The country’s foreign exchange reserves rose by $ 954.6 million for the week ending February 28 to $ 294.36 billion, shows Reserve Bank of India (RBI) data released Friday.
Foreign currency assets, a key component of reserves, rose by $ 33.6 million to $266.90 billion. Gold reserves rose by $ 902.3 million to $ 20.98 billion.
For the week under review, the Special Drawing Rights (SDRs) rose by $ 13 million to $ 4.47 billion, while India’s reserve position with the International Monetary Fund was up $ 5.7 million to $ 2.01 billion.
U.S. stocks fluctuated, with the Standard & Poor’s 500 Index erasing an early gain, as investors watched developments in Ukraine amid data showing hiring rose faster than forecast last month.
The S&P 500 rose less than one point to 1,877.10 at 9:58 a.m. in New York, trimming an earlier advance of 0.4 percent. The Dow Jones Industrial Average rose 38.05 points, or 0.2 percent, to 16,459.94. Trading in S&P 500 stocks was in line with the 30-day average at this time of day.
In the Ukraine, the government said today that the results of a planned March 16 referendum on Crimea becoming part of Russia won’t stand. Ukraine, a key transit nation for east-west energy supplies, is struggling to keep hold of Crimea after pro-Russian forces seized control of the peninsula. The West has urged Russia to pull back, and began yesterday to impose sanctions.
The 175,000 gain in employment last month followed a revised 129,000 increase in January that was bigger than initially estimated, Labor Department figures showed today. The median forecast of economists in a Bloomberg survey called for a 149,000 advance in February. The jobless rate unexpectedly climbed from a five-year low, rising to 6.7 percent from 6.6 percent.
“This is obviously good news and it suggests the economy remains on an upward track,” Alan Gayle, a senior strategist at RidgeWorth Capital Management in Richmond, Virginia, which oversees $50 billion, said in a telephone interview. “This report is going to be very supportive for those who think the growth slowdown is temporary.”
The S&P 500 has added 0.9 percent this week as economic data from manufacturing to consumer spending surpassed estimates and investors speculated tension in Ukraine would not worsen into a wider conflict. The gauge rose 0.2 percent yesterday after jobless claims fell to a three-month low.
Today’s jobs figures showed 601,000 Americans weren’t at work because of weather during the survey week, the most since 2010, the report indicated.
“Everybody was expecting this to come in much softer than it did,” Darrell Cronk, the New York-based regional chief investment officer at Wells Fargo Private Bank, which manages $170 billion, said by phone. “I think this number will help solidify the continued Fed exit and that the economy remains on track for a recovery. The more we can add jobs and get the economy to organically grow through traditional measures is a wonderful thing.”
President Vladimir Putin rebuffed a warning from U.S. President Barack Obama over Moscow’s military intervention in Crimea, saying on Friday that Russia could not ignore calls for help from Russian speakers in Ukraine.
After an hour-long telephone call, Putin said in a statement that Moscow and Washington were still far apart on the situation in the former Soviet republic, where he said the new authorities had taken “absolutely illegitimate decisions on the eastern, southeastern and Crimea regions.
“Russia cannot ignore calls for help and it acts accordingly, in full compliance with international law,” Putin said.
The most serious east-west confrontation since the end of the Cold War – resulting from the overthrow last month of President Viktor Yanukovich after violent protests in Kiev – escalated on Thursday when Crimea’s parliament, dominated by ethnic Russians, voted to join Russia. The region’s government set a referendum for March 16 – in just nine days’ time.
European Union leaders and Obama denounced the referendum as illegitimate, saying it would violate Ukraine’s constitution.
The head of Russia’s upper house of parliament said after meeting visiting Crimean lawmakers on Friday that Crimea had a right to self-determination, and ruled out any risk of war between “the two brotherly nations”.
Before calling Putin, Obama announced the first sanctions against Russia since the start of the crisis, ordering visa bans and asset freezes against so far unidentified persons deemed responsible for threatening Ukraine’s sovereignty.
Japan endorsed the Western position that the actions of Russia, whose forces have seized control of the Crimean peninsula, constitute “a threat to international peace and security”, after Obama spoke to Prime Minister Shinzo Abe.
China, often a Russian ally in blocking Western moves in the U.N. Security Council, was more cautious, saying that economic sanctions were not the best way to solve the crisis and avoiding comment on the legality of a Crimean referendum on secession.
The Russian president has defended the country’s moves in Ukraine consistent with international law during a phone call with President Barack Obama.
A statement published on the Kremlin website early Friday said that during the call, Vladimir Putin condemned the newly formed Kiev government as the result of an “anti-constitutional coup” and said Russia was “unable to ignore” requests for protection from Ukraine’s Russia-leaning east and south.
Putin stressed the importance of Russian-American relations, and said he hoped they would not become “a victim of disagreement” on certain issues. According to a White House statement issued late on Thursday, Obama demanded that the Russian president end the dispute diplomatically, by withdrawing Russian forces back to their base in Crimea and bringing international monitors into Ukraine.
Today Rocked all Index stocks only….. not participated Midcap & IT stocks
FIIs huge buying seen today’s trade
We will expect Profit taking at higher level like 6535 to 6560 level
Sensex and Nifty at Record high but Fii’s not given chance to enter retailers!!
Now NF facing Resistance 6535 to 6560 level
Updated : 12.25pm / 07th March’14
The crisis in Ukraine has thrown the world back to the cold war days – the US has now imposed visa and economic restrictions on Russians. President Barack Obama has signed an executive order imposing sanctions on individuals and entities responsible for activities undermining democratic processes or institutions in Ukraine.
Meanwhile, Crimea’s parliament has voted for the region to become a part of the Russian federation. Reports suggest that the region will hold a referendum in the next 10 days time.
Crimea’s vice-premier has said the referendum is only intended to endorse the decision of the parliament, saying Crimea is part of the Russia federation from today. Ukraine’s new prime minister has hit back at the Crimea vote saying the region will always be a part of Ukraine.
The Managing Director of a top defaulting company linked to the Rs 5,600-crore payment crisis at the now defunct National Spot Exchange Ltd (NSEL) has been arrested, taking the number of those held in the scam to six.
Surender Gupta, Managing Director of PD Agroprocessors, was arrested on Thursday, an official of Mumbai Police’s Economic Offences Wing (EOW) said on Thursday. PD Agroprocessors is the third-biggest defaulter and owes over Rs 600 crore to the commodity spot exchange, promoted by the Jignesh Shah-led Financial Technologies. Gupta, who is Chairman and Promoter of another firm Dunar Foods, was produced before a local court, which remanded him in police custody till March 12.
Gupta is also Director of White Rice Entertainment, which is producing a film, Gang of Ghosts. “Gupta, in connivance with other NSEL officials, obtained loans without submitting proper plans to return them. He was not forthcoming during investigations. He pumped in the money he raised from NSEL into Dunar Foods,” the officer said. “We also suspect he utilised the loan money in movie making,” another police officer said.
Earlier, the EOW had arrested five accused in the scam, which came to light in July 2013. They are former NSEL CEO Anjani Sinha, two mid-level executives of the exchange Amit Mukherjee and Jay Bahukhundi; NK Proteins MD Nilesh Patel, and Lotus Refineries CMD Arun Sharma, who is also a film financier.
NK Proteins and Lotus Refineries were among the biggest NSEL defaulters. A 9,100-page chargesheet against the five accused was filed in January. However, the chargesheet did not mention the names of Shah (Promoter-Director of NSEL) and another Director Joseph Massey, who allegedly played key roles in the fraud.
NIFTY FUTURE Closed : 6430
Nifty Future Rally continued
Yesterday we gave Sell call at 6420, Stop-loss was 6430 just 10 points
Stop-loss triggered….. 10 points is not a matter in this rally!!!
Made a high was 6436.45, and closed 6430……
Pre Election Rally continued…….. Fii’s huge buying on Index Future
U know one True story ………. Bull Market there is no Resistance
Bear Market there is no Support….
Before Election Result Nifty Fut will hit 6800???
Today’s Nifty Future Resistance 6445 if stays above the level we see 6470 & 6500 levels
If stays below 6405……… Panic expected upto 6365 to 6340!!!
More Live Market update to our clients only
Updated : 08.53am / 07th March’14