Oct 29 2018

Rupee ended little changed as strong local equities offset Dollar bids

Financial Market Overview

29th October, 2018

Evening Coffee:-                                                                                  

MARKETS AT CLOSE:-

Rupee:-

  • Indian rupee was little changed against the dollar, as local shares extended gains that offset losses from importers’ month-end greenback demand.
  • The rupee ended at 73.44 to a dollar, against 73.46 at previous close. It opened at 73.35 and extended gains to 73.32 in early trade before turning lower to 73.53 on importers’ bid. Other Asian currencies ended lower against the greenback.

Indian Equities:-

  • Indian shares closed more than 2 percent higher on Monday, lifted by financial stocks on optimism about quarterly earnings, while market sentiment was further bolstered by the central bank’s liquidity injection plans.
  • The broader NSE index ended 2.2 percent higher at 10,250.85 while the benchmark BSE index closed up 2.15 percent at 34,067.4.
  • ICICI Bank, up 10.7 percent at its highest close since Jan. 31, was the biggest boost to the index. The lender reported an improvement in asset quality in the second quarter on Friday.

Global Markets:-

  • European markets are higher today the Germany’s DAX is up 2.18%, London’s FTSE100 gains 1.84%, SMI advances 1.80%, the Spain’s IBEX35 rose 1.55%, the Eurozone’s STOXX50 is up 1.47% and the France CAC40 is trading higher by 1.13%.
  • Data released over the weekend showed industrial profits in China rose 4.1% in September to 545.5 billion yuan, slowing from a 9.2% increase in August.
  • The dollar index was little changed, while safe-haven Japanese yen rose 0.41% after a global sell-off that propelled the unit higher.
  • The benchmark Brent crude oil prices, which posted its third straight weekly loss last week, dropped 0.3% at $77.38 per barrel, as fragile risk sentiments increased concerns of slowdown in demand. However, further losses were limited ahead of U.S. sanctions on Iran that will come into effect from early next month.