Financial Market Overview
18th January, 2019
- The Indian rupee was down tracking a spike in crude oil prices that raised concerns over widening of the nation’s current account deficit. However, expectations of foreign fund inflows limited further losses.
- The rupee changed hands at 71.20 to a dollar against 71.0450 at the previous close. The currency opened at 71.0650 and has so far remained in 17-paisa band.
- Indian shares fell on Friday, dragged by Sun Pharmaceutical Industries Ltd after reports of fresh allegations by a whistleblower, though gains in Reliance Industries Ltd after strong quarterly earnings helped cap losses.
- The broader NSE index was down 0.21% to 10,882.15, while the benchmark BSE index was up 0.22% to 36,294.85.
- Asian markets closed sharply higher on Thursday with shares in China leading the region. The Shanghai Composite is up 1.42% while Japan’s Nikkei 225 is up 1.29% and Hong Kong’s Hang Seng is up 1.22%.
- European markets are also higher today. The CAC 40 is up 0.72% while London’s FTSE 100 is up 0.70% and Germany’s DAX is up 0.76%.
- The benchmark Brent crude oil contract rose 0.93% to $61.75 per barrel after a report from the Organization of the Petroleum Exporting Countries showed production fell sharply last month and on upbeat risk appetite.
- The dollar index was little changed at 96.08. Meanwhile, the British pound was 0.1% lower after rising yesterday amid hopes of a second referendum on Britain’s membership in the European Union after Prime Minister Theresa May’s Brexit plan was rejected in parliament this week.