Nov 27 2017

Rupee opened steady after S&P reaffirms India’s credit rating

Financial Market Overview

27th November, 2017

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee  opens little changed against the dollar at 64.71, after Standard & Poor’s reaffirmed the nation’s credit rating at BBB-, with a stable outlook; pair USDINR now at 64.74 against 64.6975 previous close.
  • S&P Global Ratings retained its long-term credit rating on India at BBB-, and also maintained a stable outlook, citing sound external profile, and improving monetary credibility.
  • Pair to tip in range between today 64.60-64.90.

Indian Equities:-

  • Equity benchmarks started off the week on a negative note on Monday, weighed by banks after the S&P retained its India’s rating at BBB- and outlook stable. Weak Asian cues also weighed on sentiment.
  • The 30-share BSE Sensex was down 77.25 points at 33,601.99 and the 50-share NSE Nifty fell 35.30 points to 10,354.40. ONGC, L&T, Bosh, Dr Reddy’s Labs and Power Grid were early gainers while Sun Pharma, Vedanta, HPCL and Tata Motors were losers.

Global Markets:-

  • Asian shares were mixed on Monday in a quiet start to the week with no major regional data due. In Japan, the Nikkei 225 fell 0.34%, while in Australia the S&P/ASX 200 edged up 0.04%. In Greater China, the Shanghai Composite dropped 0.80%, while the Hang Seng index fell 0.44%
  • Last week, The S&P 500 hit record highs, rising 0.2% to 2,602.42 with information technology as the best-performing sector. The Nasdaq composite climbed 0.3% to 6,889.16, posting intraday and closing records as shares of Amazon  gained 2.6% to a record. The Dow Jones industrial average rose 31.81 points to finish at 23,557.99.
  • European markets finished mixed as of the most recent closing prices on Friday. The DAX gained 0.39% and the CAC 40 rose 0.20%. The FTSE 100 lost 0.10%.
  • Dollar index flat at 92.804 after falling Friday to its lowest since late September on euro zone’s recovery; for the week, dollar index fell nearly 1%, its worst weekly loss since September. Asia’s three-biggest economies, China, Japan and India, report key data this week, while outgoing Fed Chair Janet Yellen to address Joint Economic Committee of Congress on Wednesday.