Financial Market Overview
30th July, 2018
MARKETS AT OPEN:-
- The Indian rupee opened lower by 5 paise at 68.70 per dollar on Monday versus Friday’s closing 68.65. On Friday, U.S. currency after the dollar index lost ground following U.S. gross domestic product data for the June quarter. ahead of important major central bank policy meetings scheduled this week.
- We expect the pair to trade in the range between 68.60-68.90 today.
- Equity benchmarks have clocked fresh record highs on Monday morning, with the Nifty hitting 11,300 for the first time, while the Sensex is also well above 37,400-mark.
- The Sensex is up 92.84 points or 0.25% at 37429.69, and the Nifty up 21.10 points or 0.19% at 11299.50. The market breadth is positive as 434 shares advanced, against a decline of 123 shares declined, while 55 shares were unchanged.
- Asian markets are trading lower today. The Australian’s ASX200 lost.0.49% while the Shanghai composite is trading little down by 0.28% and Hong Kong’s Hang Seng is trading off by 0.68%.
- European markets finished higher on Friday with shares in France leading the region. The CAC 40 was up 0.57% while London’s FTSE 100 closed up 0.50% and Germany’s DAX ended up 0.40%.
- Wall Street’s major indexes declined on Friday as weak earnings reports from major technology companies led to a big drop for the sector. The Dow Jones Industrial Average fell 75.74 points, or 0.3 percent, to 25,451.33, the S&P 500 lost 18.6 points, or 0.66 percent, to 2,818.84 and the Nasdaq Composite dropped 114.77 points, or 1.46 percent, to 7,737.42.
- U.S. economic growth accelerated in the second quarter, matching forecasts and underlining the case for the Federal Reserve to proceed with plans to gradually increase interest rates. Annual rate of 4.1% growth in the three month period from April to June, nearly double the 2.2% expansion registered in the first quarter of 2018 and its fastest rate of growth since the third quarter of 2014.
- The dollar index and Treasury yields declined after data showed that the U.S. economy grew at an annualized pace of 4.1% in the second quarter.