Jun 29 2018

Rupee remained higher on strong local and global equities

Financial Market Overview

29th June, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee remained higher against the dollar in afternoon trade, helped by a rebound in regional and local shares after the recent global sell-off, while the U.S. currency also fell tracking the euro’s jump.
  • The rupee was last seen at 68.40 to a dollar, from 68.79 at previous close. It opened at 68.70 and extended gains to 68.36. The rupee fell below 69-per-dollar levels for the first time ever on weak risk appetite amid escalating trade war worries between U.S. and China and soaring crude oil prices.

Indian Equities:-

  • The market continued to trade strong in afternoon as the Nifty is inching towards 10,700 levels, driven by oil, FMCG, infra, metals and select banks stocks.
  • The 30-share BSE Sensex rallied 287.69 points to 35,325.33 and the 50-share NSE Nifty rose 93.70 points to 10,682.80 while the Nifty Midcap index gained more than a percent.

Global Markets:-

  • Asian markets finished broadly higher today with shares in China leading the region. The Shanghai Composite is up 2.20% while Hong Kong’s Hang Seng is up 1.61% and Japan’s Nikkei 225 is up 0.15%.
  • European markets are broadly higher today with shares in France leading the region. The CAC 40 is up 1.31% while Germany’s DAX is up 1.20% and London’s FTSE 100 is up 0.79%.
  • The dollar index was trading down 0.5%, tracking a jump in the euro after the European Union leaders reached a deal on migrants, an issue that was a weighing on the bloc’s unity and threatened the fate of German Chancellor Angela Merkel. The single currency was up 0.6%.
  • Britain’s annual economic growth for the first quarter met consensus expectations, according to figures released by the Office for National Statistics on Friday. GDP grew by 1.2% on a year-to-year basis in the quarter, in line with expectations. On a quarterly basis, growth came in at 0.2%, from an earlier estimate of 0.1%.