Financial Market Overview
03rd September, 2018
MARKETS AT Noon:-
- The Indian rupee remained higher against the dollar in low-volume afternoon trade and was headed to snap a three-session losing streak, on improved domestic sentiment following strong local economic growth print.
- The rupee was trading at 70.8150 to a dollar, against 70.99 at previous close. It has moved in a 15-paisa band so far today with some money market participants away for the session while federal government offices remained shut for a local holiday. U.S. financial markets are shut today for Labor Day holiday.
- Indian shares edged higher on Monday, driven by the software services sector after Wipro Ltd bagged its biggest contract, while strong economic data also boosted sentiment.
- The broader NSE index was up 0.17 at 11,700.35 and the benchmark BSE index was 0.17% higher at 38,711.30. This came after both indexes posted their biggest monthly gain for August in four years.
- Asian markets finished lower today. The Hong Kong Hang Seng ended lower by 0.82% and the Shanghai Composite closed lower by 0.17%.
- European markets are trading mixed today. The London FTSE 100 is trading higher by 0.40% followed by the Germany’s DAX at 0.13% and the France’s CAC is trading lower by 0.09%.
- The dollar index was last trading off 0.1% after a 0.4% gain on Aug. 31. Markets await U.S. non-farm payroll data due at end of this week for further cues.
- Investor appetite was also poor in reaction to reports that talks on trade agreement between Canada and the U.S. ended sans an agreement.
- The benchmark Brent crude oil prices were trading up almost 0.2% at $77.76 per barrel, despite data indicating increasing supply from major oil producing countries and the U.S. The contract posted half a percent decline on Aug, 31.