Nov 03 2017

Rupee ends higher, India services activity rises in october; U.S jobs data eyed

Financial Market Overview

03rd November, 2017

Evening Coffee:-                                                                                      

MARKETS AT CLOSE:-

Rupee:-

  • The rupee settled at 64.5450 to a dollar its highest close since Sep. 20, against 64.61 at the previous close. The currency had risen to a day’s high of 64.53 to a dollar, and touched a low of 64.6350 on importers’ greenback demand.
  • India’s foreign exchange reserves fell to $398.76 billion as of Oct 27, compared with $399.92 billion a week earlier, the Reserve Bank of India said.
  • India’s dominant services industry activity expanded at its fastest pace in four months in October as demand continued to strengthen despite accelerating price pressures, a business survey showed today. The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to 51.7 last month – its highest since June – from 50.7 in September.

Indian Equities:-

  • The market set a fresh record closing high on Friday, driven by further rally in banks in late trade, especially after PNB reported strong earnings and asset quality improvement. It was partly driven by global cues.
  • The 30-share BSE Sensex was up 112.34 points at 33,685.56 while the 50-share NSE Nifty ended above 10,450 level for first time, rising 28.70 points to 10,452.50.

Global Markets:-

  • European markets are higher today with shares in Germany leading the region. The DAX is up 0.28% while London’s FTSE 100 is up 0.01% and France’s CAC 40 is up 0.05%.
  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 is closed for a Japanese holiday the Hang Seng rose 0.30%. The Shanghai Composite lost 0.34%.
  • Sterling GBP climbed to the day’s high of $1.3096 on Friday after monthly data showed Britain’s dominant services sector grew by the fastest rate in six months.  The purchasing managers’ index (PMI) compiled by IHS Markit/CIPS jumped to 55.6 in October from 53.6 in September, its highest level since April and its biggest one-month rise since August 2016.
  • Dollar index was last trading up 0.08% ahead of the U.S. non-farm payrolls report due later today. A poll expects non-farm payrolls to add 310,000 jobs in October, the largest gain since the same month in 2015. September saw a drop of 33,000 jobs.