{LONGTERMINVESTORS} Fwd: Daily Market Report- March 30, 2016

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From: <research@icicibank.com>
Date: Wed, Mar 30, 2016 at 5:48 PM
Subject: Daily Market Report- March 30, 2016
To: stockdesai@gmail.com

Domestic markets wrap-up Indian equities ended in the green, tracking positive cues from their Asian and US counterparts. Indices continue to respond positively to dovish statements by Fed Chair Janet Yellen and increased expectations of a rate cut by the RBI in its April 5th policy meeting. Sensex and Nifty closed 1.8% higher each. Rupee ended stronger vis-à-vis the US Dollar, at 66.37 levels as against yesterday's close of 66.54. Positive finish on the local bourses, coupled with continued weakness in the Dollar aided the Rupee. Reported Dollar sales by FIIs provided further support to the domestic currency. However, reported month end Dollar purchases by importers kept gains in check. Domestic bonds ended slightly higher today. Steep overnight fall in US treasury yields, strength in the Rupee and expectations of a rate cut by RBI in its monetary policy meeting have anchored gilt prices. However, profit booking ahead of financial year end have limited gains in prices. The 10Y benchmark yield closed at 7.50% vs. yesterday's close of 7.51%. RBI provided liquidity to the tune of INR 2085.92 bn (net) under LAF (including fixed and variable rate repos and reverse repos), as of March 29th. It injected INR 22.06 bn and INR 2.9 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, tracking cues from their US peers. Indices extended morning gains amid upbeat market sentiment that followed dovish commentary by Yellen yesterday. However, shares in Japan slumped on the back of strength in the Yen. Hang Seng (2.1%) and Shanghai Composite (2.8%) posted steep gains followed by Kospi (0.4%) and Australia's ASX (0.1%). Meanwhile, Nikkei (-1.3%) closed in the negative territory. Dollar index is trading lower at 94.90 levels. The greenback hit two-week lows on the back of dovish comments by Fed Chair Janet Yellen. However, uptick in US consumer confidence index for the month of March capped losses. Going ahead, markets will closely track ADP employment change data, due later today. Weakness in the US Dollar is supporting other currencies. The Pound is trading sharply stronger at 1.4411 levels. The Euro is also trading stronger with the EURUSD cross at ~1.13 levels. The Japanese Yen is trading stronger at 112.25 levels, as markets shrug off data indicating a steep contraction in Japanese industrial output. US Treasuries are lower today, albeit holding on to yesterday's gains. Treasuries are broadly higher following dovish statements by Janet Yellen. The 10Y yield is trading at 1.82% vs. yesterday's close of 1.80%. Commodity market developments Oil is trading significantly higher today, rebounding after five sessions of losses. Crude prices are buoyed amid less than expected built in crude stockpiles as indicated by American Petroleum Institute data. Further movements in oil prices will be guided by US Energy Information Administration data due later today. WTI and Brent are currently trading at USD 39/bbl and USD 40/bbl respectively. Gold is trading lower, though overnight gains remain overarching. Gold prices spiked to a one week high post Yellen's dovish comments. The yellow metal is currently trading at USD 1235/oz.    Regards, ICICI Bank Contact: Radhika Wadhwa (+91-22) 2653-1414 (extn: 7206) radhika.wadhwa@icicibank.com Sonal Surana (+91-22) 2653-1414 (extn: 7243) sonal.surana@icicibank.com ​

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CA. Rajesh Desai

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