Financial Market Overview
25th October, 2017
MARKETS AT Noon:-
- Indian rupee remained lower against the U.S. currency in afternoon trade, as speculation that hawkish Stanford University economist John Taylor was the favorite to be the next Federal Reserve head lifted the dollar from overnight losses.
- The rupee was last seen at 65.14 to a dollar, from 65.0550 at close yesterday. It has fallen to 65.1950 levels so far today, also the lowest since Oct.12.
- Equity benchmarks extended gains in afternoon, with the Sensex rising 449.14 points or 1.38 percent to 33,056.48 and the Nifty climbing 92.50 points to 10,300.20.
- The volatility increased a bit during the day ahead of expiry of October derivative contracts on Thursday.
- Nifty Bank rallied 750 points, largely backed by PSU banks after mega recapitalisation plan of Rs 2.11 lakh crore that will be spread over two fiscal years.
- Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.53% and the Shanghai Composite rose 0.26%. The Nikkei 225 lost 0.45%.
- European markets are mixed. The CAC 40 is higher by 0.20%, while the FTSE 100 is leading the DAX lower. They are down 0.30% and 0.08% respectively.
- Britain’s economy picked up speed unexpectedly in the third quarter, according to figures on Wednesday that likely cement expectations that the Bank of England will raise interest rates next month.
- Quarterly gross domestic product growth rose to 0.4 percent compared with 0.3 percent growth in the three months to June 2017, the Office for National Statistics said. A poll of economists had pointed to growth of 0.3 percent.