Rupee Update : Share Market Trading

Rupee opens higher at 55.49/$ on strong Asian cues

The rupee rose today in opening trade on Friday 27 July 2012, and its continuously increasing and is recommended and seems to be extending gains for a second successive session, the Asian stocks rose and the euro steadied on hopes are the reasons for such recommendations. Also the European Central Bank will take all steps needed to protect the euro zone.

At 9:03 a.m., the rupee was at 55.49/51 to the dollar versus its last close of 55.52/53.

Now lets see and hope to gain more levels in the noon and evening trading sessions.

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Share Market Review and Updates

Sensex gains strength on European cues; Bajaj Auto up 4%

The BSE Sensex and NSE NIfty gained strength after a consolidation and downward journey in previous sessions. European markets too moved up further; France's CAC rose over 1% while Germany's DAX and Britain's FTSE went up 0.5% each.

In previous sessions nifty and sensex were showing the down trend but meanwhile it gained strength again. European markets too moved up further; France's CAC rose over 1% while Germany's DAX and Britain's FTSE went up 0.5%.

Indian markets have advanced lately on expectations of some positive news on the reforms front after the Prime Minister took additional charge as the Finance Minister. Investors will be disappointed if the Centre fails to live up to these expectations.

The quarterly results season is also underway now, prompting investors to adopt a 'wait-and-watch' approach for the time being.

Globally too, things remain quite fragile amid no sign of a permanent fix for the eurozone debt crisis and mounting worries over the economic slowdown in the US and China.

Meanwhile, Trinamool Congress leader Mamata Banerjee has backed Pranab Mukherjee's candidature ahead of Thursday’s presidential election. However, it remains to be seen if she will back some of the key reform measures that the Government is considering.

The near-term trend remains uncertain. We maintain a cautious stance as long as the Nifty trades below 5260 levels.

Today's Market Gainers : Pharmaceutical and oil companies are among the main gainers in the Stoxx Europe 600 index. 

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