Financial Market Overview
16th August, 2018
MARKETS AT Noon:-
- The Indian rupee extended losses and hit another record low in afternoon trade, tracking a jump in USD/INR non-deliverable forwards, even as most Asian currencies recouped losses on reports of trade talks between the U.S. and China later this month.
- The rupee was last seen at 70.30 to a dollar, against 69.90 at previous close. It fell to day’s low of 70.3850, but recouped some losses on greenback sales by at least one large state-run bank and a private lender selling dollars at various levels.
- Tepid moves have continued on the market, with the Nifty hovering around 11,400-mark. The Sensex is trading flat with a negative bias. While the Bank Nifty cut losses from its morning lows, PSU banks are seeing a sharp up move, gaining over a percent.
- The Sensex is down by 120.12 points or 0.32% at 37731.88, and the Nifty down by 36.15 points or 0.32% at 11398.95. The market breadth is narrow as 1,218 shares advanced, against a decline of 1,181 shares, while 141 shares were unchanged.
- Asian markets finished lower today. The Hong Kong Hang Seng ended lower by 0.82% and the Shanghai Composite closed down by 0.63%.
- European markets are higher today. The France’s CAC is trading higher by 0.26% followed by the London FTSE 100 at 0.26% and the Germany’s DAX at 0.22%.
- The dollar index was last trading down 0.1%, after closing little changed overnight.
- Economic crisis in Turkey and ongoing trade frictions between the U.S. and China had spooked risk sentiment.
- The Turkish lira managed a relief rally on Tuesday and Wednesday to climb above six against the dollar, well off its low of near 7.20, reached at the beginning of the week.