Nov 08 2017

Rupee opens lower as crude oil strength weighs

Financial Market Overview

08th November, 2017

Morning Coffee:-                                                                                  



  • Rupee opens lower as strong crude oil price continues to weigh on local currency. Pair USDINR now at 65.13 against 65.03 previous close.
  • Pair to tip in range between today 65.00-65.20.

Indian Equities:-

  • Equity benchmarks opened mildly higher amid consolidation after sharp fall seen in previous session. Investors will closely watch crude oil price movement and corporate earnings.
  • The 30-share BSE Sensex was up 33.45 points at 33,404.21 and the 50-share NSE Nifty gained 11.90 points at 10,362.10.
  • The broader markets gained 0.2 percent. About 818 shares advanced against 358 declining shares on the BSE.

Global Markets:-

  • Asian markets are mixed today, Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.57% while the Hang Seng is up 0.27% and Australian ASX200 is up 0.03%. The Nikkei 225 is trading lower by 0.28%.
  • S. equities were mixed at the close on Tuesday, as gains in the Utilities, Consumer Goods and Telecoms sectors propelled shares higher while losses in the Financials, Consumer Services and Oil & Gas sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average rose 0.04%, while the S&P 500 index fell 0.02%, and the NASDAQ Composite index declined 0.27%.
  • European markets finished lower yesterday with shares in Germany leading the region. The DAX is down 0.66% while London’s FTSE 100 is off 0.65% and France’s CAC 40 is lower by 0.48%.
  • Crude oil prices had risen to a two-and-a-half-year high of $64.65 per barrel during the trading session yesterday, after crown prince of Saudi Arabia – the world’s largest exporter of crude oil – tightened his grip on power through an anti-corruption drive, which included high profile arrests of royals, ministers and investors over the weekend.
  • Dollar index off 0.1% at 94.840 as Treasury yields continue to decline. The Washington Post, citing unidentified sources, reported on Tuesday that Senate Republican leaders considering one-year delay in implementation of a major corporate tax cut to comply with Senate rules.
  • China’s exports denominated in yuan up 6.1% in October from a year earlier, missing estimates; imports up 15.9% on-year