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Mixed earnings, failed Brexit vote push down Standard & Poor’s 500

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New York, Oct 23 : US stocks closed lower as investors digested a batch of corporate earnings reports.

On Tuesday, the Dow Jones Industrial Average decreased 39.54 points, or 0.15 percent, to 26,788.10. The S&P 500 fell 10.73 points, or 0.36 percent, to 2,995.99. The Nasdaq Composite Index erased 58.69 points, or 0.72 percent, to 8,104.30, Xinhua news agency reported.

McDonald’s on Tuesday posted GAAP diluted earnings per share of 2.11 US dollars and consolidated revenues of 5.4 billion dollars, both missing analysts’ expectations.

Shares of the fast food chain giant plunged more than 5 per cent to close at 199.27 dollars apiece.

Procter & Gamble posted strong quarterly earnings that topped analysts’ expectations. Its core earnings per share increased 22 per cent to 1.37 US dollars and its net sales reached 17.8 billion dollars, up 7 per cent from the prior year.

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Rupee slips 9 paise to 71.84 against USD

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Rupee Falls Vs Dollar

Mumbai, Nov 20 : The rupee opened on a weak note and fell 9 paise to 71.84 against the US dollar in opening trade on Wednesday as US-China trade deal concerns weighed on the investor community.

Forex traders said, the decline in the domestic unit was largely in tandem with other Asian currencies, after US President Donald Trump said China tariffs will go ‘even higher’ without a deal.

“If we don’t make a deal with China, I’ll just raise the tariffs even higher,” he told reporters at the White House.

Moreover, sustained foreign fund outflows and strengthening of the American currency vis-a-vis other currencies overseas dragged down the local unit.

However, positive opening in domestic equities and easing crude oil prices supported the domestic unit.

The rupee opened weak at 71.80 at the interbank forex market, down 9 paise over its last close.

The rupee had settled at 71.71 against the US dollar on Tuesday.

Brent crude futures, the global oil benchmark, eased 0.15 per cent to USD 60.82 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 915.37 crore on Tuesday, as per provisional data.

On the domestic market front, benchmark indices Sensex was trading 172.52 points higher at 40,642.22 and Nifty was up 45.85 points at 11,985.95.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.03 per cent to 97.88.

The 10-year government bond yield was at 6.47 per cent in morning trade.

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Break in surge of petrol price after 6 days

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Petrol Price

New Delhi, Nov 20 : After a rise for six consecutive days, the petrol prices did not show any increase on Wednesday and the diesel rates also remained static as the Brent crude oil rates dropped in the international market.

As per the Indian oil website, the petrol rates in Delhi, Kolkata, Mumbai and Chennai were Rs 74.20/litre, Rs 76.89/litre, Rs 79.86/litre and Rs 77.13/litre respectively. The diesel prices were Rs 65.84/litre, Rs 68.25/litre, 69.06/litre and 69.59/litre respectively.

The West Texas Intermediate for December delivery slumped 1.84 US dollars to settle at 55.21 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery was at $ 60.94 a barrel on the London ICE Futures Exchange.

In the international market, West Texas Intermediate (WTI) brent crude futures rose by 0.31 per cent to $60.94 a barrel. The Brent crude futures were at $60.75 a barrel.

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RIL inches close to Rs 10 lakh cr market cap

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Reliance Communications

India’s benchmark equity index hit record levels led by index-heavyweight Reliance Industries (RIL) — the largest company by market cap on Tuesday surged nearly 4 per cent on the BSE after improved prospects of Jio.

Moreover, Reliance Industries (RIL), the highest contributor to Sensex gains is just short of reaching the market capitalisation of Rs 10 lakh crore. RIL will be the fist listed firm to reach the landmark size.

At 12.16 p.m., the Sensex was up 319.43 points at 40,789.13 before hitting the intra-day high of 40,816.38. The broader Nifty surged to 12,024.40, gaining 84.30 points.

Strong buying was yet again seen in telecom companies after Bharti Airtel, Reliance Jio and Vodafone Idea (VIL) decided to hike tariff as early as December 1.

Index leaders, in term’s of gains were: IndusInd Bank, Sun Pharma, Reliance Industries, Maruti Suzuki and Yes Bank. The top losers were NTPC, Kotak Mahindra Bank, State Bank of India, Bajaj Auto and HCL Tech.

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