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Rupee down
The rupee opened steady at 43.45 / 46 against the previous close of 43.4450 but moved down to 43.4975 in early deals due to a strong demand for dollars from PSU banks on behalf of oil companies.
The rupee is expected to move in range of 43.44-43.52.

The dollar moved in a narrow band ahead of US economic growth data that could strengthen the Federal Reserve's resolve to keep raising interest rates to help the US currency.

The euro remained almost unchanged after it rose around 0.6 per cent yesterday.

The yen was little changed against the dollar. Beijing played down talk of a further revaluation and China's central bank said it would allow market forces to decide yuan exchange rates.
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Two big funds coming to India
Mumbai: Korean and French funds are all set to enter India. These are Korea Investment Corporation & Credit Agricole.

These two players are following Japanese funds that have collectively invested close to $3 billion in the past few months.
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HT Media float opens on Aug 4
New Delhi: HT Media is coming out with a an initial public offer (IPO) comprising a fresh issue of 46.4 lakh equity shares and an offer for sale by HPC (Mauritius) of 23.55 lakh equity shares of Rs10 each for cash at a premium.

The price band for the offer is Rs445 and Rs530 and the issue opens on August 4 and closes on August 10. There is also a greenshoe option of up to 6.96 lakh equity shares by Hindustan Times. If exercised in full, the aggregate offer would go up to 76.91 lakh equity shares.

The issue, without the greenshoe option, would constitute 15.08 per cent of the fully diluted post-issue capital and with the option exercised in full would be 16.33 per cent.

At least 60 per cent of the issue to the public shall be allocated on a discretionary basis to qualified institutional buyers.

Not more that 10 per cent of the issue shall be available for allocation on a proportionate basis to non-institutional bidders, and not more than 30 per cent shall be available for allocation on a proportionate basis to retail individual bidders.
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Market in for a correction after Bombay High fire
Mumbai: The huge fire at ONGC's platfirm on Bombay High is expected to dampen the market as the oil major is a heavyweight on the BSE Sensex with 14 per cent weighting.

A string of settlements — derivatives as well as two cash settlements — tomorrow is likely to put pressure on the finances of the broking community.

The news of the mishap reached Mumbai after trading hours on Wednesday.

There are about four days of trading transactions that are to be settled. Under T+2 rolling settlement, two days of trade need to be settled on Friday.

Besides, the derivatives transactions for the month of July, scheduled for settlement on July 27, has been deferred to July 28. The total net settlement value of trades on the NSE settled on July 25 and 26 were at Rs400.75 crore (against a total traded value of Rs1,589.23 crore) and Rs708.84 crore (Rs1,813.36 crore). The deliveries of stocks to a number of stocks traded were 26.17 per cent and 29 per cent, respectively.
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