Financial Market Overview
10th July, 2018
MARKETS AT OPEN:-
- Rupee turns lower against the dollar on dollar buying by two private banks, probably for importers and rising crude oil prices offset a rebound in regional equities and currencies. Pair USDINR now at 68.79 against the previous close of 68.72.
- We expect the pair to tip in range between 68.65-68.95 today.
- Equity benchmarks have started the day on a positive note, with the Sensex attempting 36,000-mark in the opening tick, while the Nifty is just close to 10,900 mark.
- The Sensex is up 112.11 points at 36046.83, while the Nifty is up 30.80 points at 10883.70. The market breadth is positive as 480 shares advanced, against a decline of 148 shares, while 46 shares are unchanged.
- Asian markets are mixed tody. The Hong Kong’s Hang Seng gains 0.28% while the Shanghai Composite lost 0.13% and the Australian’s ASX200 is trading lower by 0.29%.
- European markets finished higher yesterday with shares in London leading the region. The FTSE 100 was up 0.92% while France’s CAC 40 gains 0.42% and Germany’s DAX closed higher by 0.38%.
- US. stocks rose on Monday, helped by bank, industrial and energy shares, as investors looked ahead to a strong quarterly earnings season. The Dow Jones Industrial Average rose 320.22 points, or 1.31 percent, to 24,776.7, the S&P 500 gained 24.37 points, or 0.88 percent, to 2,784.19 and the Nasdaq Composite added 67.81 points, or 0.88 percent, to 7,756.20.
- The Chinese yuan headed towards 6.60 against the dollar on Tuesday and regional equities rallied for a second day, buoyed by the S&P 500 clocking a near one percent gain to close at its highest in four months. The lack of any rhetoric on trade from President Donald Trump, following Friday’s tit-for-tat tariffs by the U.S. and China, is providing a much needed relief to Asian assets.
- Earlier today, China reported that consumer prices rose 1.9% in June, up from 1.8% in prior month and in-line with estimates of economists poll. Producer prices climbed 4.7%, compared with 4.1% in May and higher than the 4.5% expected.
- Benchmark Brent crude oil contract trading 0.3% higher at $78.32 per barrel, adding to yesterday’s 1.2% advance.