Rupee Closed Higher Tracking A Surge In Local Equities

Rupee Closed Higher Tracking A Surge In Local Equities

01 Jun 2020 04:53 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was at 75.54/75.55 to the dollar at 2:00 p.m., against 75.6150/75.6250 in the previous session, tracking a surge in local equities after the federal government announced a phased re-opening of the economy battered by the coronavirus pandemic.
  • The benchmark 6.45% bond maturing in 2029 ended at 102.87 rupees, yielding 6.04%, against 103.08 rupees, yielding 6.01% at the previous close, on concerns over the country's widening fiscal deficit and as a lack of steps so far by the central bank to absorb the additional supply weighed. The yield rose for the fifth consecutive session today.

Indian Equities

  • The Sensex surged to as high as 33,673.83 or 1,249.73 points up after opening at 32,906.05. The Nifty 50 climbed to as high as 9,931.60 after opening at 9,726.85 compared to its previous close of 9,580.30.
  • On the 30 share Sensex, Bajaj Finance, Titan, Tata Steel, SBI, M&M, HDFC and IndusInd Bank were the top gainers with their shares rising as much as 10.41%.

Global Markets

  • Asian markets finished broadly higher on Friday with shares in Hong Kong leading the region. The Hang Seng is up 3.36% while China's Shanghai Composite is up 2.21% and Japan's Nikkei 225 is up 0.84%.
  • European markets are higher today as French and British shares show gains. The CAC 40 is up 1.24% while the FTSE 100 is up 1.13%. The German DAX is closed.
  • E-Mini futures for the S&P 500 however were trading 0.2% lower on simmering U.S.-China tensions. The safe-haven dollar, meanwhile, hit an 11-week low dented by risk-on mood among investors and riots in major U.S. cities over race and policing.
  • Brent crude futures were off 8 cents at $37.76 a barrel, while U.S. crude fell 35 cents to $35.14.