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Indian rupee refuses to budge despite multiple headwinds
The Indian rupee continued to trade in a narrow range on Monday, despite headwinds from oil, U.S. yields and portfolio outflows. Key Points
ReutersNearly $1 billion outflow! MSCI reduces weights of these 15 Nifty stocks
MSCI Inc has reduced the weightage of 15 Nifty50 stocks as part of its May global index review. The downgrades will cause net outflows of nearly $1bn. Weights of Tech Mahindra, Tata Consultancy Services, Infosys and Mphasis have been cut. Weights for Axis Bank, Bajaj Finance, Divis Laboratories, ICICI Bank, HDFC, Hindalco Industries, Bharat Petroleum Corp and JSW Steel have also been reduced. The weights of eight index stocks, including Kotak Mahindra Bank, NTPC and UltraTech Cement have been increased, resulting in net inflows of approximately $400m. Key Points
Economic TimesCredit Suisse saw $69 billion of outflows in first quarter
The Swiss lender reported 47.1 billion francs of net outflows at the key wealth management unit, and said that a 1.3 billion franc impairment charge was mostly related to that business. The bank said that outflows have moderated but not yet reversed. Key Points
FinancialexpressSensex tumbles over 800 points. Here’s how much money investors lost
Analysts attributed the selloff to continued foreign investor outflows and disappointing quarterly earnings, particularly in banking and auto sectors. Foreign institutional investors (FIIs) reportedly offloaded Rs 2,306 crore worth of Indian equities, extending their selling spree. Key Points
India TodayIndian rupee drops to lifetime low on outflow worries
Rupee opened at 83.78 to US dollar compared to previous close of 83.75. Selloff in US & Asian equities following disappointing jobs report spurred worries of foreign outflows from India. Key Points
ThePrint
First Republic shares plunge 40% as $100 billion deposit flight jolts investors
First Republic Bank has registered a deposit outflow of over $100bn in the wake of the biggest crisis to affect the banking sector since 2008. The deposit outflows have been significantly worse than Wall Street estimates, and analysts suggest that it will be very difficult to recover from these levels. The uncertainty over bank deposits has caused clients to look for money market funds that offer higher returns or larger 'too-big-to-fail' institutions, leaving banks like First Republic under enormous pressure. With this in mind, they plan to shrink its balance sheet and slash expenses, as well as lay off between 20-25% of employees in H2. Key Points
Economic TimesRupee weakens to record low of 84.37 against dollar, logs worst week in 5 months
Overseas investors have pulled out over $1.5 billion from Indian stocks over November so far, adding to the $11 billion of outflows in October. Key Points
ThePrintRBI injects funds to rein in bank funding costs amid forex outflows
The RBI's recent ₹25,000 crore VRR auction aims to mitigate liquidity pressures from overseas capital outflows and festive cash demands. This follows the central bank's policy shift to a neutral stance, indicating more tolerance for easier liquidity conditions to support the banking system. Key Points
Economic TimesBitcoin rises 7.15%, tops $70,000 again
Bitcoin prices: Most digital assets were higher Monday, with Bitcoin gaining as much as 7.1% to $70,816. Key Points
Hindustan TimesEquity markets decline in early trade
The 30-share BSE Sensex falls 318.75 points to 64,940.70 in morning trade. Benchmark equity indices declined in early trade on Monday amid weak trends in Asian markets and unabated foreign fund outflows. Key Points
The Tribune IndiaRupee falls 4 paise to settle at 83.28 against US dollar
Mumbai, Nov 1 (PTI) The rupee depreciated 4 paise to settle at 83.28 against the US dollar on Wednesday, tracking a strong greenback against major rivals overseas and unabated foreign capital outflows. Besides, a negative trend in domestic equities and elevated crude oil prices amid geopolitical uncertainty in the Middle East weighed on investor sentiments, […] Key Points
ThePrintFPIs dump power, construction shares in October
Power stocks saw the highest outflows in the period between October 1 and 15 worth ₹2,069 crore, after witnessing foreign investors' selling to the tune of ₹9,731 crore in September. The sector had received flows between January and September. Key Points
Economic Times