{LONGTERMINVESTORS} Fwd: Daily Market Report- April 26, 2016

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From: <research@icicibank.com>
Date: Tue, Apr 26, 2016 at 6:34 PM
Subject: Daily Market Report- April 26, 2016
To: stockdesai@gmail.com

Domestic markets wrap-up Indian equities ended in the green, tracking positive cues from their Asian counterparts. Indices gained on account of some intraday gains in crude and better than expected Q4 FY2016 earnings report from some major companies (Maruti Suzuki and Mahindra Lifespan Developers). Sensex climbed over 26K levels for the first time in over four months. Stocks of banks, auto, financial and pharma companies led the gains in equities. Sensex and Nifty settled higher by 1.3% and 1.4% respectively. Rupee ended stronger relative to the US Dollar, at 66.52 levels as against yesterday's close of 66.62. Upbeat finish in local bourses led to the domestic currency trading stronger. Reported Dollar sales by foreign banks in response to stock market gains today, broad-based weakness in the greenback and reported decline in Dollar purchases by importers further supported the currency. Domestic bonds ended flat today amid the auction of state development loans today, with accepted bids worth INR 48.15 bn, same as the notified amount. Some buoyancy in Rupee also supported the bonds. However, caution ahead of the key Central Bank policy decisions kept bonds under pressure. The 10Y benchmark yield is at 7.47%, same as yesterday's close. RBI provided liquidity to the tune of INR 1100.93 bn (net) under LAF (including fixed and variable rate repos and reverse repos), as of April 23rd. It injected INR 25.8 bn and INR 5.0 bn under Special Refinance Facility and Marginal Standing Facility respectively. Global market snapshot *Weighted average of the day Global market developments Asian indices ended largely in the green today. Markets await Bank of Japan's monetary policy decision due later this week. Stocks in Australia were pulled lower largely due to slumping iron-ore and copper prices. Hang Seng (0.5%), Shanghai Composite (0.6%) and Kospi (0.3%) posted gains. Meanwhile, Nikkei (-0.5%) and Australia's ASX (-0.3%) ended lower. Dollar index is trading weaker at 94.60 levels ahead of the FOMC policy decision, due tomorrow. Downbeat data prints, such as March's new home sales, put further pressure on the greenback. Euro is trading stronger vis-à-vis the US Dollar at 1.1278 levels, trimming recent losses. Pound is also trading stronger at 1.4552 levels vs. the greenback. The Sterling touched 10-week highs, supported by weakness in the Dollar and recent commentary by Barack Obama. Yen is trading with an appreciation bias ahead of Bank of Japan's policy decision on Thursday. US Treasuries are trading little changed, albeit holding on to overnight losses. The FOMC policy decision, due tomorrow, will be closely tracked for further cues. The 10Y benchmark yield is currently at 1.91%, same as yesterday's close. Commodity market developments Oil is trading higher today, trimming some of its overnight losses. A weaker US Dollar is aiding oil prices. However, supply glut concerns continue to loom amid Iran's resolve to raise production to pre-sanction levels. WTI and Brent are currently trading at USD 43/bbl and USD 45/bbl respectively. Gold is posting losses, paring yesterday's gains. Improved risk sentiment is weighing on the bullion, though softness in the greenback capped the downside. The yellow metal is currently trading at USD 1233/oz. 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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