{LONGTERMINVESTORS} Fwd: Daily Market Report - January 13, 2016

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From: <research@icicibank.com>
Date: Wed, Jan 13, 2016 at 6:37 PM
Subject: Daily Market Report - January 13, 2016
To: stockdesai@gmail.com

Domestic markets wrap-up Indian indices closed trade in the green, tracking cues from their Asian counterparts. Market movements remained volatile as local indices plummeted during intra-day trade and closed with a rally, paring losses. Energy stocks posted major gains, anchoring the indices higher. Both Sensex and Nifty edged up 0.7% each. Rupee ended stronger against the greenback, at 66.845 levels as against yesterday's close of 66.86. Domestic currency movements also oscillated between 66.72-66.92 levels during the course of the day. Broad Dollar strength, however, capped gains. Domestic bonds ended little changed today on lack of fresh triggers. Traders refrained from building significant positions ahead of Friday's auction. Retracement in crude prices also put pressure on gilts. The old benchmark 10Y yield is at 7.77% vs. yesterday's close of 7.76%, while the new benchmark closed at 7.61%. RBI provided liquidity to the tune of INR 1403.91 bn (net) under LAF (including fixed and variable rate repos and reverse repos), as of January 11th. It injected INR 23.18 bn and INR 0.20 under Special Refinance Facility and Marginal Standing Facility respectively. *Weighted Average (WAR) over the day Global market developments Asian equities ended largely in the green today. Shanghai Composite was the only outlier, tumbling 2.4%. Nikkei (2.9%), Hang Seng (1.1%), Kospi (1.3%) and Australia's ASX (1.3%), meanwhile, ended on a positive note tracking cues from US equities, retracement in crude prices and optimistic trade balance print from China. Dollar index has extended early morning gains and is trading stronger at 99.30 levels. Euro has weakened against the US Dollar to trade at 1.0807 levels. Downbeat industrial production reading for November is weighing on the common currency. GBPUSD cross is also trading weaker, at 1.4402 levels amid pessimistic industrial data prints. Bank of England's policy decision due tomorrow will be crucial for further cues. Meanwhile, Japanese Yen has retreated to 118 levels on the back of slight rebound in global markets today. US Treasuries are trading lower today, albeit holding on to bulk of their overnight gains. Decline in crude prices to below USD 30/bbl overnight anchored Treasury prices higher though a retracement in oil later trimmed some of the gains, coupled with a bullish run in Asian equities. The 10Y benchmark yield is at 2.13% vs. yesterday's close of 2.10%. Commodity market developments Oil witnessed some correction today after dipping below USD 30/bbl levels overnight, though prices still remain near 12-year lows. Oil gained over 2% during the course of intra-day trade on the back of positive cues from API reports and upbeat Chinese trade data. WTI and Brent are trading at ~USD 31/bbl and ~USD 32/bbl respectively. Gold is trading with modest declines following positive cues from equity markets and relatively robust market sentiment. Better than expected Chinese trade data also lifted sentiment. The bullion is currently trading at USD 1081/oz. Regards, ICICI Bank Contact: Sagrika Gogia (+91-22) 4008-1414 (ext:2180) sagrika.gogia@icicibank.com

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CA. Rajesh Desai

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