May 04 2018

Rupee little changed ahead of US nonfarm payrolls data

Financial Market Overview

04th May, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Rupee little changed before data that is expected to show rebound in US nonfarm payrolls. Pair USDINR now at 66.65 against previous close of 66.64.
  • Pair to tip in range between 66.60-66.80.

Indian Equities:-

  • Benchmark indices opened flat with a negative bias following correction in global peers. The 30-share BSE Sensex was down 19.92 points at 35,083.22 and the 50-share NSE Nifty fell 8.70 points to 10,671.
  • Axis Bank, Bharti Airtel, Kotak Mahindra Bank, Tech Mahindra and, Infosys were under pressure. Bharti Airtel, Bajaj Finance and Vedanta were early gainers.

Global Markets:-

  • Asian markets are lower today. The Hong Kong’s Hang Seng is off 0.37%, the Australian ASX is down 0.57% and the Shanghai Composite is trading higher by 0.12%.
  • European markets finished lower on Thursday with shares in Germany leading the region. The DAX is down 0.88% while London’s FTSE 100 is off 0.54% and France’s CAC 40 is lower by 0.50%.
  • US. stocks were mixed at the close on Thursday, as gains in the Industrials, Technology and Basic Materials sectors led shares higher while losses in the Healthcare, Financials and Consumer Services sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average added 0.02%, while the S&P 500 index declined 0.23%, and the NASDAQ Composite index lost 0.18%.
  • The dollar index, which ended a three-day winning run yesterday, was little changed in Asia trading at 92.36. The non-farm payroll data is expected to show that the world’s largest economy added 192,000 jobs last month, up from 103,000 in March. Average earnings are poised to grow by 0.2% month-on-month and 2.7% year-on-year.
  • The Commerce Department of US said the trade deficit tumbled 15.2 percent to a six-month low of $49.0 billion in March. The trade gap widened to $57.7 billion in February, which was the highest level since October 2008.
  • Growth in China’s service sector picked up in April as new business and employment grew at a faster rate, a private survey showed. The Caixin/Markit services purchasing managers’ index (PMI) climbed to 52.9 in April from March’s four-month low of 52.3, though it remained weaker than levels in 2018’s first two months. The 50-mark separates growth from contraction.