Tuesday, 23 June 2020
Our View in a Snapshot
|Expected Range||10200 – 10500||75.60 – 75.95|
- Asian stocks set to track upbeat Wall Street despite rising infections
- Dollar dips, Aussie gains as traders bet on pandemic recovery
- Oil up above 2% on tighter supplies, eased lockdowns
Asian stocks were set to edge up on Tuesday after oil prices rose and technology firms pushed Wall Street higher, although investors remained worried about fresh coronavirus outbreaks across the globe.
Australian S&P/ASX 200 futures rose 0.58% in early trading. Japan’s Nikkei 225 futures added 1.34% and Hong Kong’s Hang Seng index futures were up 0.80%. On Wall Street, the Dow Jones Industrial Average rose 0.59%, the S&P 500 gained 0.65% and the tech-heavy Nasdaq Composite added 1.11% to set a record closing high.
Our View on Stock Market
The Indian stock market is expected to open flat to around 30 to 50 points positive from yesterday close tracking asian stocks & global peers.
The Nifty futures are likely to open around 10,325.
The likely range for the day is 10,200 – 10,500
The U.S. dollar weakened and higher-risk currencies including the Australian dollar jumped on Monday as investors focused on the prospect for an eventual economic recovery from the coronavirus pandemic.
The dollar dipped 0.64% against a basket of currencies to 97.06. The euro gained 0.72% versus the dollar to 1.1256, rising off recent two-and-a-half-week lows. Riskier currencies outperformed, with the Australian dollar rallying 1.21% to $0.6915 against the greenback.
Our View on USD / INR
The Indian rupee is expected to strengthen during the day due to positive sentiments across the globe added with dollar weakness
The rupee will likely be quoted around 75.80 to a dollar in early trades.
The Rupee is likely to trade in the Range of 75.60 to 75.95
Oil was up 2% on Monday on tighter crude supplies from major producers and as coronavirus lockdowns kept easing despite a record rise in cases globally.
Brent crude settled at $43.08 a barrel, up 89 cents, or 2.1%. The West Texas Intermediate (WTI) crude contract for August, the day’s more-active contract, settled at $40.73 a barrel, rising 90 cents, or 2.3%.
Source : Reuters