Financial Market Overview
22nd March, 2018
MARKETS AT OPEN:-
- Rupee opens higher as dollar struggles after Fed maintains its projections for rate increases this year. Pair USDINR now at 65.11 against 65.21 previous close.
- Pair to tip in range between 65.00-65.20.
- Benchmark indices opened flat amid weak global cues after the US Federal Reserve raised rates and 2019 GDP projections.
- The 30-share BSE Sensex was up 14.98 points at 33,151.16 and the 50-share NSE Nifty gained 6.30 points at 10,161.60.
- Asian markets are lower today. The Shanghai Composite is down 0.81%, Hong Kong’s Hang Seng fell 0.49% and the Australian ASX20 is trading lower by 0.30%.
- European markets finished mixed as of the most recent closing prices. The DAX gained 0.01%, while the FTSE 100 led the CAC 40 lower. They fell 0.32% and 0.24% respectively.
- U.S. stocks ended slightly lower on Wednesday, with stocks giving up gains in choppy trade after the Federal Reserve raised benchmark U.S. interest rates, while a strong gain in the energy space helped limit losses. The Dow Jones Industrial Average fell 44.96 points, or 0.18 percent, to 24,682.31, the S&P 500 lost 5.01 points, or 0.18 percent, to 2,711.93 and the Nasdaq Composite dropped 19.02 points, or 0.26 percent, to 7,345.29.
- Dollar index down 0.2%, adding to yesterday’s 0.7% decline as Fed dot plot indicates two more hikes in 2018 after it expectedly raised rates by 25 basis points yesterday. Most Asian currencies higher as fears of Fed signaling four rate hikes in 2018 do not come to pass. Fed revises higher outlook for growth for current year and next, and projections for Fed rates in 2019 and 2020 move higher.