Indian Rupee opens flat at 65.35 per Dollar

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Don’t expect the Rupee to depreciate further and will trade in a range 65-65.50 today.

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The Indian Rupee opened flat at 65.35 per Dollar on Tuesday versus previous close 65.35.

Bond markets are in a bearish mood ahead of state development loans auctions worth Rs 10,000 crore today.

Bond traders would like to wait till CPI data on October 12 before taking a call. Expected range for the 10-year benchmark is seen 6.75-6.80 percent.

The Dollar trades steady after edging away from a 10-week high overnight, taking support from underlying expectations that improved prospects for the US economy would prompt the Federal Reserve to raise interest rates later this year.

The Dollar index against a basket of six major currencies was a shade higher at 93.720 after dipping about 0.15 percent overnight.

* Rupee to trade between 65-65.50

Bond markets are in a bearish mood ahead of state development loans auctions worth Rs 10,000 crore today.

Bond traders would like to wait till CPI data on October 12 before taking a call. Expected range for the 10-year benchmark is seen 6.75-6.80 percent.


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Indian Stock Market Live: Nifty opens above 10,000, Sensex rises 100 pts; pharma, metals shine

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Nifty Midcap was up 0.4 percent. SPARC, Biocon, NCC, NBCC, TVS Electronics, Graphite India, HEG, Goa Carbon and Bombay Dyeing rallied up to 15 percent.

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9:25 am IPO subscription: The initial share sale offer of MAS Financial Services was oversubscribed 4.81 times on the second day of subscription on Monday. The issue will close today.

The IPO, to raise Rs 460 crore, received bids for 3,42,91,872 shares as compared to the total issue size of 71,24,910 shares, as per NSE data.

The category reserved for qualified institutional buyers (QIBs) was oversubscribed 5.74 times, non-institutional investors 47 percent and retail investors 6.29 times.

9:20 am Buzzing: Shares of Lupin rose 2 percent in early trade on the back of USFDA approval for Nadolol tablets.

The company has received final approval for Nadolol Tablets USP 20 mg, 40 mg and 80 mg from the United States Food and Drug Administration (USFDA).

The Nadolol tablets is a generic version of US WorldMeds, LLC Corgard Tablets, 20 mg, 40 mg and 80 mg.

The tablets are indicated for the management of patients with angina pectoris and for the treatment of hypertension.

9:15 am Market Check: Equity benchmarks started off trade on a positive note Tuesday despite mixed global cues, backed by healthcare, metals and select banks stocks.

The 30-share BSE Sensex was up 82.94 points at 31,929.83 and the 50-share NSE Nifty gained 23.75 points at 10,012.50.

About 777 shares advanced against 214 declining shares on the BSE.

Lupin, L&T, Indiabulls Housing, IndusInd Bank, M&M, Aurobindo Pharma, Cipla and Tata Steel were early gainers while HDFC, Kotak Mahindra Bank, and Axis Bank were under pressure.

Nifty Midcap was up 0.4 percent. SPARC, Biocon, NCC, NBCC, TVS Electronics, Graphite India, HEG, Goa Carbon and Bombay Dyeing rallied up to 15 percent.

Asian markets were mixed, with the Japan’s Nikkei 225 rising 0.43 percent after markets reopened for trade following a long weekend. South Korea’s Kospi surged 1.85 percent while China’s Shanghai was down 0.3 percent.


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Jindal Steel and Power sells Oxygen plant assets for 11.21 Billion Rupees

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Jindal Steel and Power Ltd said on Monday it sold two oxygen plant assets to SREI Equipment Finance Ltd for 11.21 Billion Rupees ($171.70 million).

The steelmaker said it also signed a lease-back deal with the company which finances construction equipment purchases and will continue to operate the assets for manufacturing steel.

The assets are located at the company’s plants in the eastern states of Chhattisgarh and Odisha.

($1 = 65.2900 Indian rupees)

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Reliance Jio tops TRAI`s 4G download speed test for August

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Reliance Jio has topped the telecom regulator’s 4G download speed test for the eighth consecutive month, official data showed on Monday. Free stock cash tips are also available here Call on 9644405056.

According to the Telecom Regulatory Authority of India’s speed data, Jio recorded average speed of 18.433 Mbps for the month of August.

It was followed by Vodafone (8.999 Mbps), Idea Cellular (8.746 Mbps) and Bharti Airtel (8.550 Mbps).


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Market Live: Sensex gains 100 pts, Nifty reclaims 10,000; Jewellery Stocks rally

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SPARC plunged 13 percent as Baclofen GRS did not meet the primary endpoint in placebo-controlled studies. Bacoflen is a muscle relaxer used to treat symptoms caused by Multiple Sclerosis.

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10:59 am IPO subscription: MAS Financial Services’ initial share sale has been oversubscribed 1.5 times today, as per data available on exchanges.

The issue received bids for 1.07 crore equity shares against IPO size of 71.24 lakh equity shares, excluding anchor investors’ reserved portion.

10:45 am a Gold trade: Gold prices climbed to their highest in more than a week today as renewed concerns over North Korea’s nuclear ambitions stoked safe-haven demand for the precious metal and weighed on the Dollar.

US gold futures for December delivery gained 0.83 percent to USD 1,285.50 per ounce.

10:35 am Buzzing: Sobha share price rallied nearly 9 percent intraday as global brokerage house CLSA has maintained its buy rating on the stock with a target price of Rs 525 after strong pre-sales data.

The Bangalore-based real estate company during the second quarter achieved a new sales volume of 8.61 lakh square feet total valued at Rs 675.1 crore with an average realization of Rs 7,840 per square feet.

The company has achieved this growth without launching any new projects during the quarter.

This showed the growth of 5.6 percent and 8.3 percent in sales volume and total sales value compared with the previous quarter, respectively while on a year-on-year basis, sales volume was marginally higher and total sales value increased by 22.5 percent in Q2FY18.

The Sobha share of sales value stood at Rs 592.7 crore (out of Rs 675.1 crore) with an average realization of Rs 6,883 per square feet, up 5.3 percent QoQ and 14.4 percent YoY.


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Asian shares edge up ahead of China services data as the Turkish lira tumbles

 

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The S&P/ASX 200 rose 0.71 percent on broad-based gains across its sub-indexes.

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Asia markets edged up early on Monday as investors in Asia awaited the release of China Caixin services PMI.

The S&P/ASX 200 rose 0.71 percent on broad-based gains across its sub-indexes. Major miners and gold stocks made significant gains: Rio Tinto was up 1.55 percent and Alacer Gold rose 3.14 percent. The energy sub-index underperformed the broader market, trading 0.01 percent below the flat line.

With Japan, South Korea and Taiwan markets closed for public holidays, investors are expected to turn their attention to China data as mainland markets resume trade after the week-long “Golden Week” holiday.

China September Caixin services and composite PMI are due at 9:45 a.m. HK/SIN while September foreign exchange reserves are expected later in the day.

Labor market data from the US showed a decline of 33,000 jobs in September, well below the 90,000 increase. The weaker-than-expected statistic was attributed to distortion from the impact of Hurricanes Harvey and Irma.

Despite the softer headline number, average hourly wages rose 0.5 percent last month while unemployment fell to its lowest level in more than 16 years.

Stocks stateside closed narrowly mixed on Friday following the data release. The Dow Jones industrial average finished the session just 0.01 percent, or 1.72 points, below the flat line at 22,773.67 while the Nasdaq added 0.07 percent to close at 6,590.18.

Meanwhile, the greenback, which originally edged up following the reported increase in wages last week, slid on news that North Korea was readying a new long-range missile test.

The Dollar index, which tracks the Dollar against a basket of currencies, was steady after Friday’s slide, standing at 93.737 at 8:11 a.m. HK/SIN. Against the Japanese currency, the greenback fetched 112.54 yen.

In economic news, several Federal Reserve officials indicated openness to an interest rate hike in December. Dallas Fed President Robert Kaplan said Friday he was “open-minded” about another rate hike by year-end, while New York Fed President William Dudley said he thought it was “appropriate” for the central bank to continue removing accommodation.

Australia’s Mantra Group was among early market movers in the session. Shares of the hotel operator spiked after the company confirmed in a statement that it had received a takeover offer from Accor. Mantra Group stock was up 16.56 percent by 8:17 a.m. HK/SIN.

In other currencies, the Turkish lira sank on diplomatic tensions between the country and the US. The greenback gained some 4 percent against the Turkish currency earlier in the session and last fetched 3.7289 lire at 8:23 a.m. HK/SIN.

On the energy front, oil prices inched higher after tumbling on Friday when oversupply worries brought an end to a recent rally. Brent crude rose 0.14 percent to trade at USD 55.70 a barrel and US West Texas Intermediate crude advanced 0.3 percent to trade at USD 49.44.


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Indian ADRs: ICICI Bank, Infosys gain; Tata Motors slips

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Indian ADRs ended mixed on Friday. Tata Motors shed 0.09 percent and Infosys rose 0.76 percent.

Indian ADRs ended mixed on Friday. In the banking space, ICICI Bank gained 0.47 percent at USD 8.47 and HDFC Bank was down 0.04 percent at USD 93.40.

In the IT space, Infosys rose 0.76 percent at USD 14.63 and Wipro fell 0.18 percent to USD 5.49.

In the other sectors, Tata Motors shed 0.09 percent at USD 32.24 and Dr. Reddy’s Laboratories was up 0.06 percent at USD 36.31.


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WALL STREET NEWS; S&P 500 breaks record run on jobs data, drug chain drop

 

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The Dow Jones Industrial Average fell 1.72 points, or 0.01 percent, to end at 22,773.67, the S&P 500 lost 2.74 points, or 0.11 percent, to 2,549.33 and the Nasdaq Composite added 4.82 points, or 0.07 percent, to 6,590.18.

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The S&P 500 eased on Friday, ending a six-day run of record highs as the first monthly decline in US nonfarm jobs in seven years dampened sentiment and pharmacy shares fell on Amazon competition fears.

The Nasdaq ended up for a ninth straight day, however, and set its sixth straight record high close, its longest such streak since seven records in February.

Walgreens Boots Alliance and CVS Health fell and were among the biggest drags on the S&P 500 that Amazon was close to a decision on selling prescription drugs. Walgreens shares dropped 4.9 percent and CVS was down 4.9 percent, while Amazon shares rose 0.9 percent.

The Labor Department’s closely watched jobs report showed nonfarm payrolls fell by 33,000 in September as hurricanes Harvey and Irma left displaced workers temporarily unemployed and delayed hiring. A bright spot was a better-than-expected rise in average wages.

It’s been amazing how resilient our U.S. stock market has been, going up on no news or bad news, so there’s no surprise on a day where most people feel it was a mixed job report at best that the market actually is reacting in a way that makes sense.

“It’s a logical move for this illogical stock market.”

The Dow Jones Industrial Average fell 1.72 points, or 0.01 percent, to end at 22,773.67, the S&P 500 lost 2.74 points, or 0.11 percent, to 2,549.33 and the Nasdaq Composite added 4.82 points, or 0.07 percent, to 6,590.18.

The benchmark’s slight decline follows a six-day run of record closing highs, its longest since 1997.

The CBOE Volatility index, Wall Street’s fear gauge, bounced sharply after setting a record low close in the previous session.

For the week, the S&P 500 rose 1.2 percent, the Dow added 1.6 percent and the Nasdaq gained 1.5 percent.

Adding to the day’s worries was a report that North Korea is preparing to test a long-range missile.

S&P energy index declined 0.8 percent as oil prices fell amid a bout of profit taking and the return of oversupply worries.

Shares of Costco dropped 6 percent after the warehouse club retailer reported a fall in gross margins. The stock was the biggest drag on the S&P 500 and the Nasdaq.

Declining issues outnumbered advancing ones on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.11-to-1 ratio favored decliners.

About 5.7 billion shares changed hands on U.S. exchanges. That compares with the 6.2 billion daily average for the past 20 trading days.


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9th October 2017- OPENING BELL- 22nd GST Council Has to Ease Their Norms, Sector Specific Buying Expected

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Indian Market took it seriously and Indian benchmark Index Nifty fell almost 450 points from its high of 10150 to 9685, where international markets are making newer highs.

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GST Council meeting held on Friday lower down compliance burden from SME’s and has started talk to review GST rates. This move came after common people feel the GST burden in their day to day life and business. GDP has added fuel to the concern which declines drastically.

Indian Market took it seriously and Indian benchmark Index Nifty fell almost 450 points from its high of 10150 to 9685, where international markets are making newer highs. This move of easing GST rate will help market to recover with strength.

The sector which will receive benefit out of this change will zoom. Thus we have to keep eye on the sectors which are moving today.

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Rupee opens flat at 65.37 per Dollar- Get Free Stock Cash Tips Register NOW!

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The trading range for the spot USD-INR is seen between 65.20-65.50 for the day, says Ripples Advisory Private Limited, Indore.

The Indian Rupee opened flat at 65.37 per Dollar on Monday versus 65.38 Friday. Get free stock cash tips and Indian stock market recommendations Call on 9644405056.

Expected Rupee to trade with a negative bias. The trading range for the spot USD-INR is seen between 65.20-65.50 for the day.

The Dollar is steady versus major currencies, but the Turkish lira plunges on diplomatic tensions between the country and the US.

The bond markets are unlikely to see much value buying despite the recent sharp rise in yields as sentiment continues to be beaten down. There seems to be no respite from the oversupply concerns following the release of the Q3 SDL borrowing calendar.

However, in the absence of near-term triggers, participation and trading range are expected to be narrow and the 10-year benchmark yield is likely to trade in a range of 6.73-6.78 percent today.


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