Financial Market Overview
23rd October, 2017
MARKETS AT CLOSE:-
- The Indian rupee was little changed against the dollar, as bunched-up greenback inflows following a long weekend offset early losses from a stronger dollar amid U.S. tax reform hopes.
- The rupee settled at 65.0175 to a dollar, from 65.04 at close on Oct. 18. It fell to the day’s low of 65.11, before recovering all losses and rising to 64.98.
- Indian shares ended higher on Monday as telecom stocks rallied after Reliance Industries Ltd’s Jio unit raised data tariffs last week, raising hopes it would usher more pricing discipline across the profit-challenged sector.
- The benchmark BSE index closed up 0.36 percent at 32,506.72, while the broader NSE index ended 0.38 percent higher at 10,184.85.
- Reliance Industries was the biggest contributor to the gains on the NSE index, rising as much as 3.8 percent to a record high.
- European markets are higher today with shares in France leading the region. The CAC 40 is up 0.57% while Germany’s DAX is up 0.47% and London’s FTSE 100 is up 0.20%.
- Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 1.11% and the Shanghai Composite rose 0.06%. The Hang Seng lost 0.64%.
- The dollar index, which measures the greenback against a basket of six major rivals, closed 0.58% higher on Oct. 20, its largest single-session gain in over a month. The rally was following the U.S. Senate’s approval of a budget outline for 2018 on Thursday that cleared the way for Republicans to pursue a tax-cut package without Democratic support.
- The Republican-controlled Senate approved the budget measure, which will add up to $1.5 trillion to the federal deficit over the next decade so as to pay for the proposed tax cuts, reports said. The index was last trading up 0.25%.
- Investors now await appointment of the new Federal Reserve chief by the U.S. President Donald Trump. The term of current Fed chair Janet Yellen, who is also part of Trump’s potential list of candidates, ends in February.