Financial Market Overview
11th April, 2018
MARKETS AT Noon:-
- Indian rupee came off the day’s low against the dollar in afternoon trade, as greenback sales by state-run banks, likely for the central bank, trimmed some losses tracking a recent rally in global crude oil prices.
- The rupee was last seen at 65.19 to a dollar, against 64.9850 at previous close. The currency, which bucked the trend in the region, fell to the day’s low of 65.25. However, it then pared losses on dollar sales by at least two state-run banks, on behalf of the Reserve Bank of India.
- The market continued to consolidate after showing upside in previous four consecutive sessions, as investors look for corporate earnings, macro data and crude oil prices movement.
- The 50-share NSE Nifty rose only 4.90 points to 10,407.15 and the sensex gains 57.57 points at 33937.82.
- European markets are lower today with shares in Germany off the most. The DAX is down 0.29% while France’s CAC 40 is off 0.29% and London’s FTSE 100 is lower by 0.15%.
- Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.56% and the Hang Seng rose 0.55%. The Nikkei 225 lost 0.49%.
- Crude oil prices rallied sharply for a second session yesterday, prompted by fear that an escalation in Middle East tensions could adversely impact supply. India imports 80% of its oil requirements and any change in oil prices can impact local inflation. The nearest-month Brent crude contract rose by 3.5% yesterday to close at $71.04, also highest since December 2014 and up over 5% so far this week. It was last trading at $70.62 per barrel.
- Saudi Arabia, the world’s biggest oil exporter, will continue to play a responsible role to ensure stability in global oil markets, its energy minister said today.
- The dollar index, which measures the greenback against a basket of six major rivals, slipped 0.3% overnight, as global risk appetite improved. It was last trading steady. Traders will now await release of the U.S. consumer inflation data for March, as well as the minutes of the Federal Reserve’s March meeting for further cues, due later today.