Quarterly earnings from bluechips Lupin and ITC, wholesale inflation data and the outcome of assembly polls in five states will be the key driving factor for the stock market this week, say experts.
The dollar index currently trading down by 0.10 percent at 95.81 as against a basket of six currencies. In the overseas markets, the dollar slipped against a basket of currencies after weak US jobs data led traders to pare bets that the Fed was poised to hike interest rates as early as this month.
In comparison, equity fund managers deployment in software stocks stood at Rs 29,668 crore during August last year.
The Indian rupee resumed sharply lower at 66.20 per dollar as against overnight level of 65.98 at the Interbank Foreign Exchange (Forex) market. It hovered in a range of 66.22 to 66.09 per dollar during the morning deals before quoting 66.10 at 1030 hrs.
The rupee opened sharply lower at 65.88 as against last Friday's level of 65.67 at the Interbank Foreign Exchange (forex) market. It moved in a range of 65.88 and 65.77 during the morning deals before quoting at 65.80 at 1030 hours.
Smart rally in local equities also lifted the market sentiments. The US Federal Reserve's decision to keep interest rates at historic lows predominantly triggered a relief rally across the emerging financial and currency markets.
It hovered in a range of 66.22 to 66.01 during the morning deals. It was quoting at 66 per dollar at 1045 hours.
The domestic unit resumed lower at 66.35 per dollar as against yesterday's closing of 66.33 at the Interbank Foreign Exchange (Forex) market. It hovered in a range of 66.44 to 66.33 during the morning deals before quoting at 66.45 per dollar at 1102 hours.
It hovered in a range of 66.32 to 66.4150 during the morning deals before quoting 66.38 per dollar at 1030 hrs.
The rupee had strengthened against the US dollar after touching an intra-day high of 66.80 yesterday due to selling by custodial banks and some buying from PSBs to meet the oil demand." a forex dealer said.
At 2.45 pm Indian Rupee dipped further to 66.85 before quoting at 66.81 per dollar.
According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 101.3649 and 55.93 per 100 yen, respectively, based on reference rates for the dollar and cross-currency quotes at noon.
The rupee opened lower at 66.25 per dollar as against the last weekend's level of 66.14 per dollar at the Interbank Foreign Exchange (Forex) market and dropped further to 66.52 per dollar before ending the week at 66.46 per dollar, showing a loss of 32 paise or 0.48 percent.
According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 101.2229 and 54.98 per 100 yen, respectively, based on reference rates for the dollar and cross-currency quotes at noon.
The rupee opened lower at 66.32 per dollar against yesterday's closing level of 66.22 at the Interbank Foreign Exchange (Forex) market. Later, bouts of dollar selling from exporters led the domestic unit to recover to 66.14, before it slipped back to quote 66.24 at 1045 hrs.
The rupee opened higher at 66.38 per dollar against yesterday's closing level of 66.48 at the Interbank Foreign Exchange (Forex) market.
Besides, fresh fall in equity market affected the value of the rupee against the US dollar. The domestic currency resumed lower at 66.25 against last Friday's closing level of 66.14 at the Interbank Foreign Exchange (Forex) market and dropped further to 66.49 before ending at one-week low of 66.48, showing a loss of 34 paise or 0.51 percent.
Of this total, FPIs withdrew a net amount of Rs 5,173 crore on the 'Black Monday' alone, when the benchmark Sensex crashed over 1624 points, while 50-share NSE Nifty plunged 490.95 points.
Sharp sell-off in domestic equity markets and robust dollar against major world currencies predominantly impacted the rupee sentiment, a forex dealer said. Heavy capital outflows against the backdrop of volatile global situation amid Fed rate hike fears also added some pressure.
The US dollar firmed up to a four-day high against the other major currencies ahead of US second-quarter GDP data release later in the day, but movements were capped after New York Fed President William Dudley commented that the prospect of a September rate hike "seems less compelling" than it was only weeks ago in the midst of global turmoil.
A smart rebound in local equities and smooth supply of dollars on fresh capital inflows into equities and debts predominantly weighed on trading sentiments, forex dealers said.
With the government having failed to pass its legislative business in the Monsoon Session which was a near washout, Parliamentary Affairs Minister M Venakiah Naidu met Leader of Congress in Lok Sabha Mallikarjun Kharge and appealed to all political parties to cooperate in smooth functioning of Parliament in the "larger national interest".
Finance Minister Arun Jaitley told reporters that the Prime Minister took stock of equity and currency markets, and was of the opinion that "our economy is stable" but more needed to be done.
Arun Jaitley, who spoke after briefing Prime Minister Narendra Modi, said he wanted more steps to be taken to strengthen the Indian economy but cautioned that this could not be done in the next day or two.
As per its website, OSISL had also been allotted a coal block at New Patrapara, Talcher in 2004 along with a group of six other industries. OSIL's share in the total reserves is 114 million tonnes.