{LONGTERMINVESTORS} Fwd: Morning Market Starter- March 30, 2016

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From: <research@icicibank.com>
Date: Wed, Mar 30, 2016 at 11:20 AM
Subject: Morning Market Starter- March 30, 2016
To: stockdesai@gmail.com

On the radar: Markets await US ADP employment change data for March. Central bank watch: Federal Reserve Chair Janet Yellen gave crucial guidance on the timing of interest rate hikes, stating that the Central Bank will hike interest rates "slightly more gradually", considering global headwinds facing the economy. o Yellen also mentioned that the course of interest rate hikes are contingent on factors such as commodity prices and global economies, especially their financial markets. She further added that   Dollar strength is detrimental to inflation and exports. o Kansas Fed President Esther George stated that the persistent low inflation levels could cause asset price bubbles that may significantly harm the economy. Chart: Treasury yields witnessed a decline of ~6 bps overnight following Janet Yellen's speech Global market developments: Macroeconomic data: US: Consumer confidence index in March showed an uptick, with the reading at 96.2 levels vs. prior (revised) print of 94.0. JN: Industrial production contracted in February (preliminary reading), coming in at (-) 6.2% MoM as against previous print of 3.7% MoM. US equities ended in the green yesterday amid dovish commentary by Janet Yellen last evening. Gains in indices were led by technology stocks. Dow Jones and S&P closed higher by 0.6% and 0.9% respectively. Asian equities are trading largely in the green this morning as investors respond positively to dovish statements by Fed Chair Janet Yellen. Early morning gains in crude prices are also supporting the indices. Hang Seng (1.4%), Australia's ASX (0.3%), Shanghai Composite (1.6%) and Kospi (0.5%) are posting gains. Meanwhile, Nikkei (-0.7%) is trading lower on account of a stronger Yen and weak Japanese industrial output data. US Treasuries are trading little changed today, albeit holding on to yesterday's steep gains. Treasury yields witnessed a decline of ~6 bps overnight following Janet Yellen's speech. The 10Y benchmark yield is at 1.81%, vs. previous close of 1.80%. Global market developments Domestic Market Developments: Indian Rupee is trading stronger relative to the US Dollar at 66.42 levels vs. yesterday's close of 66.54 levels. Indian indices are trading in the green this morning. Sensex and Nifty are trading higher by 0.7% and 0.8% respectively. Indian Government bonds are trading slightly higher today. The 10Y benchmark yield is at 7.50% vs. yesterday's close of 7.51%. Regards, ICICI Bank Contact: Sonal Surana (+91-22) 2653-1414 (extn: 7243) sonal.surana@icicibank.com Radhika Wadhwa (+91-22) 2653-1414 (extn: 7206) radhika.wadhwa@icicibank.com ​

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CA. Rajesh Desai

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