Rupee steady as local equities extended rally offsets overnight Dollar gains

Financial Market Overview

09th January, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • The Indian rupee is trading little changed against the dollar in early session, as strong local shares offset gains in the greenback as the euro rally fizzles out. Pair USDINR now at 63.51, against 63.5050 previous close.
  • Pair to tip in range between 63.40-63.60 today.

Indian Equities:-

  • Equity benchmarks hit fresh record high again in opening on Tuesday, with the Sensex trading above 34,400 level.
  • The 30-share BSE Sensex was up 78.32 points at 34,431.11 and the 50-share NSE Nifty gained 12.30 points at 10,635.90. About 1,003 shares advanced against 358 declining shares on the BSE. Coal India was up 4 percent.
  • Tata Steel, Axis Bank, Kotak Mahindra Bank, SBI, Sun Pharma, M&M, Wipro and Vedanta were early gainers while HPCL, Indiabulls Housing, Zee Entertainment, Hindalco and Dr Reddy’s Labs were losers.

Global Markets:-

  • Asian markets are higher today . The Shanghai composite is up 0.08% . The Hang Seng rose 0.43% and ASX200 is trading higher  by 0.24%.
  • The S&P 500 barely rose on Monday while the healthcare and financial sectors weighed and investors took a breather ahead of earnings season and after the strong rally that marked the start of 2018. The Dow Jones Industrial Average fell 12.94 points, or 0.05 percent, to 25,282.93, the S&P 500  gained 4.55 points, or 0.17 percent, to 2,747.7 and the Nasdaq Composite added 20.83 points, or 0.29 percent, to 7,157.39.
  • European markets finished mixed as of the most recent closing prices on Monday. The DAX gained 0.36% and the CAC 40 rose 0.30%. The FTSE 100 lost 0.36%.
  • The dollar index, which measures the greenback against a basket of six major rivals, ended 0.45% up in overnight trade, rising to an over one-week high of 92.67, as the euro came off last week’s high amid profit-booking.
  • The yen jumped on Tuesday after the Bank of Japan trimmed its buying of long-dated Japanese government bonds in market operations, helping to stoke speculation about a future exit from its massive stimulus policy.
  • The yen rose about 0.4 percent to 112.62 yen to the dollar JPY, bouncing back further from its two-week low of 113.40 per dollar touched on Monday. The BOJ trimmed the amount it bought in Japanese government bonds of 10 to 25 years left to maturity and those of 25 to 40 years to maturity by 10 billion yen ($88.39 million) each from its previous operations.