Financial Market Overview
28th November, 2017
MARKETS AT Noon:-
- Indian rupee was trading at an over two-month high against the dollar in afternoon session, as greenback sales by foreign banks, likely for their custodian clients, eroded early losses.
- The rupee was last seen at 64.42 to a dollar, and against 64.50 at close in the previous session. The local currency briefly fell to an intraday low of 64.60 to a dollar earlier today, before eroding losses to surge to 64.3650, the highest level since Sep. 20. Most other Asian currencies were mixed against the dollar.
- The 30-share BSE Sensex was down 115.07 points at 33,609.37 and the 50-share NSE Nifty fell 28.10 points to 10,371.45.
- About 1,428 shares advanced against 1,046 declining shares on the BSE.
- HDFC (up 1.14 percent) and HDFC Bank (0.6 percent) continued to support the market while Reliance Industries, ICICI Bank, ITC, Infosys and L&T were down around a percent each.
- Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.34%, while the Nikkei 225 led the Hang Seng lower. They fell 0.04% and 0.02% respectively.
- European markets are higher today with shares in France leading the region. The CAC 40 is up 0.38% while London’s FTSE 100 is up 0.22% and Germany’s DAX is up 0.30%.
- The dollar index, which measures the greenback against a basket of six major rivals, rose 0.13% yesterday, as traders await likely Senate vote on a tax reform plan in the world’s largest economy and Federal Reserve Governor Jerome Powell’s confirmation hearing as the next head of the central bank. The index was last trading up 0.09% at 92.99.
- In a prepared remark for the hearing released by the U.S. central bank yesterday, Powell said he pledge for “decisive” response to any economic crisis, while adding that the authority would increase interest rates further and gradually shrink the size of the balance sheet.
- “Our aim is to sustain a strong jobs market with inflation moving gradually up toward our target,” Powell said.