Rupee Traded Higher On Anticipated Greenback Inflows

Rupee Traded Higher On Anticipated Greenback Inflows

29 May 2020 01:24 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was at 75.55/75.56 to the dollar, against 75.7450/75.7550 in the previous session, on anticipated greenback inflows and as the dollar index tumbled to a two-month low yesterday. Broad market awaits Trump’s press conference on China later today for further cues.
  • The benchmark 6.45% bond maturing in 2029 was at 103.32 rupees, yielding 5.98%, against 103.25 rupees, yielding 5.99% at the previous close, ahead of the weekly debt sale outcome, while traders await the country’s January-March gross domestic product data due later today.

Indian Equities

  • Indian Benchmark NSE Nifty50 index was down 10.70 points at 9479.4, while the BSE Sensex was down 120.51 points at 32080.08.
  • Among the 50 stocks in the Nifty index, 33 were trading in the green, while 17 were in the red. Shares of Vodafone Idea, IDFC First Bank Ltd., Federal Bank, Tata Motors, BHEL, GMR Infra, SBI, Axis Bank, ICICI Bank and Zee Ent. were among the most traded shares on the NSE.

Global Markets

  • Hong Kong's Hang Seng index was 0.5% lower in early trade and has lost about 3% in the two weeks since news of China's security legislation broke.
  • European futures were in the red, with FTSE futures down 0.7% and EuroSTOXX 50 futures 1% lower. Futures for the S&P 500 slipped 0.2%.
  • In bond markets, yields on benchmark 10-year U.S. Treasuries fell 3 basis points to 0.6705%, more than 100 basis points below where they began 2020.
  • Demand jitters kept oil under pressure and Brent crude slipped 33 cents or 0.9% to $34.96 a barrel, while U.S. crude was down 1.6% at $33.17 a barrel.