{LONGTERMINVESTORS} Fwd: Daily Market Report- April 27, 2016

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From: <research@icicibank.com>
Date: Wed, Apr 27, 2016 at 5:53 PM
Subject: Daily Market Report- April 27, 2016
To: stockdesai@gmail.com

Domestic markets wrap-up Indian equities ended in the green after witnessing a choppy trading session amid caution ahead of key monetary policy outcomes (FOMC, BoJ and RBNZ). Gains in crude anchored market sentiment today. Quarterly earnings reports from major companies came in mixed, with majors such as Bharti Infratel, Biocon and Rallis India showing a surge in profits while IDFC and Axis Bank posted losses. Nifty ended the session at its four-month highs led by gains in energy, pharma, IT and financial services companies. In other news, the Government announced sale of 11.36% of NHPC shares through an offer for sale to be conducted on Wednesday and Thursday. Nifty and Sensex closed 0.2% higher each. Rupee ended stronger relative to the US Dollar, at 66.45 levels as against yesterday's close of 66.52. Softness in the greenback, reported Dollar sales by foreign banks and FIIs and positive momentum in local bourses aided the domestic currency today. Domestic bonds ended marginally higher today. RBI's announcement of OMO purchase of Government securities worth INR 150 bn aided the gilts. However, investors refrained from building large positions ahead of the crucial FOMC policy outcome due later today. RBI provided liquidity to the tune of INR 1024.52 bn (net) under LAF (including fixed and variable rate repos and reverse repos), as of April 24th. It injected INR 25.8 bn and INR 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 in the red today as markets wait in the sidelines ahead of the FOMC and Bank of Japan (BoJ) policy decisions. Market sentiment was further dampened as South Korea's GDP edged down in Q1 2016 from 0.7% QoQ to 0.4% QoQ. Hang Seng (-0.2%), Shanghai Composite (-0.4%), Kospi (-0.2%), Nikkei (-0.4%) and Australia's ASX (-0.6%) posted losses. Dollar index is trading weaker at 94.43 levels in anticipation of FOMC policy decision today. Euro is trading stronger at 1.1309 levels vs. the US Dollar largely on account of weakness in the latter. Crucial data prints due later this week (Q1 2016 GDP, April's CPI and consumer confidence) will be closely eyed for triggers. Pound is trading stronger relative to the greenback, at 1.4597 levels today, shrugging off cues from downbeat GDP prints for Q1 2016. GDP came in at 0.4% QoQ (prior print: 0.6% QoQ) and contained the upside for the currency. Japanese Yen is trading little changed at ~111 levels as traders wait on the sidelines for Bank of Japan's policy decision due tomorrow. US Treasuries are trading higher, trimming overnight losses. Going ahead, the FOMC policy decision, due later today, is likely to guide Treasuries. The 10Y benchmark yield is currently at 1.90%, vs. yesterday's close of 1.92%. Commodity market developments Oil is trading higher today, extending morning's gains. Crude prices touched 6-month highs on account of continued weakness in the US Dollar and reports of yet another decline in US oil inventories as indicated by American Petroleum Institute (API) data. Gold is posting gains for a third straight session. Market wide expectations of a dovish Fed is keeping the US Dollar under pressure, thereby aiding the bullion.   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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