{LONGTERMINVESTORS} Fwd: Daily Market Report- March 07, 2016

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From: <research@icicibank.com>
Date: Mon, Mar 7, 2016 at 5:46 PM
Subject: Daily Market Report- March 07, 2016
To: stockdesai@gmail.com

Domestic markets wrap-up Indian markets are closed today on account of a holiday. RBI announced OMO purchases of Government securities worth INR 150 billion on Friday (post market hours). These purchases will be conducted on 10th March, 2016. Global market snapshot * India market holiday  **Weighted average of the day Global market developments Asian equities traded mixed today, tempering Friday's gains. Rally in oil prices kept risk sentiment buoyed. In other news, China's GDP forecast being revised downward to 6.5-7.0% in its annual National People's Congress meet capped gains. Nikkei (-0.6%) and Hang Seng (-0.1%) posted losses. Australia's ASX (1.0%), Shanghai Composite (0.8%) and Kospi (0.1%) ended in the green.  Dollar index is trading higher today at 97.61 levels, trimming recent losses. Euro is trading weaker vs. the greenback at 1.0947 levels. Expectations of further monetary stimulus in the European Central Bank's policy meet on Thursday weighed on the common currency. Pound also softened against the US Dollar, albeit holding on to the bulk of its recent gains. Broadly, Sterling has depreciated owing to looming Brexit concerns. Meanwhile, Japanese Yen is trading stronger relative to the US Dollar. Markets eye Bank of Japan's policy meet next week for direction on interest rates. US Treasuries are trading significantly lower today, extending recent losses. A higher than expected increase in nonfarm payrolls in February buoyed investor confidence, driving investors away from Treasuries. However, lower wage growth posted in February capped the downside. The 10Y benchmark yield is at 1.91% vs. Friday's close of 1.87%. Commodity market developments Oil is trading higher, extending morning gains. Crude prices rose as US oil rig count declined to its lowest level since December 2009. WTI and Brent are currently trading at USD 36/bbl and USD 39/bbl respectively. Gold is trading higher, paring Friday's losses. However, holdings in SPDR Gold Trust 793.12 tonnes witnessed a slight downtick, edging down 0.2 metric tonnes to 793.12 metric tonnes. The yellow metal is currently trading at USD 1270/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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