Oct 12 2017

Rupee opened on a flat note; U.S rate hike bets stay alive

Financial Market Overview

12th October, 2017

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee opened on a flat note at 65.13 against the dollar, despite the greenback’s slide to a more-than-two-week low, as the Federal Reserve’s September meeting minutes revealed policy makers believed rate hikes before the year-end were warranted even with concerns over weak inflation; pair USDINR now at 65.13 against 65.14 previous close.
  • Pair to tip in range between 64.97-65.25.

Indian Equities:-

  • Equity benchmarks opened mildly higher on Thursday, seeing a rebound after yesterday’s sell-off.
  • The 30-share BSE Sensex was up 60.51 points at 31,894.50 and the 50-share NSE Nifty gained 29 points at 10,013.80. About three shares advanced for every share falling on the BSE.
  • Bharti Infratel, GAIL, Sun Pharma, Vedanta, Reliance Industries, L&T, Hindalco Industries, IOC, BPCL, Lupin, TCS and HPCL were early gainers while Coal India, Bharti Airtel, Cipla, ICICI Bank and Asian Paints were losers.

Global Markets:-

  • Asian markets are mixed today,  Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.47% while the Hang Seng is up 0.24% and ASX200 is higher by 0.22%. The Shanghai Composite is trading down 0.17%.
  • S. stocks were higher at the close on Wednesday, as gains in the Utilities, Technology and Oil & Gas sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average rose 0.18% to hit a new all time high, while the S&P 500 index gained 0.18%, and the NASDAQ Composite index added 0.25%.
  • European markets finished mixed as of the most recent closing prices on Wednesday. The DAX gained 0.17%, while the FTSE 100 led the CAC 40 lower. They fell 0.06% and 0.02% respectively.
  • Fed minutes upheld expectations of a likely rate hike at the next meeting in December, it also showed policymakers debating about the likelihood of inflation accelerating and possible interest rate trajectory if that weren’t the case.