Nov 16 2017

Rupee opened lower on upbeat U.S data

Financial Market Overview

16th November, 2017

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee opened lower at 65.29 against the dollar, after upbeat U.S. core inflation and retail sales data lifted expectations of a rate hike next month, boosting demand for the greenback. However, ongoing concerns over a tax reform bill in the world’s largest economy may limit further losses in the local unit, dealers said; pair USDINR now at 65.31, against 65.21 previous close.
  • Pair to tip in range between today 65.15-65.

Indian Equities:-

  • Equity benchmarks rebounded on Thursday after seeing a fall for previous three consecutive sessions, backed by beaten down stocks. Asian markets barring China also traded higher.
  • The 30-sahre BSE Sensex was up 96.78 points at 32,857.22 and the 50-share NSE Nifty gained 29 points at 10,147.
  • Aurobindo Pharma, Tata Motors, Ambuja Cements, Tata Steel, Reliance Industries and SBI were early gainers while Coal India, HUL, HCL Technologies and GAIL were under pressure.

Global Markets:-

  • Asian markets are mixed today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.83% while the Hang Seng is up 0.53% and ASX200 is up 0.18%. The Shanghai Composite is down 0.10%.
  • S. stocks fell on Wednesday as energy sector shares dropped for a fourth straight session, tracking crude prices . The S&P 500 ended the day down 0.55 percent at 2,564.62. The Dow Jones Industrial Average fell 138.19 points, or 0.59 percent, to close at 23,271.28 and the Nasdaq Composite dropped 31.66 points, or 0.47 percent, to 6,706.21.
  • European markets finished lower yesterday with shares in London leading the region. The FTSE 100 is down 0.56% while Germany’s DAX is off 0.44% and France’s CAC 40 is lower by 0.27%.
  • Data released yesterday showed, U.S. consumer prices rose 0.1% in October after rising 0.5% in September and was in line with economists forecast in a poll. On annual basis, CPI rose 2% in October, against a 2.2% expansion in September. U.S. retail sales unexpectedly rose 0.2% in October and 4.6% on annual basis. September data was revised higher to 1.9% from 1.6% reported earlier.
  • Concerns over U.S. tax reform bill renewed after two Republican lawmakers protested against a Senate Republican tax plan, which would repeal the Obamacare mandate and give permanent tax cuts only to U.S. corporations. This limited gains in the dollar.