Aug 23 2018

Rupee Opened Lower As Oil Rise

Financial Market Overview

23rd August, 2018

Rupee:-

  • The Indian rupee opened lower by 21 paise at 70.02 per dollar on Thursday versus previous close 69.81. Rupee consolidated in a narrow range for the fourth successive session following a relief rally in most of the Asian currencies. Rupee in the Asian pack has been one of the weakest currencies in this year and broad strength in the dollar is keeping gains capped for the currency.
  • We Expect the pair to trade in the range between 69.85 to 70.15

Indian Equities:-

  • Pre-opening rates indicate marginally higher opening for the market with Nifty trading above 11,600 and Sensex trading above 38,300.
  • The Sensex is up 32.61 points 38,318.36, and the Nifty up 34.40 points at 11,605.30.
  • L&T up over 3 percent ahead of AGM for buyback. Dabur, TCS are some of the gainers, while RIL is trading lower.

Global Markets:-

  • Asian markets are mixed today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.03% while the Hang Seng is up 0.61%. Nikkei 225 is up by 0.18%The Australian’s ASX200 is little nagative today by -15 points and -0.25% up.
  • European markets finished mixed as of their recent closing prices. The CAC 40 gained 0.22% while the FTSE 100 was higher by 0.11%. The DAX was even.
  • U.S. stock indexes were mixed on Wednesday, with the Nasdaq gaining on the strength of tech stocks while the S&P 500 was little changed as it marked its longest bull-market run.
  • The Dow Jones Industrial Average fell 88.69 points, or 0.34 percent, to 25,733.6, the S&P 500 lost 1.14 points, or 0.04 percent, to 2,861.82 and the Nasdaq Composite added 29.92 points, or 0.38 percent, to 7,889.10.
  • The U.S. economy likely created 43,000 more jobs in the 12 months through March than previously estimated, the Labor Department said on Wednesday.
  • The marginal increase, which the Labor Department said represented less than a 0.05 percent gain versus current estimates, is a preliminary estimate of the government’s annual “benchmark” revision to nonfarm payrolls data. Job growth in the U.S. economy remains relatively strong despite the labor market being near full employment.
  • S. home sales fell for a fourth straight month in July as a shortage of properties on the market pushed up house prices, likely sidelining some potential buyers.
  • The National Association of Realtors said on Wednesday existing home sales fell 0.7 percent to a seasonally adjusted annual rate of 5.34 million units last month. July’s drop marked the longest streak of monthly declines since 2013.