Markets at a Glance

Tuesday, 30 June 2020

Our View in a Snapshot

• 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