{LONGTERMINVESTORS} Fwd: Daily Market Report- March 02, 2016

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From: <research@icicibank.com>
Date: Wed, Mar 2, 2016 at 6:19 PM
Subject: Daily Market Report- March 02, 2016
To: stockdesai@gmail.com

Domestic markets wrap-up Indian equities ended in the green, tracking upbeat cues from major Asian equities. Expectations of a rate cut by the RBI following the Union Budget boosted market sentiment. Top performers through the day were banks, realty and IT stocks. Gains in banking shares were largely on the back of RBI's move to ease guidelines for asset revaluation in compliance with Basel-III norms. Sensex and Nifty closed higher by 1.9% and 2.0% respectively. Rupee ended stronger against the US Dollar, at 67.54 levels vs. yesterday's close of 67.86. Uplifted market sentiment following Union Budget and steep rally in local indices kept the domestic currency stronger vis-à-vis the US Dollar. However, gains were capped by reported Dollar buying by RBI and PSUs. Domestic bonds ended lower today, albeit holding on to bulk of its post-Budget gains. Intraday, gilts edged slightly lower owing to profit booking by investors. The 10Y benchmark yield closed at 7.62% vs. yesterday's close of 7.60%. RBI provided liquidity to the tune of INR 1470.53 bn (net) under LAF (including fixed and variable rate repos and reverse repos), as of March 1st. It injected INR 24.28 bn and INR 5.00 bn under Special Refinance Facility and Marginal Standing Facility respectively. Global market snapshot *Weighted average of the day Global market developments Asian equities ended in the green today, extending early morning gains. Upbeat US data and the recent cut in RRR by People's Bank of China stoked investor confidence. However, Moody's downgrading of China outlook from stable to negative capped gains. Nikkei (4.1%), Shanghai Composite (4.2%), Hang Seng (3.1%), Kospi (1.6%) and Australia's ASX (2.0%) posted steep gains. Dollar index is trading higher at 98.48 levels. Upbeat US data prints for February supported gains in the currency. Pound extended yesterday's gains, trading at 1.39 levels. Downbeat manufacturing data for February capped the upside for the currency, which broadly depreciated due to Brexit concerns. Euro is trading ranged at 1.0853 levels. Eurozone's upbeat manufacturing activity in February caused the common currency to gain in intraday trade. Yen is trading weaker today, trading over ~114 level as positive finish in global stocks contained demand for the safe haven currency. US Treasuries are trading lower today, extending recent declines. Rally in global equities kept demand for the safe haven asset subdued. The 10Y benchmark yield is at 1.84% vs. previous close of 1.82%. Commodity market developments Oil is trading lower today, trimming overnight gains. Crude prices are facing downward pressure on account of elevated US crude stockpiles, which rose by 9.9 million barrels per day last week (as per API data). WTI and Brent are currently trading at USD 34/bbl and USD 37/bbl respectively. Gold is trading lower, extending yesterday's losses. Demand for the metal has pared amid a rally in global stocks and a stronger US Dollar. The yellow metal is currently trading at USD 1230/oz. Regards, ICICI Bank Contact: Niharika Tripathi (+91-22) 2653-1414 (extn: 6943) niharika.tripathi@icicibank.com Sonal Surana (+91-22) 2653-1414 (extn: 2087) sonal.surana@icicibank.com Radhika Wadhwa (+91-22) 2653-1414 (extn: 2085) radhika.wadhwa@icicibank.com ​

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CA. Rajesh Desai

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