Mar 27 2018

Rupee higher as trade optimism lifts risk appetite

Financial Market Overview

27th March, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee open higher against the dollar as reports of trade negotiations between U.S. and China boosted regional currencies and risk assets. Pair USDINR now at 64.76 against 64.87 previous close.
  • Pair to tip in range between 64.65-64.90.

Indian Equities:-

  • Benchmark indices started off day on a positive note, with the Sensex rising 171.13 points to 33,237.54 and the Nifty gaining 54.70 points at 10,185.40.
  • Tata Steel, IOC, Axis Bank, Wipro, SBI, Bajaj Finance, Tech Mahindra, Hindalco and Vedanta rallied more than 1 percent while Bharti Airtel and Hero Motocorp were under pressure.

Global Markets:-

  • Asian markets are higher today. The Shanghai Composite is up 0.97%, Hong Kong’s Hang Seng gains 0.75% and the Australian ASX200 is trading higher by 0.67%.
  • European markets finished lower yesterday with shares in Germany leading the region. The DAX is down 0.83% while France’s CAC 40 is off 0.57% and London’s FTSE 100 is lower by 0.48%.
  • Wall Street’s three major indexes jumped to their greatest one-day gain in two-and-a-half years on Monday, led by the tech sector, as trade war fears eased on reports that the United States and China were willing to renegotiate tariffs and trade imbalances. The Dow Jones Industrial Average rose 669.4 points, or 2.84 percent, to 24,202.6, the S&P 500 gained 70.29 points, or 2.72 percent, to 2,658.55 and the Nasdaq Composite added 227.88 points, or 3.26 percent, to 7,220.54.
  • Dollar index little changed at 89.04, after falling 0.5% yesterday to lowest in over a month. Euro at highest versus dollar in over six-weeks after Jens Weidmann, Germany’s likely candidate to become ECB’s next president, comments that market expectations of rate hike towards middle of next year “not completely unrealistic”.