Jan 23 2018

Rupee turns higher as Nifty hits 11000; Bank of Japan holds policy steady

Financial Market Overview

23rd January, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee is trading higher against the dollar in opening session, tracking gains across global share markets, which rubs off on domestic equity markets as well. Pair USDINR now at 63.77 against 63.87 previous close.
  • Pair to tip in range between 63.70-63.95 today.

Indian Equities:-

  • Shares began the day on another strong note, with the Nifty hitting a fresh milestone of 11,000 in the first few minutes of trade. The Sensex gained over 100 points.
  • The Sensex is up 134.91 points or 0.38% at 35932.92, and the Nifty up 43.00 points or 0.39% at 11009.20. The market breadth was positive as 523 shares advanced, against a decline of 246 shares, while 152 shares are unchanged.
  • BHEL, Coal India, IOC and Yes Bank gained the most, while Hero MotoCorp, Asian Paints, HUL, and Zee Entertainment were the top losers.

Global Markets:-

  • Asian markets are higher today. Shares in Hong Kong leading the markets as the Hang Seng gians 1.01%. The Australian ASX 200 is up 0.71% while the Shanghai Composite in China is higher by 0.64%.
  • European markets finished mixed as of the most recent closing prices. The CAC 40 gained 0.28% and the DAX rose 0.22%. The FTSE 100 lost 0.20%.
  • Wall Street’s main indexes hit record closing highs on Monday in the wake of a deal by U.S. senators to end the federal government shutdown. Based on the latest available data, the Dow Jones Industrial Average rose 142.95 points, or 0.55 percent, to 26,214.67, the S&P 500 gained 22.68 points, or 0.81 percent, to 2,832.98 and the Nasdaq Composite added 71.65 points, or 0.98 percent, to 7,408.03.
  • The U.S. government shutdown began at midnight on Jan. 19, after funding for federal agencies ran out and lasted through to yesterday owing to Senate disagreement between the Republican President and Democrats over issues of immigration and border security. Meanwhile, the dollar index, which measures the greenback against a basket of six major rivals, ended 0.2% lower overnight and was last trading flat.
  • The euro was last trading little changed, having consolidated its rally after riding to a three-year high last week amid bets the European Central Bank would soon begin trimming its massive monetary policy stimulus. The ECB policy meet is due on Jan. 25.
  • The yen was flat after the central bank held policy steady and said its asset purchase program remains unchanged. The Bank of Japan held monetary policy stable, reaffirming its Y80 trillion in annual asset purchases and its yield curve strategy.