The S&P BSE Sensex is trading at 26,578 down 241 points, while NSE Nifty is trading at 8,225 down 71 points.
Asian markets opened flat after being under severe selling pressure in the last few days. Institutional investors have opted to sell emerging market stocks & enter developed markets with money aggressively buying into US, German & Japanese indices. This may be the short term aberration from the Trump victory which has seen US $ hit new year highs while bond yields top 2.18% & stocks hit new all time highs.
India and Japan signed a civilian nuclear agreement and a raft of pacts apart from reviewing the progress of Special Strategic and Global Partnership to promote trade and investment. It was the first time Japan, the only country to have suffered a nuclear attack, has concluded such a pact with a country that is not a signatory to the Nuclear Non-proliferation Treaty.
India’s foreign exchange reserves rose by $1.075 billion to $368.232 billion in the week ended November 4, the Reserve Bank of India said. The central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $1.982 billion to $343.927 billion during the week.
The bold move by the government to ban the widest circulated currency notes has received mixed reactions. Hopes are that after the initial hiccups, things will settle down. Fresh measures are being announced to ease the cash crunch. The market could remain choppy as it opens after a long weekend.
The dollar has cooled a bit resulting in benchmark Treasuries and emerging-market stocks changing direction. The US indices ended mixed; while the Dow and S&P notched up gains, the Nasdaq continued to reel under the Trump effect. IT stocks have been at the receiving end ever since Trump’s surprise win.
On the macro front, exports clocked a healthy 4.62% growth in September. WPI inflation for October will be out at noon while CPI combined inflation for October will be released post market hours.
The MSCI has announced changes to its index components and stocks which have made it to the coveted list will see some buying. The draft model GST law will be shared with states today.
Asian markets opened flat after being under severe selling pressure in the last few days. Institutional investors have opted to sell emerging market stocks & enter developed markets with money aggressively buying into US, German & Japanese indices. This may be the short term aberration from the Trump victory which has seen US $ hit new year highs while bond yields top 2.18% & stocks hit new all time highs.
India and Japan signed a civilian nuclear agreement and a raft of pacts apart from reviewing the progress of Special Strategic and Global Partnership to promote trade and investment. It was the first time Japan, the only country to have suffered a nuclear attack, has concluded such a pact with a country that is not a signatory to the Nuclear Non-proliferation Treaty.
India’s foreign exchange reserves rose by $1.075 billion to $368.232 billion in the week ended November 4, the Reserve Bank of India said. The central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $1.982 billion to $343.927 billion during the week.
The bold move by the government to ban the widest circulated currency notes has received mixed reactions. Hopes are that after the initial hiccups, things will settle down. Fresh measures are being announced to ease the cash crunch. The market could remain choppy as it opens after a long weekend.
The dollar has cooled a bit resulting in benchmark Treasuries and emerging-market stocks changing direction. The US indices ended mixed; while the Dow and S&P notched up gains, the Nasdaq continued to reel under the Trump effect. IT stocks have been at the receiving end ever since Trump’s surprise win.
On the macro front, exports clocked a healthy 4.62% growth in September. WPI inflation for October will be out at noon while CPI combined inflation for October will be released post market hours.
The MSCI has announced changes to its index components and stocks which have made it to the coveted list will see some buying. The draft model GST law will be shared with states today.
No comments:
Post a Comment