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Rupee trades lower at 71.31 per dollar

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The Indian rupee is trading 8 paise lower at 71.31 per dollar against previous close 71.23.

The domestic equity market is trading higher with Nifty above 11,400 marks.

The local currency opened flat at 71.24 per dollar.

The rupee declined by 21 paise to close at a three-week low of 71.23 against the US currency on Monday as investors rushed to safe-haven bets on fading hopes of an initial trade deal between the US and China, said PTI.

According to ICICIdirect, the dollar-rupee October contract on the NSE was at 71.29 in the previous session. Open interest increased by 1.02% in the previous session.

We expect the USD-INR to find support at lower levels. Utilize downsides in the pair to initiate long positions, it added.

Oil prices fell on Tuesday, after heavy losses in the previous session, as two days of weak Chinese data added to worries about the top crude oil importer’s energy demand growth.

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Sensex hits all-time high crosses 40,400

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The Indian equity markets opened on a firm note on Monday as the benchmark Sensex touched a fresh all-time high of 40,434.83 during the early trade.

Sensex jumped nearly 250 points, gaining for the seventh straight session over the strong inflow of foreign funds and better than expected earnings post the corporate tax cut.

Global markets have also gained after both the US and China indicated an early resolution.

At 9.27 a.m., the Sensex was up 216.40 points or 0.54 percent at 40,381.43 before it touched the intra-day high of 40,434.83.

Nifty was also trading higher by 81.70 points at 11,972.30, slightly lower from its 52 weeks high of 12,103.05.

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Sensex Hits all-time High

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Domestic stock markets started Thursday’s session on a positive note amid mild gains in Asian peers. The S&P BSE Sensex index rose as much as 245.65 points touch 40,297.52 in the first few minutes of trade, and the broader NSE Nifty benchmark climbed to as high as 11,914.90, up 70.8 points from the previous close. Gains in banking and information technology stocks pushed the markets higher. Analysts expected some volatility ahead of the expiration of monthly derivatives (futures & options) contracts due at the end of the session.

Equities in other Asian markets rose on Thursday and US stock futures edged higher after the US central bank cut interest rates as expected to keep the economic expansion on track. MSCI’s broadest index of Asia-Pacific shares outside Japan has last seen up 0.2 percent while Japan’s Nikkei stock index rose 0.41 percent, but Australian shares fell 0.24 percent. 

Meanwhile, the Sensex had ended 220.03 points – or 0.55 percent – higher at 40,051.87 and the Nifty settled at 11,844.10, up 57.25 points (0.49 percent) from its previous close on Wednesday, continuing their upmove for a fourth consecutive session.

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RIL to form digital subsidiary with Rs 1.08 lakh crore investment; Jio to be net debt-free

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The board of Reliance Industries today approved the formation of a wholly-owned subsidiary for its digital business and the infusion of Rs 1.08 lakh crore in it, which will be used to reduce Jio’s debt.

The Rs 1.08 lakh crore investment will be in the form of a rights issue of optionally convertible preference shares (OCPS).

The new subsidiary, which will become Reliance’s umbrella platform for all digital businesses including Jio, will also acquire RIL’s equity investment of Rs 65,000 crore in Jio so far, bringing up Reliance’s total investment in the digital business to Rs 1.73 lakh crore.

Following this arrangement, Reliance Jio will become virtually net debt-free by March 31, 2020, with the exception of spectrum-related liabilities.

Reliance will “continue to focus on cutting-edge, technology-enabled digital platforms” with a focus on areas such as healthcare, education, agriculture, commerce, government-to-citizen services, gaming, and manufacturing, the company’s statement said.

“These platforms are also backed by investment in.. technologies (such as) blockchain, artificial intelligence and machine learning, virtual, augmented/mixed reality, computer vision, high performance and edge computing, natural language processing, and voice-enabled services,” it added.

Reliance Industries Chairman Mukesh Ambani said that the creation of a new company will help create a transformational digital services platform and help attract potential strategic partners.

Ambani further said that Reliance “will induct the right partners in our platform company, creating and unlocking meaningful value for RIL shareholders.”

The restructuring will ensure monetisation opportunities will accrue to shareholders effectively and there will be no impact on Reliance’s overall debt position, the company said, adding that the consolidation of liabilities in RIL will help create an efficient structure to manage debt and cash.

Ambani had announced at the Reliance Industries AGM recently that the company was looking to unlock value in its telecom and retail ventures (Reliance Retail) by inducting partners, and was looking to list the two businesses in the next five years.

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