Financial Market Overview
01st November, 2018
MARKETS AT CLOSE:-
- 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.
- 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.
- 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.