Financial Market Overview
09th November, 2017
MARKETS AT OPEN:-
- Rupee higher in early trades as worries over possible delays to U.S. President Donald Trump’s tax reform plans weigh on Dollar; pair USDINR now at 64.87 against 64.95 previous close.
- Pair to tip in range between today 64.80-65.00.
- Equity benchmarks opened sharply higher after correction seen in previous two consecutive sessions, backed by positive global cues and a bit of short covering in beaten down stocks.
- The 30-share BSE Sensex was up 155.34 points at 33,374.15 and the 50-share NSE Nifty gained 48.30 points at 10,351.50.
- Reliance Industries, Tata Motors, ICICI Bank, IOC, HUL, SBI, Vedanta, HPCL, Axis Bank, Sun Pharma, Bharti Airtel and Tata Steel gained 1-2 percent while Coal India, IndusInd Bank, Eicher Motors and Infosys were under pressure.
- Asian markets are higher today shares in Japan leading the region with Nikkei is trading higher by 1.98%, Hang Seng is up 0.94%, Australian ASX200 rose 0.46% while the Shanghai Composite gains 0.03%.
- S. equities were higher at the close on Wednesday, as gains in the Consumer Goods, Telecoms and Technology sectors propelled shares higher. At the close in NYSE, the Dow Jones Industrial Average rose 0.03% to hit a new all time high, while the S&P 500 index climbed 0.14%, and the NASDAQ Composite index gained 0.32%.
- European markets finished mixed as of the most recent closing prices yesterday. The FTSE 100 gained 0.22% and the DAX rose 0.02%. The CAC 40 lost 0.17%.
- Chinese CPI for October comes in at 1.9% YoY, higher than estimates of 1.8% and prior month print of 1.6%.
- The dollar index, which measures the greenback against a basket of six major rivals, remained under pressure, ending 0.05% lower yesterday, amid concerns over a possible delay in U.S. tax bill reform.
- The Washington Post reported that Senate Republican leaders were considering a different approach to overhauling the tax code, which may delay an $845 billion corporate tax cut until 2019.
- Last week, Republicans in the House of Representatives revealed a tax bill that would cost $1.51 trillion and called for cutting corporate tax rate to 20% from 35% currently. The proposal also included a 10% tax on high-profit foreign subsidiaries of U.S. companies to prevent entities from taking profits overseas.
- Senate Republicans are expected to unveil their own tax bill at the end of the week, and it may differ from House legislation. The house aims to vote on the bill next week.