Rupee ends higher on dollar selling and measures to boost rupee

Rupee ends higher on dollar selling and measures to boost rupee

10 Oct 2018 05:57 PM
Myforexeye Research Report

Financial Market Overview

10TH October, 2018

Evening Coffee:-                                                                        


Indian Rupee:-

  • The Indian rupee closed higher against the dollar on greenback sales by a few exporters and foreign banks while domestic sentiment improved on hopes that policymakers may consider tapping non-resident Indians to boost dollar inflows.
  • The rupee changed hands and closed at 74.20 to a dollar against a record-close of 74.39 yesterday. The currency, which rose to as high as 74.05 so far today, has moved in a 23-paise range.

Indian Equities:-

  • It was all guns blazing by the bulls today. Financials propelled a big rally on benchmark indices, while a big surge in the midcaps space also boosted sentiment on D-Street on Wednesday.
  • Bank Nifty closed over 3 percent higher, while the Nifty Midcap index soared over 4 percent. Even PSU banks were one of the biggest movers; the Nifty PSU bank index rose over 5 percent. The big loser, though, was the Nifty IT which fell over 1.5 percent. 
  • At the close of market hours, the Sensex closed up 461.42 points or 1.35% at 34760.89, while the Nifty rose 159.10 points or 1.54% at 10460.10. The market breadth was positive as 2,031 shares advanced, against a decline of 610 shares.

Global Markets:-

  • European markets are lower today. The SMI is up by 0.19%, the Germany's DAX is off -0.41%, the Eurozone's STOXX50 fell -0.27%, the London's FTSE100 off -0.08%, the France CAC40 is down -0.53% and the Spain's IBEX35 is trading lower by -0.02%.
  • The materials index ended down 3.4 percent, its biggest one-day percentage drop since February 8. Chemical company PPG Industries was its biggest loser, falling 10 percent after warning that its current-quarter profit would be hit by higher raw material costs and softer demand in China. If industrials and materials are weighed on because of concerns about global activity, it's going to cast a pall over the market at large since S&P 500 companies generate about half of their business from overseas marketsThe Dow Jones Industrial Average fell 56.21 points, or 0.21 percent, to 26,430.57, the S&P 500 lost 4.09 points, or 0.14 percent, to 2,880.34 and the Nasdaq Composite added 2.07 points, or 0.03 percent, to 7,738.02.
  • The UK economy rebounded in the three months to August, according to data released on Wednesday, with the service sector the largest contributor to growth. The Office of National Statistics said the economy grew 0.7% in the three months to August, picking up from the 0.6% expansion seen in the three months to July.
  • U.S. 10-year yields at 2 percent unequivocally favour equity investment but this is not the case above 3 percent.




Date : Oct-2018