Oct 09 2018

Indian rupee opened higher helped by Chinese yuan

Financial Market Overview

09th October, 2018

Evening Coffee:-                                                                        

MARKETS AT CLOSE:-

Rupee:-

  • The Indian rupee gained in the early trade on Tuesday. It has opened higher by 19 paise at 73.87 per dollar versus previous close 74.06.Yesterday it closed lower by 29 paise versus Friday’s close 73.77.
  • Rupee touched a record low of 74.22 per dollar on Friday after RBI the repo rate unchanged at 6.50 percent but changed the stance from Neutral to Calibrated Tightening.
  • We Expect Pair to trade in the range between 73.75 to 74.10

Indian Equities:-

  • It’s a negative start for equity benchmarks on Monday, with the Sensex falling over 100 points. The Nifty is down around 40 points and is trading below 10,300-mark.
  • The Bank Nifty is down around quarter of a percent, while FMCG, metals and pharmaceutical sectors are trading lower. Midcaps, too, are in the red; the Nifty Midcap is down around 0.50 percent.
  • The Sensex is down 104 points or 0.3% at 34272.9, while the Nifty is lower 39.5 points or 0.3% at 10277. The market breadth is narrow as 283 shares advanced, against a decline of 296 shares, while 2,691 shares are unchanged.

Global Markets:-

  • Asian markets are higher today as Japanese, Chinese and Hong Kong shares show gains. The Nikkei 225 is up 0.92% while the Hang Seng is up 0.41%. The Shanghai Composite is up 0.02%. And the australian ASX200 is down by -66 points and -1.08% down.
  • European markets finished sharply lower yesterday with shares in Germany leading the region. The DAX is down 1.36% while London’s FTSE 100 is off 1.16% and France’s CAC 40 is lower by 1.10%.
  • The pan-European FTSEurofirst 300 index of leading regional shares closed down 1.14 percent, it’s biggest one-day drop in a month, while MSCI’s gauge of stocks across the globe shed 0.32 percent. The United States remains concerned about China’s recent currency depreciation, a senior Treasury official said, adding that it was unclear whether Treasury Secretary Steven Mnuchin would meet with any Chinese officials this week.
  • The S&P 500 cut losses to end nearly flat on Monday after having been weighed down by concerns about slowing Chinese economic growth due to trade tensions between China and the United States.
  • The Dow Jones Industrial Average rose 40.99 points, or 0.15 percent, to 26,488.04, the S&P 500 lost 0.97 points, or 0.03 percent, to 2,884.6 and the Nasdaq Composite dropped 52.50 points, or 0.67 percent, to 7,735.95.
  • The dollar index rose 0.13 percent, with the euro down 0.3 percent to $1.1488. The Japanese yen strengthened 0.65 percent versus the greenback at 112.98.
  • Brent crude declined for the third day on Monday, pulling further away from the recent high of around $86.50 a barrel. The rupee has been particularly sensitive to oil prices amid concerns over funding of India’s current account deficit.
  • Ten-year U.S. yield at 3.2441%.