Financial Market Overview
7th September, 2018
MARKETS AT OPEN:-
- The Indian rupee opened marginally higher at 71.95 per dollar on Friday versus 71.99 Thursday.
- Yesterday the Indian currency settled at 71.99 per US dollar, down 24 paise from the previous close of 71.75, after hitting a fresh record low of 72.10 intraday Thursday.
- Rupee depreciated by about 13 percent so far this year, 5 percent in last one month and 3 percent in last seven straight sessions. It has fallen from 70 to 72 a dollar in 21 sessions.
- We expect the pair to trade in the range between 71.70 to 72.10
- It’s a negative start on the market on this Friday morning as tepid global cues weighed on indices. There’s all-round selling among all sectors, with banks, pharmaceuticals, automobiles and FMCG dragging the most. In the broader markets, midcaps, too, are trading weak, down one-third of a percent.
- The Sensex is down 160.22 points or 0.42% at 38082.59, and the Nifty down 48.50 points or 0.42% at 11488.40. The market breadth is negative as 478 shares advanced, against a decline of 527 shares, while 55 shares were unchanged.
- Asian markets are lower today as Japanese, Chinese and Hong Kong shares fall. The Nikkei 225 is off 1.00% while the Hang Seng is down 0.95%. The Shanghai Composite is off 0.67% The Australian’s ASX200 is down today by -49 points and -0.77% .
- European markets finished lower today with shares in London leading the region. The FTSE 100 is down 0.87% while Germany’s DAX is off 0.71% and France’s CAC 40 is lower by 0.31%.
- The S&P 500 and Nasdaq declined on Thursday as the possibility of more U.S. tariffs on Chinese imports loomed and as tech stocks stumbled on warnings from chipmakers and concerns about increased regulation of social media companies.
- Based on the latest available data, the Dow Jones Industrial Average rose 20.88 points, or 0.08 percent, to 25,995.87, the S&P 500 lost 10.55 points, or 0.37 percent, to 2,878.05 and the Nasdaq Composite dropped 72.45 points, or 0.91 percent, to 7,922.73.
- The number of Americans filing new claims for unemployment aid fell to near a 49-year low last week and private payrolls rose steadily in August, pointing to sustained labor market strength that should continue to underpin economic growth. The Labor Department said on Thursday initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 203,000 for the week ended Sept. 1, the lowest level since December 1969. Economists forecast claims rising to 214,000 in the latest week. The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,750 last week to 209,500, also the lowest level since December 1969.ADP National Employment Report showed private payrolls increased by 163,000 jobs last month. Data for July was revised to show private hiring rising by 217,000 jobs instead of the previously reported 219,000 positions.