Oct 19 2018

Rupee Opened Flat As Crude Oil Fall

Financial Market Overview

19Th October, 2018

Morning Coffee:-                                                                        

MARKETS AT OPEN:-

Rupee:-

  • The Indian rupee opened flat at 73.60 per dollar on Friday versus Wednesday’s close 73.60. Rupee rose against the US dollar for the second successive session and one of the major trigger that led to the appreciation has been fall in global crude oil prices and weakness in the dollar against its major crosses. Crude was weighed down after EIA reports that crude oil stockpiles had risen by 6.5 million barrels last week, to stand at 416.4 million barrels.
  • Both the International Energy Agency and OPEC last week lowered their oil demand growth forecasts for this year and next year
  • We Expect Pair to trade in the range between 73.85 to 73.10

Indian Equities:-

  • It’s a negative start to the market on Friday morning as weak global cues and a fall in index heavyweight, Reliance Industries, are dragging the indices lower.
  • The Sensex has opened over 470 points lower, while the Nifty is down over a percent and is around 10,300.
  • All sectors are trading in the red, with maximum cuts from banks, auto, energy, IT, and metals space. The Nifty Midcap is down over a percent as well.
  • The Sensex is down 478.04 points or 1.37% at 34301.54, while the Nifty is lower 127.70 points or 1.22% at 10325.30. The market breadth is negative as 198 shares advanced, against a decline of 363 shares, while 2,970 shares are unchanged.

Global Markets:-

  • Asian markets are lower today as Japanese, Chinese and Hong Kong shares fall. The Nikkei 225 is off 1.09% while the Hang Seng is down -0.24%. The Shanghai Composite is up by 0.13% And the australian ASX200 is down by 12 points and -0.21% down.
  • European markets finished broadly lower yesterday with shares in Germany leading the region. The DAX is down 1.07% while France’s CAC 40 is off 0.55% and London’s FTSE 100 is lower by 0.39%.
  • U.S. stocks fell more than 1 percent on Thursday as the European Commission issued a warning regarding Italy’s budget and concerns mounted over the possibility of strained relations between the United States and Saudi Arabia, denting investors’ appetite for risk.
  • The Dow Jones Industrial Average fell 327.23 points, or 1.27 percent, to 25,379.45, the S&P 500 lost 38.32 points, or 1.36 percent, to 2,770.89 and the Nasdaq Composite dropped 154.18 points, or 2.02 percent, to 7,488.52.
  • U.S. filings for unemployment benefits fell last week and continuing claims dropped to the lowest level since 1973, indicating the job market remains solid, Labor Department figures showed Thursday. Jobless claims decreased by 5k to 210k Continuing claims fell by 13k to 1.64m in week ended Oct. 6 (data reported with one-week lag) Four-week average of initial claims, a less-volatile measure than the weekly figure, increased to 211,750 from 209,750.
  • A growing number of U.S. seniors are choosing Medicare Advantage, the popular private insurance alternative to traditional coverage. But a new report by federal investigators finds that Advantage plans have a pattern of inappropriately denying patient claims.
  • The good news is that those denials are frequently overturned if people bother to appeal. The report found “widespread and persistent problems related to denials of care and payment in Medicare Advantage” plans, which usually are managed-care HMO or PPO plans.