Dec 20 2017

Rupee steady ahead of final vote on U.S. tax bill

Financial Market Overview

20th December, 2017

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee open steady against the dollar at 64.0050, as investors await a final vote on a U.S. tax-cut legislation later today after the House of Representatives passed the bill that did not comply with the Senate rules. Pair USDINR now at 64.05 against 64.03 previous close.
  • Pair to tip in range between 63.90-64.15 today.

Indian Equities:-

  • Equity benchmarks started off trade at record highs on Wednesday, but immediately slipped into red to trade volatile.
  • The 30-share BSE Sensex was down 18.70 points at 33,818.04 and the 50-share NSE Nifty fell 12.40 points to 10,450.80.
  • About 785 shares advanced against 445 declining shares on the BSE. Tata Steel, UltraTech Cement, Dr Reddy’s Labs, SBI, L&T, HUL and Power Grid were early losers while ONGC, Coal India, Maruti Suzuki, GAIL, M&M and Hero MotoCorp were gainers.

Global Markets:-

  • Asian markets are mildly higher today . The Hang Seng is up 0.04% . The Shanghai Composite is unchanged at 3296 and ASX200 is trading higher  0.06%.
  • S. stocks fell on Tuesday. The Dow Jones Industrial Average fell 37.45 points, or 0.15 percent, to 24,754.75, the S&P 500 lost 8.69 points, or 0.32 percent, to 2,681.47 and the Nasdaq Composite dropped 30.91 points, or 0.44 percent, to 6,963.85.
  • European markets finished mixed as of the most recent closing prices on Tuesday. The FTSE 100 gained 0.09%, while the DAX led the CAC 40 lower. They fell 0.72% and 0.69% respectively.
  • The dollar index, which measures the greenback against a basket of six major rivals, ended down 0.27% in overnight session and was last trading flat.
  • The index pared some losses after the U.S. House of Representatives yesterday voted in favor of the tax legislation, but the bill included provisions that did not comply with Senate rules. The Senate is widely expected to vote on a revised bill and send it back to the House for another vote today. A House approval will see the bill go to President Donald Trump, who will sign it into a law.
  • Data released yesterday showed strength in housing market, after the U.S. single-family homebuilding jumped 5.3% in November to a rate of 930,000 units, its highest since September 2007, and single-family home permits rose 1.4% to a pace of 862,000 units, surging to more than 10-year highs.
  • Markets now await monetary policy decision by the Bank of Japan, due tomorrow.