Financial Market Overview
05th June, 2018
MARKETS AT OPEN:-
- Indian rupee opened marginally higher against the U.S. currency at 67.07, tracking losses in Brent crude and the dollar index. Pair USDINR now at 67.12 against 67.11 previous close.
- We expect the pair to tip in range between 67.00-67.20 today.
- Equity benchmarks have begun the day on a flat note, with the Nifty holding on to 10,600-mark. The Sensex has managed to trade above 35,000.
- The Sensex is up 26.02 points or 0.07% at 35037.91, and the Nifty down 11.30 points or 0.11% at 10617.20. The market breadth is negative as 217 shares advanced, against a decline of 289 shares, while 61 shares are unchanged.
- Asian markets are mixed today. The Australian’s ASX200 is down 0.33%, the Hong Kong’s Heng Seng fell by 0.05% while the Shanghai Composite is trading higher by 0.08%.
- European markets finished higher yesterday with shares in London leading the region. The FTSE 100 is up 0.51% while Germany’s DAX is up 0.37% and France’s CAC 40 is up 0.14%.
- Wall Street’s three major indexes rose on Monday, with technology and consumer stocks providing the strongest boost as investors bet on a continuation of strong economic growth while falling oil prices weighed on the energy sector. The Dow Jones Industrial Average rose 178.48 points, or 0.72 percent, to 24,813.69, the S&P 500 gained 12.27 points, or 0.45 percent, to 2,746.89 and the Nasdaq Composite added 52.13 points, or 0.69 percent, to 7,606.46.
- China’s services sector expanded at a steady. The Caixin/Markit services purchasing managers’ index (PMI) was unchanged in May from April at 52.9, indicating steady expansion though at a slightly slower pace than earlier in the year. The 50-mark separates growth from contraction.
- Brent crude fell for the second day on Monday and U.S. benchmark crude for the third consecutive session, pressured by rising U.S. output and expectations that OPEC and its allies may increase production later this year. Brent is now down almost $6 per barrel from its recent highs and the U.S. benchmark has slipped more than $7.5.
- The dollar index slipped for the third time in four sessions on Monday, primarily on the back of the euro climbing back to near the 1.17 level versus the U.S. currency amid easing Italian political worries.