keywordseo="research-analyst" source="keywords">Research Analyst</keyword>, <keyword id="19952951" type="General" weightage="20" keywordseo="sharekhan" source="keywords">Sharekhan</keyword> by BNP Paribas, said the Indian rupee depreciated on Thursday on strong US dollar and dollar demand from oil marketing companies (OMCs). Weak Asian currencies and a rise in crude oil prices also weighed on the rupee. However, the surge in domestic markets and FII inflows cushioned the downside. "We expect the rupee to trade with a slight negative bias on strong US dollar and weak Asian currencies. Demand for dollars from importers and OMCs towards the end of the financial year may put downside pressure also weigh on the rupee. "However, strong domestic markets may support the rupee at lower levels. Traders may take cues from final GDP, weekly unemployment claims, pending home sales and revised consumer sentiment data from the US. USD-INR spot price is expected to trade in a range of Rs 83.20 to Rs 83.70," Choudhary said. Brent crude futures, the global oil benchmark, rose 0.52 per cent to <keyword id="19944038" type="General" weightage="20" keywordseo="usd" source="keywords">USD</keyword> 86.54 per barrel. On the domestic equity market front, Sensex surged 655.04 points, or 0.90 per cent, to settle at 73,651.35 points. The Nifty rose 203.25 points, or 0.92 per cent, to close at 22,326.90 points. Foreign institutional investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 2,170.32 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-april-2024/slidelist/108846222.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-april-2024/slidelist/108846222.cms" target="_blank">Upcoming smartphones launching in India in April 2024</a><a href="https://www.businessinsider.in/sports/webstories/most-runs-to-most-sixes-srh-vs-mi-ipl-match-shatters-multiple-records/slidelist/108840366.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/most-runs-to-most-sixes-srh-vs-mi-ipl-match-shatters-multiple-records/slidelist/108840366.cms" target="_blank">Most runs to most sixes – SRH vs MI IPL match shatters multiple records</a><a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms" target="_blank">From AI photo editing to international UPI payments, here are upcoming WhatsApp features</a>

Rupee falls 6 paise to settle at 83.39 against US dollar

Mumbai, The rupee appreciated 6 paise to close at 83.13 (provisional) against the US dollar on Thursday, supported by a firm trend in domestic equities and a weak greenback amid rising appetite for riskier assets. At the interbank foreign exchange market, the local unit opened at 83.07 against the greenback. The unit hit an intra-day high of 83.04 and a low of 83.16. The local unit finally settled at 83.13 (provisional) against the dollar, higher by 6 paise from its previous close of 83.19. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent higher at 103.54. Though the US dollar is trading on a higher note, it has retreated from its elevated level of 104 after the Federal Open Market Committee (FOMC) kept interest rates unchanged in the range of 5.25-5.5 per cent range. <keyword id="20859282" type="General" weightage="20" keywordseo="fed-chair" source="keywords">Fed Chair</keyword>, <keyword id="20058769" type="General" weightage="20" keywordseo="jerome-powell" source="keywords">Jerome Powell</keyword> stuck to his previous forecast of three rate cuts in 2024. He revised growth projections for 2024 to 2.1 per cent from 1.8 per cent earlier. This led to a sharp rally in global risk assets, said Anuj <keyword id="19982448" type="General" weightage="20" keywordseo="choudhary" source="keywords">Choudhary</keyword>, <keyword id="19955353" type="General" weightage="20" keywordseo="research-analyst" source="keywords">Research Analyst</keyword>, <keyword id="19952951" type="General" weightage="20" keywordseo="sharekhan" source="keywords">Sharekhan</keyword> by BNP Paribas. Brent crude futures, the global oil benchmark, fell 0.20 per cent to USD 85.78 per barrel. "We expect the rupee to gain slightly on the rise in global risk sentiments and weakness in the US dollar. However, firm crude oil prices may cap sharp gains," Choudhary said. He further noted that traders may take cues from PMI, weekly unemployment claims, current account and existing home sales data from the US. "Market participants may also look forward to the Bank of England's Monetary Policy decision. BoE is expected to keep rates unchanged but investors will watch out for the governor's speech for further guidance on its rate cut expectations," Choudhary added. On the domestic equity market front, <keyword id="19896382" type="General" weightage="20" keywordseo="sensex" source="keywords">Sensex</keyword> advanced 539.50 points, or 0.75 per cent, to close at 72,641.19 points. The Nifty rose 172.85 points, or 0.79 per cent, to settle at 22,011.95 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 2,599.19 crore, according to exchange data.

Rupee rises 6 paise to close at 83.13 against US dollar

<ul><li>ITC stock is now trading at an attractive valuation after BAT’s stake sale, say analysts.</li><li>After the stake sale, there won’t be major uncertainties hovering around the stock.</li><li>The stock has been underperforming the index and should pick up, expect brokerages. </li></ul> <keyword id="20372001" type="General" weightage="20" keywordseo="cigarettes" source="keywords">Cigarettes</keyword> to <keyword id="19931572" type="General" weightage="20" keywordseo="fmcg" source="keywords">FMCG</keyword> major ITC’s stock corrected slightly ahead of British American Tobacco’s (BAT) stake sale. Now that the British tobacco giant’s 3.5% stake in the company has been offloaded via a block deal last week, there are few uncertainties around it. More so, after the correction, the stock is now looking attractive, say analysts. “The stock has corrected by around 12% from its recent high and is trading at an attractive valuation. Given that the uncertainties related to the stake sale are over, we believe it is the right time to enter into a quality large-cap company in the FMCG space with attractive valuations and a good dividend distribution policy,” said a recent report by <keyword id="19952951" type="General" weightage="20" keywordseo="sharekhan" source="keywords">Sharekhan</keyword>. A roller-coaster journey The ITC stock had been one of the top performers of 2023, as the stock hit a fresh high of ₹489 per share last July – facilitating its entry into the coveted ₹6 trillion club. However, in the last three months, ITC has shed 7% of its value as the uncertainties around the stake sale cast a shadow over the stock. Now, the uncertainty is gone, and the prospects seem better. After the stake sale, BAT’s stake in the company stands at 25.5%. Any further stake sale can only happen after 180 days of the locking period. “It is unlikely to reduce its stake below 25%. Post the stake sale by BAT, there will not be any major uncertainties hovering around the stock,” adds Sharekhan. <keyword id="19977638" type="General" weightage="20" keywordseo="morgan-stanley" source="keywords">Morgan Stanley</keyword> too believes that ITC, which has underperformed the index, will rise relative to the country index in the next one month. “In our view, BAT stake sell down of 3.5% in ITC clears the supply overhang on the stock, as seen recently. ITC stock has underperformed the market by 8%. We expect resumption in the stock's outperformance given our fundamental view of a moderate and infrequent cigarette tax environment and continued scale-up of non-cigarette businesses, important catalysts for the stock's re-rating,” opines Morgan Stanley. FMCG and other fundamentals Apart from the expectations of a stable tax environment for cigarettes, analysts believe that there are other triggers ahead for the stock. The company has been driving growth across its many business verticals — be it FMCG, hotels, paper and agriculture business. The contribution of the non-cigarette business has increased to 27% from around 17% in FY13. It has also been growing its FMCG business with M&amp;As, product diversification, a resilient supply chain as well as a smart omnichannel network. “Strong traction to product launches and increased e-commerce salience to around 10% will help the non-cigarette FMCG business’s revenue to consistently grow in mid-teens to high teens in the coming years,” says Sharekhan. Its hotels business however has been tracking well, with solid double-digit growth in the last few quarters. Most analysts expect the domestic demand for travel to continue and business travel to pick up an even faster pace going ahead. Added to that, they also see foreign travel picking up, and ITC with its high-end properties could gain. “Hotels and agribusiness should continue strong momentum while paper business seems to be bottoming out. Strong cash generation and a solid dividend yield should continue to provide downside support. The hotel business demerger is positive and we expect an accelerated re-rating if it is followed with similar actions in FMCG/IT businesses as well,” says a report by <keyword id="20489750" type="General" weightage="20" keywordseo="systematix" source="keywords">Systematix</keyword> in January.

Less stress on ITC stock after BAT’s stake sale, say analysts

<ul><li>Large-cap stocks offer better reward-risk balance given more reasonable valuations say experts in their Diwali picks.</li><li>BSFI, domestic upcycle theme along with real-estate, power and infra amongst Diwali picks by brokerages.</li><li>Defence and railway stocks like MTAR Technologies, HAL, Titagarh Wagons also made it to the best <keyword id="10273453" type="General" weightage="20" keywordseo="diwali-stock-picks" source="Orion">Diwali stock picks</keyword> for Samvat 2080. </li></ul>The Diwali festive fervour is here and the Indian stock markets will soon end Samvat 2079 after hitting many milestones. Not only did the benchmark indices gain 6% during the year — Nifty touched 20,000 and Sensex surpassed 67,900. The equity markets have also shown extreme resilience in times of many geopolitical uncertainties like the Israel-Hamas conflict on top of the Russia-Ukraine war, rising inflation, sharp uptick in bond yields and more. For investors who are looking to build an auspicious portfolio for Samvat 2080, experts advise restraint and pick stocks that stand tall amidst corrections. “The recent sharp correction in stock prices may reflect growing recognition of short-term and medium-term challenges or a natural correction in the market from high levels. In our view, large-cap stocks offer better reward-risk balance given more reasonable valuations versus lofty valuations of most mid- and small-cap stocks,” says <keyword id="66607" type="General" weightage="80" keywordseo="kotak-securities" source="Orion">Kotak Securities</keyword>. According to the brokerage firm, short term challenges include higher-for-longer interest rates, and weak domestic consumption. It also expects disruption across sectors as a medium term challenge. Going ahead, it sees value in BFSI stocks, while <keyword id="100578" type="General" weightage="80" keywordseo="sharekhan" source="Orion">Sharekhan</keyword> sees value in domestic upcycle themes, with a few others that can leverage greenshoots in the export market. “Investors should view the current market weaknesses as valuable buying opportunities for constructing a top-tier portfolio aimed at riding the multi-year economic upcycle in India and use the opportunity for wealth creation over the next few years. Corporate earnings are expected to grow at a CAGR of 15% for the next two years, with over 20% earnings growth anticipated in the BSE 200 over the same period,” says Sharekhan. Here are a few stocks picked across brokerages’ Diwali picks. Best of the best: Diwali picks with rocket-like returns <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Stock </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;">Upside </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;">Brokerage </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;">Tata Power </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;">43% </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;">IDBI Capital </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;">Titagarh Rail </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;">30% </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;">SBI Securities </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;">JBM Auto </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;">35% </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;">Chola Securities </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;">IDFC First 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;">37% </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;">Anand Rathi </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;">Go Fashion </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;">23% </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;">JM Financial </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;">Sansera Engineering </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;">43% </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;">Monarch Networth Capital </td></tr></tbody></table> RIL rules, but DLF and small caps on the list too Most of the Diwali picks of stocks veered towards a good balance of large caps. But a few high performing small cap stocks such as RVNL, <keyword id="75435" type="General" weightage="80" keywordseo="gokaldas-exports" source="Orion">Gokaldas Exports</keyword>, <keyword id="19427151" type="General" weightage="80" keywordseo="garware-hitec" source="Orion">Garware Hitec</keyword>, <keyword id="14661372" type="General" weightage="80" keywordseo="syrma-sgs" source="Orion">Syrma SGS</keyword> made it to the pataka stock lists compiled across brokerages. The most common name across lists is Reliance Industries, as companies see good upside in the stock in the next few years. J M Financial says that RIL’s net debt concerns are overdone, and that it has industry leading capabilities across businesses to drive robust 14-15% earnings per share (EPS) compounded annual growth rate (CAGR) over the next 3-5 years. “Jio’s ARPU expected to rise at 10% CAGR over FY23-28 with ARPU being on a structural uptrend given the industry structure, future investment needs, and the need to avoid a duopoly market. Further, strong growth momentum continues in the company’s Retail business as RIL is driving omni-channel capabilities across segments,” the brokerage says. The next most common stock across Diwali picks is DLF. Even as Kolte Patil, Lodha and Godrej Properties were also picked as the real estate sector theme remained strong, this mega developer made it to three brokerages’ best picks. “DLF's strong leadership in the Delhi-NCR region, a vast residential project pipeline, a significant rental portfolio, ample land reserves with low carrying costs, and favourable market conditions create a promising environment for substantial growth,” said Anand Rathi. Banks were also part of each brokerage’s picks with Union Bank of India, ICICI Bank, Bank of India, Axis Bank making the cut. Most of them back defence and railway stocks as well like HAL, Titagarh Wagons and MTAR Technologies – all which have given good returns this year. Auto stocks like M&amp;M, TVS Motor, Tata Motors, Maruti and Ashok Leyland also rode into the Diwali picks, with a good mix of power and infrastructure stocks like Tata Power, Power Grid, BHEL and L&amp;T are expected to light-up portfolios on the day India will glow with the light of diyas.

Enter Samvat 2080 with these Diwali pataka stocks

<ul><li><keyword id="100578" type="COMPANY" weightage="20" keywordseo="Sharekhan">Sharekhan</keyword> today announced its foray into digital-led <keyword id="2888417" type="PERSON" weightage="20" keywordseo="Discount-broking">discount broking</keyword> with a new platform – Espresso.</li><li>In an interview with Business Insider, R Kalyanaraman, Espresso’s Chief Customer Officer, explains why for the 20-year old firm, discount broking was seen as the ‘need of the hour’ to serve India’s new age stock broking investor – the millennial Indian. </li><li>In a bid to win the confidence of the consumer, Espresso works on a model where it will take brokerage fees for intra-day trading only if the user makes a profit.</li></ul>Leading stock broking firm Sharekhan today announced its foray into digital-led discount broking with a new platform – Espresso. For the 20-year old firm, discount broking was seen as the ‘need of the hour’ to serve India’s new age stock broking investor – the millennial Indian. And interestingly, in a bid to win the confidence of the consumer, Espresso works on a model where it will take brokerage fees for intra-day trading only if the user makes a profit. In an interview with Business Insider, R. Kalyanaraman, Espresso’s Chief Customer Officer, talks about Espresso and the company’s plan to take no charge for brokerages services if you register a loss in an intra-day trade. Discount broking foray Kalyan believes that multiple things have happened in the last three-five years that led to Sharekhan’s entry into discount broking. “There is clearly a segmentation of customers. One which seeks services from a full services broker like Sharekhan, they need a relationship manager, reports, and a lot more hand-holding. And in the last few years, we have observed the trend that there are a lot of new to market investors who want to do things by themselves,” he said. So Espresso was built for this emerging clan of customers who just needed digital support but would trade the DIY way. “An Espresso customer would be very different from a Sharekhan consumer,” he said. Espresso will be competing with the likes of Zerodha who have already garnered a good reputation in the market. Espresso Competition <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;">Company </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;">Users </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;">Angel Broking </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;">2.15 million </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;">Zerodha </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;">3 million </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;">Paytm Money (Mutual funds. Stock broking launched recently) </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;">6.6 million </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;">Groww </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;">80 lakh </td></tr></tbody></table>Source: Company data Building for the millennial customer Right from the name ‘Espresso’ to the look and feel of the website, it doesn’t look like a traditional stock broking firm. Kalyan says it was an intentional step to build a product for the new-age customer. “The whole idea of branding the new company Espresso was to communicate in clear terms that investing is not a taboo – it’s not something to dread about,” he said. Kalyan shared that in the past few months, discount brokers account for nearly 60-70% of the total new accounts opened, which shows that the average investor age group is getting younger. Sharekhan CEO Jaideep Arora shared during a conference call with reporters that while they have already invested ₹50 crore in Espresso, they would invest more ₹25-30 crore along the way. Free brokerage if you register a loss in intra-day transactions Espresso has also made a bold move with a ‘Pay When You Profit’ pricing model for intra-day trading. With this, the company will charge brokerage fees only when you make a profit on the same day trading. “The idea was to give the customer an additional chance to learn from their mistakes. I’m trying to say that for an intra-day trade, even if you make a mistake, don’t worry, don’t pay me brokerage. There are multiple ways to connect with the customer and this is our way of saying we are in this for the long haul,” said Kalyan. And he dismisses that this model might not be sustainable. Instead, he says if they can build credibility with this model, they will show the consumer that they “are partnering with the user for the road to success”. “We have a huge support from the balance sheet of BNP Paribas (Sharekhan’s parent company) and we can go ahead and paint the town red. We chose not to do so because we don’t want to just spend money and acquire customers. We hope to make a serious name in the stock broking industry and be in the top 3 in the next five years,” said Kalyan. SEE ALSO: <a href="https://www.businessinsider.in/business/news/smaaash-shuts-down-founder-calls-it-a-premature-death-for-the-company/articleshow/78251754.cms">Smaaash shuts down – founder calls it a ‘premature death’ for the company</a> <a href="https://www.businessinsider.in/business/startups/news/insurancedekho-raises-its-maiden-20-million-from-parent-co-plans-to-expand-to-its-reach-in-the-real-bharat/articleshow/78250655.cms">INTERVIEW: InsuranceDekho raises its maiden $20 million from parent co – plans to expand to its reach in the ‘real Bharat’</a> <a href="https://www.businessinsider.in/tech/apps/news/dailyhunt-to-launch-family-of-bharat-apps-claiming-it-can-push-a-new-mobile-app-every-three-days/articleshow/78250283.cms">EXCLUSIVE: Dailyhunt is curating an entire family of 'Bharat' apps — claims it can push a new mobile app every three days</a>

INTERVIEW: Sharekhan’s new discount broking platform will take no fees for a loss-making trade

Rahul Ghose on why India needed a financial movies platform

New Delhi, May 6 () Sharekhan, a fully owned subsidiary of BNP Paribas, on Wednesday said it has started free advisory service to help investors manage their money during coronavirus pandemic.The initiative -- SafeTodayStrongerTomorrow -- is meant to provide capital market essentials to everyone: new investors, seasoned investors, and traders, among others, retail broker Sharekhan said in a statement.The package is available to anyone to download, Sharekhan customer or not and consists of special reports, FAQs, LIVE events, and educational sessions, among others."Financial health in these times is an essential as well and we would like to help people in whatever way we can with their investments. Our entire network consisting of research, relationship managers and service teams have been trying to assist our customers navigate the current market situation."We realised that this is something that everyone can use at this time. It would benefit people at large if we made our research and other services available to anyone who needs it," said Jaideep Arora, CEO, Sharekhan by BNP Paribas. SP BAL

Sharekhan offers free advisory to help investors during COVID-19

Surpassing several global banks, financial services companies and big private equity peers, <keyword id="6402698" type="COMPANY" weightage="80" keywordseo="Warburg-Pincus">Warburg Pincus</keyword> and <keyword id="6375561" type="COMPANY" weightage="80" keywordseo="General-Atlantic">General Atlantic</keyword> would jointly take over leading brokerage <keyword id="100578" type="COMPANY" weightage="80" keywordseo="Sharekhan">Sharekhan</keyword> after months of negotiations and competitive bidding. This would be among the biggest such acquisitions in the industry. 
 
The Warburg-General Atlantic combine has emerged as the frontrunner to buy the company for a valuation of Rs 2,300-2,400 crore. The interest in a brokerage firm, after a gap of over six years, coincides with the gradual upswing in India's equity markets. 
 Late last year, Citi <keyword id="6357097" type="COMPANY" weightage="60" keywordseo="venture-capital">Venture Capital</keyword> International (CVCI), the majority owner of Sharekhan, had mandated Citi to find a buyer. Citigroup had sold its $4.3 billion emerging markets private equity fund CVCI to New York-based <keyword id="1855697" type="UNKNOWN" weightage="80" keywordseo="Rohatyn-Group">Rohatyn Group</keyword> in 2013 to comply with US rules. CVCI owns 60% of the company. Other shareholders are Baring Asia Private Equity (14%), IDFC (10%) and Samara Capital (5%), with the balance held by Sharekhan employees. 
 <keyword id="87153" type="CITY" weightage="80" keywordseo="BNP-Paribas">BNP Paribas</keyword> was the second-highest bidder for the asset. "Warburg-GA combine and BNP Paribas have emerged as the most aggressive candidates. But between the two, the former has the edge. The final leg of negotiations is ongoing," a person who's directly involved in the matter told the Economic Times. 
 
If the deal goes ahead, General Atlantic will be reinvesting in Sharekhan, having exited in 2007. While there wasn't much difference among the top three financial bids, the private equity consortium's agreement terms, turnaround plan, familiarity with the team and their operation and global successes in the same field is believed to have gone in its favour. 
 
Sharekhan has a net worth of Rs 1,300 crore and has been valued at 1.7 times this. In dollar terms, CVCI would make a twofold return on its investment with the dollar having been at 40 rupees at the time of its stake purchase, going by this estimate. 
 
A Warburg Pincus spokesperson told ET: "The firm is bound by internal operational policies, which does not allow discussion of its investment activities." 
 Warburg and General Atlantic, among the earliest private equity firms to enter India, have historically taken big bets on the Indian financial services space with investments in stock exchanges to brokerages, non-banking finance companies (NBFCs) and banks. These include HDFC, Kotak Mahindra Bank, IndusInd, the <keyword id="53581" type="CITY" weightage="80" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword> and AU Financiers among others. 
 Globally, Warburg and General Atlantic have teamed up to helm a financial services platform. In 2013, the two carved out the asset management platform of <keyword id="64259" type="CITY" weightage="80" keywordseo="Banco-Santander">Banco Santander</keyword> into an independent company and took control of it. This operates in 11 countries in Latin America and Europe with products distributed through Banco Santander's network of over 14,000 branches. 
 Warburg bought <keyword id="248826" type="COMPANY" weightage="80" keywordseo="Future-Capital-Holdings">Future Capital Holdings</keyword> in 2012 from Kishore Biyani, its first buyout in the space, renaming it Capital First. Last year was Warburg's most active in India, investing $413 million in seven companies. 
 Meanwhile, Sharekhan is India's third-largest brokerage firm after <keyword id="114298" type="COMPANY" weightage="80" keywordseo="ICICI-Direct">ICICI Direct</keyword> and <keyword id="103838" type="CITY" weightage="80" keywordseo="HDFC-Securities">HDFC Securities</keyword> in terms of the client base. The Mumbai-based firm has 160 branches and 13 lakh retail investors, while ICICI Direct and HDFC Securities have 30 lakh and 17-18 lakh, respectively. Sharekhan made a profit of Rs 175 crore in FY15, up from Rs 102 crore in FY14 and Rs 112 crore in FY13. 
 
(Image: Indiatimes)

Know which companies are fighting it out to buy Sharekhan

Come June, <keyword id="6357149" type="CITY" weightage="20" keywordseo="HDFC-bank">HDFC Bank</keyword> will increase service charges by as much as 43-50% on select products like debit cards, immediate payment service (IMPS) " a real-time money transfer mechanism " as India's second largest private sector lender aims to realign its fee structure on par with rivals. 
 As per a news report by The Economic Times, customers will now have to pay Rs 750 for an HDFC Bank platinum debit card against the current annual fee of Rs 500, while a <keyword id="18712" type="ENTERTAINMENT" weightage="20" keywordseo="Gold">gold</keyword> debit card will offer the same revised fee structure, excluding applicable taxes. 
 However, high-networth individuals (HNIs) and corporate salary account customers holding <keyword id="25450" type="UNKNOWN" weightage="20" keywordseo="savings">savings</keyword> accounts are exempted from the impact. 
 
The ET news report elaborated, an HDFC Bank customer will have to pay Rs 5 for every fund transfer up to Rs 10,000 from May 15 for an IMPS. The current charge is Rs 3.5 for such a transaction. Charges remain unchanged between Rs 5 and Rs 10 for the higher quantum up to Rs 2 lakh. 
 <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> now charges Rs 5 only for an IMPS transaction up toRs 10,000. 
 "All these steps may help generate fee income for the bank, but wouldn't add significantly to profits," Dinesh Shukla, <keyword id="2835505" type="POSITION" weightage="20" keywordseo="senior-banking-analyst">senior banking analyst</keyword> at <keyword id="100578" type="COMPANY" weightage="20" keywordseo="Sharekhan">Sharekhan</keyword> brokerage told the financial daily. 
 
(Image: Reuters)

​If you’re an HDFC customer, this is going to hurt your pocket

The rupee slumped 31 paise to settle at an <keyword id="22025417" type="General" weightage="20" keywordseo="all-time-low" source="keywords">all-time low</keyword> of 84.03 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Monday, following a sell-off in broader <keyword id="19908188" type="General" weightage="20" keywordseo="global-markets" source="keywords">global markets</keyword> amid rising <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> in the Middle East and worries over <keyword id="19950649" type="General" weightage="20" keywordseo="recession" source="keywords">recession</keyword> in the US. Forex traders said the downfall in the domestic unit came on the heels of a sharp downturn in the Indian <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword> and significant <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword>. At the <keyword id="20193306" type="General" weightage="20" keywordseo="interbank-foreign-exchange" source="keywords">interbank foreign exchange</keyword> market, the local unit opened at 83.78 and touched an intra-day high of 83.76 and a low of 84.03 against the dollar during the session. It finally settled at its fresh record low level of 84.03 (provisional) against the American currency, down 31 paise against its previous close. On Friday, the rupee settled 1 paisa higher at 83.72 against the US dollar in a range-bound trade. "We expect the rupee to trade with a negative bias on risk aversion in the global markets. Escalation of geopolitical tensions in the Middle East and outflows by foreign investors may further pressurise the domestic unit," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. However, a weak US dollar and declining crude oil prices may support the rupee at lower levels. Any intervention by the Reserve Bank may also benefit the rupee, Choudhary added. Traders may take cues from US ISM services PMI data. Investors may watch out for the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s monetary policy decision this week. USD/INR spot price is likely to trade in a range of Rs 83.60 to Rs 84.20, Choudhary said. In the domestic equity market, the 30-share BSE Sensex tanked 2,222.55 points, or 2.74 per cent, to settle at 78,759.40 points, and Nifty dropped 662.10 points, or 2.68 per cent, to 24,055.60 points. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, dropped 0.65 per cent to 102.54. Brent crude futures, the global oil benchmark, fell 1.91 per cent to USD 75.34 per barrel. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 3,310.00 crore, according to exchange data.

Rupee tumbles 31 paise to close at all-time low of 84.03 against US dollar

The <keyword id="19949639" type="General" weightage="20" keywordseo="Rupee" source="keywords">rupee</keyword> traded in a narrow range to settle 2 paise higher at 83.95 (provisional) against the American currency on Wednesday, helped by a sharp decline in the <keyword id="19949640" type="General" weightage="20" keywordseo="US-Dollar" source="keywords">US Dollar</keyword> against major currencies overseas. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said a mixed-to-positive tone in the domestic market also supported the rupee. However, foreign fund outflows and <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> in the <keyword id="19904316" type="General" weightage="20" keywordseo="Middle-East" source="keywords">Middle East</keyword> restricted the rise in the local unit. At the interbank foreign exchange market, the local unit opened at 83.90 but soon fell into the negative zone and touched an intra-day low of 83.97 against the American currency. The domestic unit finally settled at 83.95 (provisional) against the American currency, 2 paise higher from its previous close. On Tuesday, the rupee settled for the day on a flat note at 83.97 against the US dollar. "We expect the rupee to trade with a slight negative bias on elevated commodity prices and heightened geopolitical tension in the Middle East between Israel and Iran. "However, the weak Dollar and rising odds of a rate cut by the US Fed may support the rupee. Positive global markets may also support the rupee at lower levels," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. Choudhary further noted that traders may take cues from US CPI data today. "USD/INR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20," it added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent lower at 102.42. Forex traders said the US dollar has weakened against majors post the US Producer Price Index (PPI) print, which came in softer than anticipated, leaving the Dollar Index vulnerable to further correction. Brent crude, the global oil benchmark, advanced 0.28 per cent to USD 80.92 per barrel. On the domestic equity market front, Sensex advanced 149.85 points, or 0.19 per cent, to 79,105.88 points. The Nifty rose 4.75 points, or 0.02 per cent, to 24,143.75 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 2,107.17 crore, according to exchange data. On the domestic macroeconomic front, wholesale inflation fell to a 3-month low of 2.04 per cent in July on the decline in prices of food items especially vegetables, government data released on Wednesday showed. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/tech/mobile/news/pixel-9-pixel-9-pro-and-pixel-9-pro-xl-launched-in-india-starting-at-79999/articleshow/112512198.cms">Pixel 9, Pixel 9 Pro and Pixel 9 Pro XL launched in India starting at ₹79,999</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a>

Rupee rises 2 paise to close at 83.95 against US dollar

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> consolidated in a narrow range and <keyword id="20220719" type="General" weightage="20" keywordseo="depreciated" source="keywords">depreciated</keyword> 3 paise to close at its all-time low of 83.66 (provisional) against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> on Friday, weighed down by strong American currency and muted trend in domestic equities. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> <keyword id="19993499" type="General" weightage="20" keywordseo="traders" source="keywords">traders</keyword> said weak domestic markets and elevated <keyword id="19900090" type="General" weightage="20" keywordseo="oil-prices" source="keywords">oil prices</keyword> pressured the rupee, however, likely <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) intervention prevented a sharp fall in the domestic unit. At the interbank foreign exchange market, the local unit opened at 83.64, and touched an intra-day high of 83.60 and a low of 83.66 against the dollar during the trading session. It finally settled at an all-time low level of 83.66 (provisional) against the American currency, registering a loss of 3 paise from its previous close. On Thursday, the rupee depreciated 5 paise and settled at a new low of 83.63 against the US dollar. "We expect the rupee to trade with a slight negative bias on weak global markets and a strength in the US Dollar. Weak Asian and European currencies may also weigh on the rupee," Anuj Choudhary — Research Analyst at Sharekhan by BNP Paribas — said. Choudhary said Foreign Institutional Investors (FIIs) inflows and any intervention by the RBI may support the rupee at lower levels. "USDINR spot price is expected to trade in a range of Rs 83.40 to Rs 83.90," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.16 per cent at 104.33. Brent crude futures, the global oil benchmark, were trading marginally lower by 0.07 per cent at USD 85.05 per barrel. In the domestic equity market, the 30-share BSE Sensex tumbled 738.81 points to settle at 80,604.65 and Nifty dropped 269.95 points to 24,530.90. Meanwhile, the Asian currencies were all down after a fall in European currencies as the European Central Bank (ECB) kept rates unchanged in its meeting with a possibility of a cut in September, traders said. FIIs were net buyers in the capital markets on Thursday as they purchased shares worth Rs 5,483.63 crore, according to exchange data.

Rupee falls 3 paise to close at all-time low of 83.66 against US dollar

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> consolidated in a narrow range and settled for the day lower by 1 paisa at 83.96 (provisional) against US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> on Thursday, after the Reserve Bank expectedly kept the benchmark interest rate and stance unchanged for the ninth straight policy meeting. Forex traders said weak domestic markets, surge in crude oil prices and foreign fund outflows weighed on the rupee. However, a decline in the US Dollar index prevented the local unit from declining sharply. At the interbank foreign exchange market, the local unit opened at 83.94 and touched an intraday low of 83.97 and a high of 83.93 against the dollar during the session. It finally settled at 83.96 (provisional) against the American currency, down 1 paisa from its previous close. On Wednesday, the rupee consolidated in a narrow range and settled for the day lower by 3 paise at 83.95 against US dollar. The local unit had slumped 37 paise to settle at an all-time low of 84.09 against the US dollar on Monday. "We expect the rupee to trade with a negative bias on selling pressure from foreign investors and weak domestic markets. Ongoing geopolitical tensions in the Middle East may also pressurise the rupee," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. However, weak US dollar may support the rupee at lower levels. Any intervention by <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> may also support the rupee. "Traders may take cues from weekly unemployment claims data from the US. USDINR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20," Choudhary said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 103.07 points. <keyword id="20025497" type="General" weightage="20" keywordseo="Brent-crude" source="keywords">Brent crude</keyword>, the global oil benchmark, was trading 0.78 per cent lower at USD 77.72 per barrel in futures trade. On the macroeconomic front, the Monetary Policy Committee (MPC) of the Reserve Bank kept the benchmark repurchase or repo rate unchanged at 6.50 per cent. Announcing the bi-monthly monetary policy review RBI Governor Shaktikanta Das said Indian rupee remained largely range-bound so far this financial year. The panel also decided to retain a policy stance at "withdrawal of accommodation" to aid MPC's focus on bringing inflation towards its 4 per cent target. The status quo by RBI comes amid varied central bank action in advanced economies. While the Bank of England reduced interest rates last week, the Bank of Japan hiked rates to their highest levels since 2008. Also, fears of a US recession have risen on the back of weak employment numbers, piling up pressure on the Federal Reserve to start cutting rates to support the economy. In the domestic equity market, the 30-share BSE Sensex fell 581.79 points, or 0.73 per cent, to close at 78,886.22 points, while the Nifty declined 180.50 points, or 0.74 per cent, to 24,117.00 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 3,314.76 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Rupee falls 1 paisa to close at 83.96 against US dollar

The rupee declined 10 paise to close at 83.48 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Monday, as investors remained cautious ahead of the US <keyword id="19904332" type="General" weightage="20" keywordseo="Federal-Reserve" source="keywords">Federal Reserve</keyword>'s monetary policy decision. A robust sentiment in the <keyword id="21468713" type="General" weightage="20" keywordseo="domestic-equity-market" source="keywords">domestic equity market</keyword> and softening <keyword id="19955839" type="General" weightage="20" keywordseo="crude-prices" source="keywords">crude prices</keyword> in the international market, however, cushioned the downfall in the Indian currency, <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">forex traders</keyword> said. At the interbank foreign exchange market, the local unit opened weak at 83.39 and touched the intra-day low of 83.51 against the greenback during the session. The domestic currency finally settled at 83.48 (provisional) against the dollar, registering a loss of 10 paise compared to its previous closing level. On Friday, the rupee had declined 10 paise to close at 83.38 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.26 per cent to 105.53. The weakness in the dollar was attributed to investors' cautious approach ahead of the US Federal Reserve's monetary policy and global as well as domestic macroeconomic numbers to be released this week. The Federal Open Market Committee (FOMC) meeting will begin on Tuesday and the interest rate decision is expected to be announced on May 1. Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas, said the Indian rupee fell on Monday on positive US dollar in early trades and sustained FII outflows. However, positive domestic equities and softening crude oil prices cushioned the downside. "We expect the rupee to trade with a slight negative bias on selling pressure from foreign investors and expectations of a recovery in crude oil prices. However, improved global risk sentiments and contained geopolitical tensions in the Middle East may support the rupee at lower levels," Choudhary said, adding, "USD-INR spot price is expected to trade in a range of Rs 83.20 to Rs 83.70." Brent crude futures, the global oil benchmark, declined 0.53 per cent to USD 89.03 per barrel. "Crude oil demand is expected to face challenges from the US due to renewed inflationary fear," said Mohammed Imran, Research Analyst, Sharekhan by BNP Paribas. On the other hand, he said, the geopolitical risks appear to have eased considerably, removing some of the risk premium priced into the market. On the domestic equity market front, Sensex jumped 941.12 points, or 1.28 per cent, to settle at 74,671.28, and Nifty soared 223.45 points, or 1.00 per cent, to close at 22,643.40. Foreign institutional investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 3,408.88 crore, according to exchange data. Meanwhile, India's forex reserves decreased USD 2.282 billion to USD 640.334 billion for the seven days ended April 19 -- the second consecutive week of drop in the kitty, the Reserve Bank of India (RBI) said on Friday. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-may-2024/slidelist/109682003.cms" target="_blank">Upcoming smartphones launching in India in May 2024</a><a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-india-exclusive-blue-edition-launched-starting-at-19999/articleshow/109686243.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-india-exclusive-blue-edition-launched-starting-at-19999/articleshow/109686243.cms" target="_blank">Nothing Phone (2a) India-exclusive Blue Edition launched starting at ₹19,999</a>

Rupee falls 10 paise to settle at 83.48 against US dollar

The <keyword id="6355302" type="General" weightage="100" keywordseo="rupee" source="Orion">rupee</keyword> depreciated 17 paise against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> and settled at 83.60 (provisional) on Wednesday, weighed down by the strength of the <keyword id="20563045" type="General" weightage="20" keywordseo="American-currency" source="keywords">American currency</keyword> in the overseas market and elevated crude oil prices. However, a firm trend in domestic equities, wherein benchmark indices scaled new peaks, supported the local unit and restricted the downslide, <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">forex traders</keyword> said. At the interbank foreign exchange market, the local unit opened at 83.45 and hit the intraday high of 83.43 and a low of 83.61 against the <keyword id="20226143" type="General" weightage="20" keywordseo="greenback" source="keywords">greenback</keyword> during the session. It finally settled at 83.60 (provisional) against the dollar, 17 paise lower than its previous close. On Tuesday, the rupee appreciated 4 paise and settled at 83.43 against the greenback. "We expect the rupee to trade with a slight negative bias on dollar demand ahead from oil importers as we are heading towards the end of the month. A strong dollar and elevated crude oil prices may also put downside pressure on the rupee," said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas. However, positive domestic markets and Foreign Institutional Investor (FII) and foreign inflows may support the rupee. USDINR spot price is expected to trade in a range of Rs 83.30 to Rs 84, Choudhary added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.22 per cent higher at 105.83. Brent crude futures, the global oil benchmark, were trading 0.80 per cent higher at <keyword id="19944038" type="General" weightage="20" keywordseo="usd" source="keywords">USD</keyword> 85.69 per barrel. In the domestic equity market, the 30-share BSE Sensex rose 620.73 points, or 0.80 per cent, to close at a new peak of 78,674.25 points. The broader NSE Nifty settled 147.50 points, or 0.62 per cent, higher at a record 23,868.80 points. FIIs were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 1,175.91 crore, according to exchange data. Meanwhile, <keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> Governor Shaktikanta Das on Tuesday asserted that the high interest rates are not impeding growth, and made it clear that the monetary policy will "unambiguously" focus on getting down inflation going forward. The country is at the threshold of a "major structural shift" in its growth trajectory and is moving towards a path where 8 per cent real GDP growth can be sustained on a yearly basis, Das said, addressing an event by Bombay Chamber of Commerce and Industry.

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Know which companies are fighting it out to buy Sharekhan

BI India Bureau

If you’re an HDFC customer, this is going to hurt your pocket

BI India Bureau

Rupee tumbles 31 paise to close at all-time low of 84.03 against US dollar

PTI

Rupee rises 2 paise to close at 83.95 against US dollar

PTI

Rupee falls 3 paise to close at all-time low of 83.66 against US dollar

PTI

Rupee falls 1 paisa to close at 83.96 against US dollar

PTI

Rupee falls 10 paise to settle at 83.48 against US dollar

PTI

Rupee falls 17 paise to close at 83.60 against US dollar

PTI

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You Searched For "sharekhan" and got 15 results

Rupee falls 6 paise to settle at 83.39 against US dollar

PTI

Rupee rises 6 paise to close at 83.13 against US dollar

PTI

Less stress on ITC stock after BAT’s stake sale, say analysts

Katya Naidu

Enter Samvat 2080 with these Diwali pataka stocks

Katya Naidu

INTERVIEW: Sharekhan’s new discount broking platform will take no fees for a loss-making trade

Sanchita Dash

Rahul Ghose on why India needed a financial movies platform

Business Insider India

Sharekhan offers free advisory to help investors during COVID-19

PTI

Know which companies are fighting it out to buy Sharekhan

BI India Bureau

​If you’re an HDFC customer, this is going to hurt your pocket

BI India Bureau

Rupee tumbles 31 paise to close at all-time low of 84.03 against US dollar

PTI

Rupee rises 2 paise to close at 83.95 against US dollar

PTI

Rupee falls 3 paise to close at all-time low of 83.66 against US dollar

PTI

Rupee falls 1 paisa to close at 83.96 against US dollar

PTI

Rupee falls 10 paise to settle at 83.48 against US dollar

PTI

Rupee falls 17 paise to close at 83.60 against US dollar

PTI

Popular Keywords

Buying Guides

If you’re an HDFC customer, this is going to hurt your pocket