Financial Market Overview
28th June, 2018
MARKETS AT Noon:-
- Indian rupee was trading near its all-time low against the dollar in afternoon trade, tracking similar sell-off in other risk assets, as protectionist trade policies of the U.S. threatened to cause a global trade war, hurting appetite for emerging market assets.
- The rupee was last seen at 68.92 to a dollar, against 68.61 to dollar yesterday. Earlier in the session, it plummeted to a record low of 69.10 before paring some losses on suspected intervention from the Reserve Bank of India.
- The market remained under pressure in afternoon with the Nifty trading below 10,650 levels ahead of expiry of June futures & options contracts today. Sharp depreciation in the rupee and ongoing global trade worries pushed the market lower.
- The 30-share BSE Sensex slipped 72.28 points to 35,144.83, and the 50-share NSE Nifty dropped 47.45 points to 10,623.95, dragged by banking & financials stocks and Reliance Industries.
- Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.30%, while China’s Shanghai Composite was off 0.97%. Shares in Japan were unchanged with the Nikkei 225 at 22,270.39.
- European markets are mixed. The CAC 40 is higher by 0.09%, the FTSE 100 gains 0.04%. while the DAX100 is trading lower by 0.03%.
- The dollar index has gained 3.4% this year, even as the Chinese yuan is headed for its sixth day of losses as trade tensions between the U.S. and China have ratcheted higher amid a plan by Washington to restrict Chinese investments into U.S. technology companies.
- U.S. benchmark oil prices jumped 3% yesterday to reach the highest since December 2014 while Brent crude rose 1.7% to its highest in a month, reacting to a report that showed U.S. crude oil inventories decreased more than initially expected.