Oct 01 2018

Rupee fell to near 2 week low as Oil price surge to its highest in almost 4 years

Financial Market Overview

01st October, 2018

Evening Coffee:-                                                                                  

MARKETS AT CLOSE:-

Rupee:-

  • Indian rupee fell to a near-two-week low against the dollar, as crude oil prices rose to their highest in almost four years, fanning worries over widening of the current account deficit.
  • The rupee closed at 72.91 to a dollar, lowest since Sep. 18, against 72.48 at close on Sep. 28. The unit traded in a 33 paisa range of 72.60 to 72.93 today. Indian financial markets will be shut tomorrow for a local holiday.
  • Indian factory activity expanded more quickly in September on strong domestic and export order growth, a business survey showed. The Nikkei Manufacturing Purchasing Managers’ Index, compiled by IHS Markit, rose to 52.2 in September from 51.7 in August

Indian Equities:-

  • Indian shares ended higher on Monday snapping a three-session losing streak, boosted by financials such as Housing Development Finance Corp Ltd and IT bellwether Tata Consultancy Services Ltd.
  • The benchmark BSE index closed up 0.83 percent at 36,526.14. The broader NSE index ended 0.71 percent higher at 11,008.3.

Global Markets:-

  • European markets are higher today. The Spain’s IBEX35 gains 0.64%, the Germany’s DAX is up 0.45%, the Eurozone’s STOXX50 advances 0.39%, the France’s CAC40 roes 0.22%, and the SMI is up by 0.07% and the London’s FTSE is trading higher by 0.02%.
  • The benchmark Brent crude oil contract touched $83.32 per barrel, highest since November 2014, supported by supply concerns before U.S. sanctions against Iran come into force next month, adding to the previous session’s over-one per-cent advance. It was last up 0.3% at $82.95 per barrel.
  • The manufacturing sector activity in the UK economy unexpectedly saw an upturn in the month of September, surprising markets to the upside, the latest data from Markit showed on Monday. The manufacturing Purchasing Managers’ Index (PMI) in the UK arrived at 53.8 points in September, as compared to a previous 52.8 reading. Markets had predicted the PMI to tick down to 52.5.
  • The dollar consolidated recent gains and held below a near one-month high on Monday as higher U.S. Treasury yields boosted appeal for the greenback while the euro struggled to stay above 1.16 levels on the Italian budget concerns.