Financial Market Overview
28th November, 2017
MARKETS AT OPEN:-
- Rupee opens slightly lower even as dollar broadly cautious ahead of confirmation hearing today for Fed chair nominee Jerome Powell and possible Senate vote on U.S. tax plan later in the week; pair USDINR now at 64.55 against 64.50 previous close.
- India’s revenue from goods and services tax in October totaled 833.46 billion rupees, lower than the previous month’s collection of 921.50 billion rupees. A modest shortfall in India’s goods and services tax collection for the month of October is not a cause for concern, Finance Minister Arun Jaitley said yesterday.
- Pair to tip in range between today 64.45-64.75.
- Equity benchmarks opened mildly lower on Tuesday, weighed by profit booking. The market rallied for previous eight consecutive sessions.
- The 30-share BSE Sensex was down 32.62 points at 33,691.82 and the 50-share NSE Nifty fell 11 points to 10,388.50.
- Power Grid, NTPC, ITC, IOC, Bharti Airtel, ICICI Bank, Tata Motors, Tech Mahindra, Bharti Infratel and Infosys were early losers. Tata Power, HUL, Cipla, IndusInd Bank, HDFC Bank, Ambuja Cements and UltraTech Cement were early gainers.
- Asian markets are lower today . The Nikkei 225 is off 0.17% while the Hang Seng is down 0.72%. The Shanghai Composite is down 0.49% and ASX200 is off 0.06%.
- Wall Street’s major indexes ended little changed on Monday. The Dow Jones Industrial Average rose 22.79 points, or 0.1 percent, to 23,580.78, the S&P 500 lost 1 points, or 0.04 percent, to 2,601.42 and the Nasdaq Composite dropped 10.64 points, or 0.15 percent, to 6,878.52.
- European markets finished lower yesterday with shares in France leading the region. The CAC 40 is down 0.56% while Germany’s DAX is off 0.46% and London’s FTSE 100 is lower by 0.35%.
- Dollar indx almost flat at 92.894, after hitting 9-week low of 92.496 overnight before recovering to close 0.1% higher at 92.904. In remarks prepared for the hearing released by Fed on Monday, Powell defended U.S. central bank’s use of broad-crisis fighting powers and said “we expect interest rates to rise somewhat further and the size of our balance sheet to gradually shrink.