Morning Alert.. *Rupee reverses losses, ends flat at 87.2 per dollar on likely RBI support* The rupee reversed its losses by the end of trade on Thursday to settle almost flat against the greenback at 87.20 per dollar. The Reserve Bank of India (RBI) likely intervened in the foreign exchange market via dollar sales in the latter half of the day, said dealers. The rupee opened six paise weaker against the greenback, tracking the rise in the dollar index. It touched the day’s low of 87.41 per dollar before appreciating up to 87.11 per dollar on the back of aggressive dollar sales by state-owned banks, said dealers. “The rupee was trading weaker before the RBI’s intervention,” said a dealer at a state-owned bank. “This has been the case; RBI has been trying to curb any one-sided movement. *Reducing fiscal deficit to around 3% of GDP difficult: Govt to IMF* A fiscal deficit of around 3 per cent of the gross domestic product (GDP) for the central government, as advocated by the International Monetary Fund (IMF), is difficult since a significant amount of capital expenditure previously undertaken by state-owned enterprises (SOEs) has been brought onto the central government budget. In its latest Article IV consultation report on India, the IMF said a combined fiscal deficit (Centre + states) of less than 6 per cent of GDP, as advocated by IMF staff for the medium term—coupled with the need to increase infrastructure spending by the Union and the states—“would imply eliminating the revenue deficit, which the authorities felt was not feasible in the near term and could compromise growth.” *Global market action* Dow Jones – Down by 0.03% or 12.11 points FTSE – Up by 0.28% or 24.75 points CAC – Down by 0.51% or 41.40 points DAX – Down by 1.08% or 243.22 points Gift Nifty – Down by 0.49% or 110.00 points *FII/DII activities* FII – Sold 556.56Cr worth of shares DII – Bought 1727.11Cr worth of shares. *Major Indian Indices PE* Nifty 50 – 20x Nifty Bank – 12.8x *Stocks with high delivery percentage* Sundaram fasteners Ltd- 90.1% Aavas financiers Ltd - 85.4% Indegene Ltd - 84.4% Indiamart intermesh Ltd - 82.5% TCS - 80% *Primary market activities* IPOs opening today Balaji Phosphates Ltd (NSE SME) - Issue size 50.11Cr Listing today Swasth Foodtech India Ltd (BSE SME) - Subscribed 7.83x Hp telecom India Ltd (NSE SME) - Subscribed 1.91x *Commodities updates* Gold - Rs 85178/10gm, Silver - Rs 93563/kg, Brcrude - Rs 6133/barrel, Copper - Rs 862.35/kg. *Corporate news* Paytm bets on AI-first features to power profitability in the next 2 years. JSW Infrastructure seeks inorganic growth to expand logistics business. IT major HCLTech to use AI to improve Children's Minnesota's operations.