Nov 01 2018

Rupee Snaps 2-Day Fall On Lower Oil

Financial Market Overview

01st November, 2018

Evening Coffee:-                                                                        

MARKETS AT CLOSE:-

Rupee:-

  • The Indian rupee rose for the first time in three days against the dollar, as crude oil prices slipped below the $75-per-barrel mark and investors’ risk appetite improved after the dollar index weakened. The rupee ended at 73.45 to a dollar, against 73.95 at close yesterday. The unit rose 0.7% today, its biggest single-session gain since Oct. 12. It had opened at the day’s low of 73.87. Most Asian currencies also gained against the greenback.
  • The U.S. has agreed to grant India a waiver from Iran sanctions after the nation decided to cut oil imports from Tehran by about a third in 2018-19, according to media reports.

 Indian Equities:-

  • First session of November 2018 began on a subdued note, with the Nifty ending below 10,400-mark.
  • Banks were the gainers during the session, while infrastructure and metals rose during trade as well. Pharmaceuticals, IT, and consumption names were the big losers in trade today.
  • At the close of market hours, the Sensex closed down 10.08 points or 0.03% at 34431.97, while the Nifty ended lower by 6.10 points or 0.06% at 10380.50. The market breadth is positive as 1,590 shares advanced, against a decline of 990 shares, while 124 shares were unchanged.
  • Yes Bank, Axis Bank, and Hindalco were the top gainers, while Infosys, NTPC, HCL Tech and Dr Reddy’s Labs lost the most.

 Global Markets:-

  • European markets are higher today with shares in Germany leading the region. The DAX is up 0.97% while France’s CAC 40 is up 0.44% and London’s FTSE 100 is up 0.35%.
  • Sterling’s optimism-fuelled gains could be extended if the special Brexit summit that had been pencilled in for Nov. 17-18 is reinstated. The summit was put on hold after a European Union summit a fortnight ago made little progress. If the special summit makes it back onto the calendar, it could prompt further buying of the pound driven by FOMO — fear of missing out — since a Brexit deal at the summit would drive up GBP. Prior FOMO trades helped inflate cable to last month’s high of 1.3259 — before sterling’s balloon was punctured by the absence of an October Brexit deal.
  • Activity in the UK manufacturing sector grew at the slowest pace in more than two years in October amid rising global trade tensions and Brexit uncertainties.
  • Research firm IHS Markit said its manufacturing purchasing managers’ index fell to 51.1 in October, compared to forecasts for a reading of 53.1 and down from 53.6 the previous month.
  • World food prices fell 0.9 percent in October from the month before, reflecting lower values for meat, dairy and oils, the United Nations food agency said on Thursday.
  • The Food and Agriculture Organization’s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 163.5 points last month, against a slightly revised 164.9 in September.The September figure was previously given as 165.4.