Market at a Glance

Wednesday, 1 July 2020

Our View in a Snapshot


NIFTYUSD/INR
Expected Open10225 ( – 30 )75.50
Expected Range10150 – 1040075.35 – 75.70
  • Dollar holds gains before major economic data
  • Asian markets set for shaky start amid mixed cues
  • Oil rises after sharp drop in U.S. crude inventories

Currencies

The dollar held onto gains on Wednesday ahead of data expected to show U.S. manufacturing activity and hiring continued to recover from the economic shock caused by the coronavirus pandemic.

Ahe dollar traded at 107.99 yen  in Asia on Wednesday, close to the highest in three weeks.The mood for the yen soured after Bank of Japan data showed business sentiment fell to an 11-year year low. The euro held steady at $1.1234. Sterling bought $1.2394 as it held on firmly to the previous session’s gains

Our View on USD / INR

The rupee will likely be quoted around 75.50 to a dollar in early trades.

The Rupee is likely to have resistance at 75.65 (7 DMA) and 75.73 (14 DMA) and support at 75.41 (bollinger band) and 75.34 (RBI bought last time)

USD INR Daily Chart

Equity

Asian stocks were set for a bumpy start to the second half of the year on Wednesday as optimism about a global economic recovery from the pandemic jousted with signs in the United States the health crisis may not yet be past its peak.

Stocks futures were mixed in early Asian trade with e-mini for the S&P 500 down 0.19% while with Japan’s Nikkei 225 futures  rose 0.2%. Hong Kong’s Hang Seng index futures . lost 0.42% and Australian S&P/ASX 200 futures  were down 0.1%. MSCI’s gauge of stocks across the globe  gained 1.04% as the S&P 500 gained 1.54%.

Our View on Stock Market

The Indian stock market is expected to open negative around 30 to 40 points from yesterday close.

The Nifty futures are likely to open around  10,225.

The likely range for the day is 10,150 – 10,400

OIL

Oil prices rose on Wednesday after an industry report showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.

Brent crude  rose 33 cents, or 0.8%, to $41.60 a barrel after declining more than 1% on Tuesday. U.S. crude was up 42 cents, or 1.1%, at $39.69 a barrel, having dropped by 1.1% in the previous session.

Source : Reuters

Markets at a Glance

Tuesday, 30 June 2020

Our View in a Snapshot


NIFTYUSD/INR
Expected Open10300
( + 50 )
75.50
Expected Range10200 – 1045075.35 – 75.70
  • Dollar edges higher before quarter-end
  • Asia stocks set to rise on upbeat data
  • Oil rises on improving economic data 

Currencies

The greenback edged higher on Monday as investors positioned for quarter-end and weighed an increase in coronavirus cases in some U.S. states against improving economic data.

Against a basket of currencies  the dollar  index  rose 0.08% to 97.56.The euro  gained 0.11% to $1.1229. The dollar gained 0.45% against the Japanese yen  to 107.69 yen. Sterling weakened to a one-month low against the greenback on concerns about how Britain’s government will pay for its planned infrastructure program.

Our View on USD / INR

The rupee will likely be quoted around 75.50 to a dollar in early trades.

The Rupee is likely to trade in the Range of 75.35 to 75.70

Equity

Asian markets were poised to follow Wall Street’s firm lead on Tuesday as the sentiment boost from upbeat U.S. data outweighed the threat of rising COVID-19 infections in the world’s largest economy.

Australian S&P/ASX 200 futures  rose 1.15% while Japan’s Nikkei 225 futures  ticked up 0.11%. Hong Kong’s Hang Seng index futures  climbed 0.62%. MSCI’s gauge of stocks across the globe rose 0.72% during Monday trading fueled by gains on Wall Street. On Monday, the Dow Jones Industrial Average  rose 2.32%, the S&P 500  gained 1.47% and the Nasdaq Composite  added 1.2%.

Our View on Stock Market

The Indian stock market is expected to open positive around 40 to 50 points from yesterday close.

The Nifty futures are likely to open around  10,300.

The likely range for the day is 10,200 – 10,450

OIL

Oil prices rose about $1 a barrel on Monday, after bullish data from Asia and Europe, but investors are wary about sharp spikes in new coronavirus infections around the world.

Brent crude  gained 69 cents, or 1.7%, to settle at $41.71 a barrel. U.S. crude  rose $1.21, or 3.1%, to settle at $39.70 a barrel.

Source : Reuters

Markets at a Glance

Treasury & Forex Consultants

Monday, 29 June 2020

Our View in a Snapshot


NIFTYUSD/INR
Expected Open10300 ( – 50 )75.60
Expected Range10200 – 1045075.40 – 75.75
  • Safety bid supports dollar as coronavirus surge shakes confidence
  • Asia stocks slip as coronavirus cases surge
  • Oil falls in second straight session as virus cools demand

Currencies

A firm dollar kept riskier currencies under pressure on Monday, as a surge in coronavirus cases and the re-imposition of curbs to stop its spread had investors worried that a global economic recovery could be derailed even before it had taken root.

Against a basket of currencies  the dollar was steady not far below a four-week peak on Monday at 97.466. The safe-haven Japanese yen  also held at 107.24 per dollar. The Aussie  was last steady at $0.6872 and the kiwi  at $0.6420 

Sterling nursed losses and sat at $1.2341, just a fraction above a one-month low it hit on Friday amid fresh doubts over whether Britain can settle a post-Brexit trade pact with the European Union.

Our View on USD / INR

The rupee will likely be quoted around 75.60 to a dollar in early trades.

The Rupee is likely to trade in the Range of 75.40 to 75.75

Equity

Asian share markets got off to a shaky start on Monday as the relentless spread of the coronavirus finally made investors question their optimism on the global economy, benefiting safe harbour bonds and the U.S. dollar.

AMSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2%. Japan’s Nikkei  shed 1.5% and South Korean stocks  1.4%. E-Mini futures for the S&P 500 lost 0.3%.

Our View on Stock Market

The Indian stock market is expected to open negative around 40 to 50 points from friday close.

The Nifty futures are likely to open around  10,300.

The likely range for the day is 10,200 – 10,450

OIL

Oil prices fell for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading countries to resume partial lockdowns that could hurt fuel demand.

Brent crude dropped 66 cents, or 1.6%, to $40.36 a barrel while U.S. crude was at $37.86, down 63 cents, or 1.6%.

Source : Reuters