Dec 08 2017

Rupee opens steady ahead of US jobs data

Financial Market Overview

08th December, 2017

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee  opens little changed against the dollar at 64.5550, as strength in local shares tracking regional peers is expected to offset the impact of gains in greenback after the U.S. tax reform bill made progress ahead of the crucial nonfarm payroll data. Pair USDINR now at 64.56 against 64.57 previous close.
  • Pair to tip in range between today 64.40-64.70.

Indian Equities:-

  • Equity benchmarks extended rally in opening on Friday, with the Sensex rising more than 150 points and the Nifty reclaiming 10,200 level on value buying and positive global cues.
  • Tata Motors, GAIL, Axis Bank, Kotak Mahindra Bank, ICICI Bank, Bajaj Auto, Bosch, Bajaj Finance and IndusInd Bank were early gainers. Bharti Infratel, NTPC, Lupin, Eicher Motors and HPCL were early losers.
  • The 30-share BSE Sensex was up 166.12 points at 33,115.33 and the 50-share NSE Nifty rose 50.30 points to 10,217. About 958 shares advanced against 263 falling shares on the BSE.

Global Markets:-

  • Asian markets are higher today . The Hang Seng is up 0.28% . The Shanghai Composite rose by 0.15% and ASX200 is trading higher by 0.28%.
  • Wall Street rose on Thursday, The Dow Jones Industrial Average rose 0.29 percent to end at 24,211.48 points, while the S&P 500  gained 0.29 percent to 2,636.98. The Nasdaq Composite added 0.54 percent to 6,812.84.
  • European markets finished mixed as of the most recent closing prices. The DAX gained 0.36% and the CAC 40 rose 0.18%. The FTSE 100 lost 0.37%.
  • The dollar index, which measures the greenback against a basket of six major rivals, ended 0.2% higher overnight and was last trading little changed.
  • The U.S. Congress yesterday passed legislation to fund federal programs through Dec. 22, before Friday midnight deadline. The short-term funding bill has thus averted a government shutdown this weekend. However, the U.S. has two weeks to sort out the next government funding bill to avert a partial government shutdown on Dec. 23.
  • Meanwhile, the U.S. Senate Republicans had earlier this week agreed to hold talks with the House of Representatives with regard to the tax legislation, indicating a possibility that agreement on the key tax reform bill may come well ahead of the self-imposed Dec. 22 deadline.
  • Investors now await the key U.S. nonfarm payrolls report due later today, ahead of Federal Reserve’s monetary policy due on Dec. 12-Dec. 13. A  poll of economists forecast U.S. to add 200,000 jobs in November against 261,000 jobs in October.