{LONGTERMINVESTORS} Fwd: Daily Market Report- March 03, 2016

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From: <research@icicibank.com>
Date: Thu, Mar 3, 2016 at 6:43 PM
Subject: Daily Market Report- March 03, 2016
To: stockdesai@gmail.com

Domestic markets wrap-up Indian equities ended in the green, tracking upbeat cues from global equities. Buoyant market sentiment fuelled by expectations of a rate cut by RBI continued to push the local bourses higher. Gains were led by pharma, capital goods and steel companies. Sensex and Nifty closed higher by 1.5% each. Rupee ended stronger against the US Dollar, at 67.34 levels vs. yesterday's close of 67.54. Upbeat market sentiment coupled with a positive finish in the equity markets kept the currency trading strong. Reported Dollar sales by foreign banks provided additional support to the Rupee. Domestic bonds closed lower today. Gilts came under pressure on account of reported profit-booking. However, appreciation in the Rupee capped the downside. In other news, RBI's OMO purchases were carried out on expected lines, with the Central Bank buying securities equal to the notified amount of INR 120 bn. The 10Y benchmark yield closed at 7.66% vs. yesterday's close of 7.62%. RBI provided liquidity to the tune of INR 1245.55 bn (net) under LAF (including fixed and variable rate repos and reverse repos), as of March 2nd. It injected INR 24.28 bn and INR 4.20 bn under Special Refinance Facility and Marginal Standing Facility respectively. Global market snapshot *Weighted average of the day Global market developments Asian equities ended largely in the green today, extending yesterday's gains. Risk sentiment remained buoyed amid hopes of further stimulus by European Central Bank and Bank of Japan in their meetings later this month. However, softening in Chinese services PMI capped gains. Gains in the region were led by Nikkei (1.3%) and Australia's ASX (1.2%). Following suit, Shanghai Composite and Kospi edged up 0.3% and 0.6% respectively. On the other hand, Hang Seng (-0.3%) witnessed losses. Dollar index is trading little changed at 98.20 levels. Pound is trading ranged at 1.40 levels. The Sterling came under some pressure after data for services PMI for February came in downbeat. Euro is trading higher at 1.0880 levels, though holding on to its recent losses. Eurozone's services activity in February came in higher than expected, aiding the common currency. Yen is trading weaker today at 113.93 levels on the back of some respite in risk sentiment. US Treasuries are trading slightly lower today. Recent upbeat US data and bullish commentary by Fed officials has curbed demand for Treasuries. Going ahead, US nonfarm payrolls data due tomorrow will be closely watched. The 10Y benchmark yield is at 1.85% vs. previous close of 1.84%. Commodity market developments Oil is trading mixed today, albeit holding on to bulk of its overnight gains. In key developments, reports indicated a rise in US crude inventories close to its record highs. WTI and Brent are currently trading at USD 35/bbl and USD 37/bbl respectively. Gold is trading higher, extending overnight gains. Investment demand as signalled by holdings in SPDR Gold Trust continues to rise (cumulative addition in Feb-March 2016 has been ~111 metric tonnes). The yellow metal is currently trading at USD 1244/oz. Regards, ICICI Bank Contact: Sagrika Gogia (+91-22) 2653-1414 (extn: 2180) sagrika.gogia @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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