Financial Market Overview
25th October, 2017
MARKETS AT CLOSE:-
- The Indian rupee ended at 64.89/64.90 per dollar, its highest level since Oct. 16, against its previous close of 65.0550/65.0650, after a large state-run bank along with few foreign lenders sold the greenback, erasing initial losses from a stronger dollar.
- Indian shares ended at record closing highs on Wednesday as banks soared after the federal cabinet unveiled a $32.4 billion recapitalisation plan, while construction firms surged after the government approved an ambitious plan to build roads nationwide.
- The broader NSE index ended 0.86 percent higher at 10,295.35, while the benchmark BSE index closed up 1.33 percent at 33,042.50 – having breached the 33,000 level for the first time earlier in the session.
- State Bank of India soared nearly 28 percent, while Punjab National Bank, the country’s second-biggest state-run lender closed up 46 percent. Both state-run lenders ended at their highest close since January 2015.
- Larsen & Toubro was the third-largest gainer in the index, rising 5.4 percent.
- European markets are mixed today. The CAC 40 is up 0.36% while the DAX gains 0.07%. The FTSE 100 is off 0.33%.
- Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.53% and the Shanghai Composite rose 0.26%. The Nikkei 225 lost 0.45%.
- The pound rose to the day’s highs on Wednesday after data showing that UK economic growth picked up the third quarter was seen as raising the chances of an interest rate hike by the Bank of England next month. The Office for National Statistics reported that gross domestic product grew by 0.4% in the three months to September, up from 0.3% in the previous quarter. Economists had expected grow to remain steady at 0.3%.
- The UK economy expanded 1.5% on a year-over-year basis, matching the previous quarter’s growth and above forecasts for an expansion of 1.4%.