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Dec 12 2017

Rupee edged lower as Dollar gains ahead of FED meet

Financial Market Overview

12th December, 2017

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee edged lower against the dollar, as the greenback strengthened amid bets the U.S. Federal Reserve will almost certainly tighten interest rates tomorrow. Pair USDINR now at 64.44 against 64.36 previous close.
  • India’s CPI and industrial production data due after market close today.
  • Pair to tip in range between 64.30-64.60 today.

Indian Equities:-

  • Equity benchmarks began the day on a flattish note with a hint of negative bias. Soon after the opening, indices moved in the red zone, with the Nifty giving up 10,300.
  • The Sensex was down 67.71 points at 33388.08, while the Nifty was down 26.60 points at 10295.70. The market breadth was narrow as 611 shares advanced against a decline of 577 shares, while 43 shares are unchanged.
  • Among sectors, banks have taken a hit, while midcaps are in tandem with benchmarks. Dr Reddy’s Labs, ONGC, and GAIL were the top gainers on both indices, while Asian Paints, Coal India and HPCL lost the most.

Global Markets:-

  • Asian markets are mixed today . The Hang Seng is down 0.53% . The Shanghai Composite falls by 0.57% and ASX200 is trading higher by 0.06% .
  • S. stocks closed higher on Monday. The Dow Jones Industrial Average rose 56.87 points, or 0.23 percent, to 24,386.03, the S&P 500  gained 8.49 points, or 0.32 percent, to 2,659.99 and the Nasdaq Composite added 35.00 points, or 0.51 percent, to 6,875.08.
  • European markets finished mixed as of the most recent closing prices yesterday. The FTSE 100 gained 0.80%, while the DAX led the CAC 40 lower. They fell 0.23% and 0.23% respectively.
  • The dollar index, which measures the greenback against a basket of six major rivals, ended little changed in an overnight trade as investors awaited the conclusion of the Federal Reserve’s two-day monetary policy meeting tomorrow, where the authority is widely expected to increase rates for the third time in 2017.The Fed is also in the process of trimming its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities, which was built during the 2007-2009 financial crisis and global recession.
  • The index had fallen as much as 0.25% yesterday on reports of an explosion in midtown Manhattan. A Bangladeshi man, identified as Akayed Ullah, set off a homemade pipe bomb strapped to his body at a New York commuter hub during rush hour yesterday, wounding himself and three others. New York Mayor Bill de Blasio called the incident an attempted terrorist attack.