Friday, 26 June 2020
Our View in a Snapshot
|Expected Open||10300 ( + 70 )||75.50|
|Expected Range||10200 – 10450||75.35 – 75.70|
- Dollar strengthens as virus fears dent risk appetite
- Asian stocks set for cautious gains after choppy Wall Street session
- Oil prices crawl up on demand recovery
The U.S. dollar gained on Thursday due to safety buying as fears grew over a rapid rise in coronavirus infections in some U.S. states, and as trade tensions worsened between the United States and the European Union.
The U.S. dollar index was last up 0.18% on the day at 97.41. The euro slipped as riskier assets in the region, including Italian bonds, weakened, and as the European Central Bank fought back against a German court challenge to its money-printing plans.
The euro was last down 0.32% at $1.1214.The dollar gained 0.16% against the Japanese yen to 107.19 yen.
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
Asian stocks were set to gain on Friday, as global sentiment remained doggedly upbeat despite increased volatility and rising new coronavirus infections, with Wall Street pushed higher by a loosening in bank regulations.
Australian S&P/ASX 200 futures rose 1.21% in early trading. Japan’s Nikkei 225 futures added 0.13%. Hong Kong’s Hang Seng index futures lost 0.93%. MSCI’s gauge of stocks across the globe . gained 0.45%. On Wall Street, the Dow Jones Industrial Average rose 1.18%, the S&P 500 gained 1.10% and the Nasdaq Composite added 1.09%.
Our View on Stock Market
The Indian stock market is expected to open positive around 70 to 80 points negative 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 prices rose in early trade on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite surges in coronavirus infections in some U.S. states and indications of a revival in U.S. crude production.
U.S. West Texas Intermediate (WTI) crude futures gained 15 cents, or 0.4%, to $38.87. Brent crude futures rose 22 cents, or 0.5%, to $41.27
Source : Reuters