Mar 06 2018

Rupee stays higher as appetite recovers on easing trade war fears

Financial Market Overview

06th March, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee stayed higher against the dollar in afternoon trade, in line with most Asian peers, as global equities rebounded on easing trade war fears, which were triggered by U.S. President Donald Trump’s proposed steel and aluminum tariffs.
  • The rupee was last seen at 65.01 to a dollar against 65.11 at close in the previous session. The currency hit an intraday high of 64.92, its highest since Feb. 27.

Indian Equities:-

  • Benchmark indices traded higher with mild gains in afternoon, backed by metals and oil retailers. Index heavyweight Reliance Industries and HDFC, too, supported the market but the weakness in ICICI Bank, HDFC Bank and ITC capped gains.
  • The 30-share BSE Sensex was up 71.72 points at 33,818.50 and the 50-share NSE Nifty gained 33.50 points at 10,392.35.

Global Markets:-

  • European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.07% while London’s FTSE 100 is up 0.84% and France’s CAC 40 is up 0.49%.
  • Asian markets closed sharply higher today with shares in Hong Kong leading the region. The Hang Seng is up 2.09% while Japan’s Nikkei 225 is up 1.79% and China’s Shanghai Composite is up 1.00%.
  • The euro ended 0.15% higher after a brief sell-off yesterday as the outcome of a hung parliament after Italian elections was offset by German Chancellor Angela Merkel’s conservatives receiving support from Social Democrats (SPD) to form a coalition.
  • Markets now await monetary policy decisions from the European Central Bank and the Bank of Japan due later this week.