May 17 2018

Rupee opens higher tracking mild recovery in emerging market currencies

Financial Market Overview

17th May, 2018

Morning Coffee:-                                                                                  



  • Indian rupee opened higher against the dollar amid a mild recovery in emerging market currencies. Pair USDINR now at 67.62 against 67.79 previous close.
  • Pair to tip in range between 67.46-67.75.

Indian Equities:-

  • Benchmark indices rebounded following confirmation that BJP is forming government in Karnataka.
  • The 30-share BSE Sensex was up 112.77 points at 35,500.65 and the 50-share NSE Nifty gained 29.90 points at 10,771.
  • Tata Steel, Vedanta, TCS, Wipro, Tata Motors, ITC and SBI were early gainers while Cipla, HPCL, BPCL and Lupin were losers.

Global Markets:-

  • Asian markets are mixed today. The Hong Kong’s Hang Seng is up 0.03%  while the Shanghai Composite is down 0.41% and the Australain ASX is trading lower by 0.31%.
  • European markets finished higher yesterday with shares in France leading the region. The CAC 40 is up 0.26% while Germany’s DAX is up 0.20% and London’s FTSE 100 is up 0.15%.
  • US. stocks were higher at the close on Wednesday, as gains in the Basic Materials, Consumer Goods and Consumer Services sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average gained 0.25%, while the S&P 500 index climbed 0.41%, and the NASDAQ Composite index gained 0.63%.
  • Emerging markets currencies rebounded after concerns over rising U.S. bond yields prompted a selloff in recent weeks. The Turkish lira recovered from record lows, the Mexican peso bounced back from its worst level this year, and the South African rand managed a similar rebound. In regional currencies, the Chinese yuan – hovering at three month lows – was up 0.2% versus the dollar in Thursday trading, while the Thai baht rose 0.5% and the Philippine peso added 0.2%. Overnight.
  • US. industrial production rose in April, according to data released on Wednesday. The Federal Reserve reported that industrial output advanced 0.7% last month after gaining 0.5% in March. Economists had forecast industrial production rising 0.5%.
  • US. homebuilding fell in April, according to data released on Wednesday. Housing starts decreased 3.7% to a seasonally adjusted annual rate of 1.287 million units last month, the Commerce Department said. Economists had forecast housing starts declining to a pace of 1.310 million units last month. Building permits fell 1.8% to a rate of 1.352 million units in April.