Equity99

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Morning Alert.. *RBI holds back US dollar sales in February amid pressure on rupee* The Reserve Bank of India (RBI) abstained from selling any US dollars throughout February, for the first time in nine months. The decision comes amid increasing pressure on the rupee, as expectations of rate cuts by the US Federal Reserve keep pushing back. The last time the RBI did not sell dollar over a month was in May 2023. The RBI had sold $8.5 billion in the spot market in January 2024. The central bank purchased $8.5 billion over the month in February to build the foreign exchange reserves and to protect the rupee from further depreciation as the US CPI data for January was higher than expected, said market participants. India’s foreign exchange reserves have been hitting new peaks for the past seven consecutive weeks. It reached a new peak of $648.56 billion in the week ended April 5, latest data by the Reserve Bank of India showed. The reserves surged by $2.98 billion in the week. “RBI was intervening in the foreign exchange market both through spot and forwards to contain volatility in the rupee,” said a treasury head at a private sector bank. “Dollar was getting stronger as the data was unsupportive and rate cut was pushed back to June,” he said. *Net FDI in India dips to $14.55 billion in April 2023-Februray 2024* The net foreign direct investment (FDI) in India, inflows minus the outflows, dropped sharply by 45.5 per cent in the 11 months of Financial Year 2024 (April 2023 to February 2024), when compared with the same period a year ago due to a rise in repatriation of capital. The net FDI stood at $14.55 billion in April-2023-February 2024 period, down from $26.71 billion in the same period a year ago. The Reserve Bank of India’s (RBI) data (April 2024 bulletin) said FDI in India was $26.69 billion and outflows were $ 12.14 billion in April 2023-February 2024. In the same period last year (April 2022-February 2023), FDI inflows were at $ 39.61 billion, while outflows had touched $12.90 billion during the same period. Repatriation/disinvestment by those who made direct investments in India rose to $38.30 billion in the 11-months of FY24 from $27.17 billion in April 2022-February 2023, according to RBI data. According to the “State of Economy” report in RBI’s monthly bulletin for April 2024, more than 60 per cent of the FDI equity flows were directed towards manufacturing, computer services, electricity and other energy, retail and wholesale trade, and financial services. *Global market action* Dow Jones – Up by 0.07% or 26.68 points FTSE – Up by 0.26% or 20.94 points CAC – Up by 0.81% or 65.42 points DAX – Up by 1.55% or 276.85 points Gift Nifty – Up by 0.33% or 73 points *FII/DII activities* FII – Sold 3044.54 Cr worth of shares DII – Bought 2918.94 Cr worth of shares. *Stocks with high delivery Percentage* SPARC Ltd – 97.9% Kajaria Ceramics Ltd – 92.2% Gillette India Ltd – 87.9% AIA Engineering Ltd – 86.1% Schaeffler India Ltd – 86.1% *Commodities updates* Gold – Rs 73680/10gm, Silver – Rs 80657/kg, Brcrude – Rs 6939/barrel, Copper – Rs 838.45/kg. *Corporate News* SBI Card introduces inaugural travel-centric core credit card 'MILES'. ICICI Pru Life Q4 results: Net profit drops 26% to Rs 173.76 crore. As silver price rally, Hindustan Zinc's plans entry into value-adds.

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