{LONGTERMINVESTORS} Fwd: Daily Market Report- March 31, 2016

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From: <research@icicibank.com>
Date: Thu, Mar 31, 2016 at 6:28 PM
Subject: Daily Market Report- March 31, 2016
To: stockdesai@gmail.com

Key developments today India's eight core industries growth came in at 5.7% YoY in February vs. prior of 2.9% YoY. India's fiscal gap for April-February stands at 107.1% of its FY2016 budgeted aim vs. 117.5% during the corresponding period in the previous fiscal. RBI released India's International Investment Position data for December 2015, which indicated an increase of claims by non-residents on India to USD 362.0 bn. The extant FDI Policy for Insurance sector has been revised to enhance the FDI limit from 26% to 49% under the automatic route. Standard & Poor's (S&P) downgraded China's credit rating outlook to negative from stable today, citing slower than expected pace of reforms in the Republic. Domestic markets wrap-up Indian equities ended on a flat note, after a volatile trading session and increased sell-off towards its close. Gains were led by chemical stocks. Nifty and Sensex ended flat. Rupee ended stronger vis-à-vis the US Dollar, at 66.25 levels as against yesterday's close of 66.37. The domestic currency rose in continued response to dovish commentary by Yellen and weakness in the greenback. Reported Dollar sales by foreign banks provided further support. Domestic bonds ended higher today on the back of expectations of a rate cut by RBI next week coupled with strength in the Rupee. The 10Y benchmark yield closed at 7.46% vs. yesterday's close of 7.50%. RBI provided liquidity to the tune of INR 2123.44 bn (net) under LAF (including fixed and variable rate repos and reverse repos), as of March 30th. It injected INR 27.03 bn and INR 18.31 bn under Special Refinance Facility and Marginal Standing Facility respectively. Global market snapshot *Weighted average of the day Global market developments Asian equities ended mixed today. Continued weakness in crude prices weighed on the indices. Nikkei (-0.7%), Hang Seng (-0.1%) and Kospi (-0.3%) ended in the red. Meanwhile, Shanghai Composite and Australia's ASX gained 0.1% and 1.5% respectively. Dollar index is trading close to its lowest levels since October 2015 at 94.51. Pound is trading higher at 1.4421 levels, aided by weakness in the US Dollar coupled with a slight uptick in UK's Q4 GDP (final reading) from 0.5% QoQ to 0.6% QoQ. The Euro is also trading stronger, supported by softness in the US Dollar, with the EURUSD cross hitting five month highs at 1.1389 levels. Eurozone's core CPI print for March edged up to 1.0% YoY from 0.8% YoY in February, though headline CPI continued to remain in contractionary territory. Meanwhile, the Japanese Yen is trading steady at ~112 levels. US Treasuries are trading flat today, albeit holding on to their recent gains. The 10Y benchmark yield is at 1.82%, same as previous close. Commodity market developments Oil is trading mixed today. Renewed supply glut concerns post increase in US stockpiles are keeping crude prices under pressure. WTI and Brent are currently trading at USD 38/bbl and USD 40/bbl respectively. Gold is trading higher, trimming overnight losses. Demand for bullion edged up intraday on account of softness in the US Dollar. The yellow metal is currently trading at USD 1237/oz.    Regards, ICICI Bank Contact: Sagrika Gogia (+91-22) 2653-1414 (extn: 8981) sagrika.gogia@icicibank.com 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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