India Rupee Stays Higher Tracking Asia, Upbeat Local Shares

India Rupee Stays Higher Tracking Asia, Upbeat Local Shares

31 Mar 2020 01:13 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee stayed higher at 75.43/75.44 to the dollar in Mumbai against 75.61/75.62 in the previous session, as regional risk aversion eased after better-than-expected China manufacturing data and as local equities extended gains.
  • The benchmark 6.45% bond maturing in 2029 stayed higher at 102.28 rupees, yielding 6.13%, against 101.71 rupees and 6.21% yield at previous close, as the government opened up foreign investment without any cap for some securities that includes the benchmark note, with effect from tomorrow.

Indian Equities

  • The S&P BSE Sensex gained 1,030 points, or 3.6 per cent, to 29,460 levels. The Nifty50 index was up 280 points, or 3.4 per cent, at 8,570 levels.
  • In individual stocks, Reliance Industries (up 6%) was the top gainer in the Sensex pack. Besides, HCL Tech, ONGC, and ITC were all up 5 per cent each. On the other hand, IndusInd Bank slumped 20 per cent.

Global Markets

  • Gains were modest at best. Shanghai blue chips rose 0.4% and South Korea 1.87%. Japan's Nikkei eased 1%, to be down 20% since the start of the year.
  • The pan-European STOXX 600 index was up 1.1%, with real estate stocks, utilities and telecoms — usually considered stable during heightened volatility — adding between 0.9% and 1.5%.
  • E-Mini futures for the S&P 500 were flat, while the dollar index bounced to 99.34, from a trough of 98.330.
  • U.S. crude added $1.12 to $21.2, while Brent crude futures gained 28 cents to $23.01 a barrel.