Nov 29 2017

Rupee opens marginally lower on strong U.S data

Financial Market Overview

29th November, 2017

Morning Coffee:-                                                                                  



  • Indian rupee edge slightly lower against the dollar in early trade, tracking overnight gains in the greenback underpinned by strong U.S. economic data and after Fed chair nominee Jerome Powell hinted at a rate hike next month; pair USDINR now at 64.48 against 64.41 previous close.
  • Pair to tip in range between today 64.30-64.55.

Indian Equities:-

  • Equity benchmarks were mildly higher in opening trade, shrugging off North Korea’s latest missile launch, and tracking positive Wall Street close.
  • The 30-share BSE Sensex was up 34.86 points at 33,653.45 and the 50-share NSE Nifty rose 16.90 points to 10,387.20. About 896 shares advanced against 317 declining shares on the BSE.
  • Cipla, Coal India, NTPC, ONGC, Hindalco Industries and L&T were early gainers while Axis Bank and Tech Mahindra were under pressure.

Global Markets:-

  • Asian markets are mixed today . The Hang Seng is down 0.30%. The Shanghai Composite is off 0.49% and ASX200 is up 0.53%.
  • Wall Street surged to record highs on Tuesday. The Dow Jones Industrial Average  rose 255.93 points, or 1.09 percent, to 23,836.71, the S&P 500 gained 25.63 points, or 0.99 percent, to 2,627.05 and the Nasdaq Composite  added 33.84 points, or 0.49 percent, to 6,912.36. All three indexes notched record closing highs.
  • European markets finished broadly higher on Tuesday with shares in London leading the region. The FTSE 100 is up 1.04% while France’s CAC 40 is up 0.57% and Germany’s DAX is up 0.46%.
  • S. consumer confidence index rose to 129.5 this month, close to a 17-year high. Separately, data showed home prices in 20 U.S. cities rose at the fastest pace in years. The S&P CoreLogic Case-Shiller composite index of house prices in 20 metropolitan areas climbed 6.2% on year in September, fastest since July 2014 and against a 5.8% rise in Augus.
  • Federal Reserve chair nominee Powell’s remarks at his confirmation hearing before the banking panel yesterday also boosted sentiment for the greenback. In a prepared remark for the hearing released by the Fed, he said one can expect interest rates to rise somewhat further while size of the balance sheet will gradually shrink.