Jan 19 2018

Rupee opens higher tracking asian cues and lower Oil prices

Financial Market Overview

19th January, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee trade higher against the dollar in early session, tracking gains in most Asian currencies and a fall in global crude oil prices, even as the U.S. Congress passed a short-term spending bill to avoid government closure. Pair USDINR now at 63.64 against 63.85 previous close.
  • Pair to tip in range between 63.50-63.75 today.

Indian Equities:-

  • Equity benchmarks extended gains in opening on Friday, with the Nifty holding 10,800 level. The 30-share BSE Sensex rose 65.36 points to 35,325.65 and the 50-share NSE Nifty gained 8.30 points at 10,825.30. About 749 shares advanced against 637 declining shares on the BSE.
  • ITC, Kotak Mahindra Bank, HCL Technologies, HUL, Yes Bank, Adani Ports, Reliance Industries, Coal India and Eicher Motors were early gainers. UltraTech Cement, Infosys, Bharti Airtel, Vedanta, Wipro, ICICI Bank and Tata Motors were early losers.

Global Markets:-

  • Asian markets are mixed today. Shares in Hong Kong gains as the Hang Seng is up 0.15%. The Australian ASX 200 is down 0.14% while the Shanghai Composite in China is higher by 0.36%.
  • European markets finished mixed as of the most recent closing prices. The DAX gained 0.74% and the CAC 40 rose 0.02%. The FTSE 100 lost 0.32%.
  • The dollar index, which measures the greenback against a basket of six major rivals, gave up early gains to end little changed in an overnight trade amid concerns over a possible U.S. government shutdown.
  • However, the House of Representatives last night approved an extension of federal funds through Feb. 16, to avoid U.S. government shutdown at midnight today, even as the bill faced uncertain prospects in the Senate. The legislation must be passed by the Senate now.
  • Losses in the index were already underpinned by strength in euro amid bets that ECB would soon begin trimming its massive monetary policy stimulus.
  • The benchmark Brent crude oil was fell 0.1% yesterday and was trading down 0.7% at $68.80 per barrel, tracking rise in U.S. production. The Brent rose above the $70 per barrel mark earlier this week, a level last seen in late 2014, supported by ongoing supply cut by major oil producers and robust demand.