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| Key developments today
- The Union Cabinet approved recommendations of the Seventh Pay Commission today. However, the hike in allowances has not been approved yet.
Domestic market developments
- Indian stocks ended in the green, in line with global peers. Slight improvement in global risk sentiment today aided markets. In key developments, the schedule for monsoon session of Parliament was fixed at July 18 to August 12. Passage of key bills such as the GST Bill will remain in focus in the session. Nifty and Sensex ended up 0.9% and 0.8% respectively.
- The Indian Rupee closed stronger at 67.68 against the Dollar as compared to 67.95 previously. Reports of Dollar sales by foreign banks and strength in domestic equity markets also helped support the Rupee.
- Indian Government bonds ended higher today with gains in domestic currency aiding gilts. However, gains remained capped on the back of some profit booking and caution ahead of tomorrow's auction of dated securities. The 10Y benchmark yield ended at 7.44% vs. yesterday's close of 7.45%.
- RBI provided liquidity to the tune of INR 418.50 bn (net) under LAF (including fixed and variable rate repos and reverse repos), as of June 28th. It injected INR 20.89 bn and INR 1.0 bn under Special Refinance Facility and Marginal Standing Facility respectively.
| Global market snapshot | | 
| | Global market developments
- Asian equities ended in the green today, extending their early morning rally. Rally in European and US markets bolstered sentiment in Asian markets. Further, surge in crude prices supported the indices. Nikkei (1.6%), Hang Seng (1.3%), Shanghai Composite (0.7%), Kospi (1.0%) and Australia's ASX (0.8%) settled higher.
- The Pound Sterling is trading firm, retracing to ~1.34 levels today. On key data releases today, UK's nationwide house prices rose to 0.2% MoM in June as against a flat reading previously. In other news, UK Prime Minister faced increasing pressure from EU leaders at the EU summit in Brussels to initiate the separation process without much delay to avoid prolonged uncertainty. Euro is also trading stronger at 1.109 levels vs. the US Dollar. On the data front, consumer confidence from the Eurozone came in unchanged at (-) 7.3 levels in June. Meanwhile, the Japanese Yen is trading ranged relative to the greenback. The Dollar index continues to trade lower at 95.90 levels ahead of PCE inflation data prints, expected later today.
- US Treasuries are little changed today after witnessing a volatile intraday session. The 10Y benchmark yield is currently trading at 1.46% vs. the previous close of 1.47%.
Commodity market developments - Crude oil is trading higher today. Crude continues to post gains on expectations of a workers' strike in Norway and supply outages in Venezuela. Going ahead, US crude inventory data to be released by Energy Information Administration (EIA) later today will provide crucial cues. WTI and Brent are currently hovering around USD 48/bbl and USD 49/bbl respectively.
- Gold is trading higher, trimming some of its overnight losses. Softness in the US Dollar and investor appetite for safe haven assets aided prices today. The yellow metal is currently trading at USD1318/oz.
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| Regards,
ICICI Bank
Contact:
Kamalika Das
(+91-22) 2653-1414 (extn: 6280)
kamalika.das@icicibank.com
Niharika Tripathi
(+91-22) 2653-1414 (extn: 6943)
niharika.tripathi@icicibank.com
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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