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From:
<research@icicibank.com>Date: Thu, Jun 30, 2016 at 6:12 PM
Subject: Daily Market Report- June 30, 2016
To:
stockdesai@gmail.com | |
| Key developments today
- IMD reported further advancement of southwest monsoon in some more parts of East Rajasthan, Himachal Pradesh, Uttarakhand, West Madhya Pradesh, Uttar Pradesh, Punjab & Haryana, entire Chandigarh & Delhi and parts of West Rajasthan during next 2-3 days.
Domestic market developments
- Indian stocks ended in the green, in line with their global peers. Advancement in monsoons and pay hike announced in the Union Cabinet meeting yesterday lent positive cues to markets today. Nifty and Sensex ended up 1.0% each.
- The Indian Rupee ended stronger at 67.52 against the Dollar as compared to 67.68 previously. Likely intervention by the RBI aided the Rupee which declined after reports that China is willing to tolerate weaker Yuan levels. Slight retracement in the US Dollar from last week's highs post Brexit also supported the Rupee.
- Indian Government bonds ended lower today, shrugging off gains in the domestic currency. Lower than expected cut-offs set in the auction of dated securities weighed on gilts today. The 10Y benchmark yield ended at 7.45% vs. yesterday's close of 7.44%.
- RBI provided liquidity to the tune of INR 354.69 bn (net) under LAF (including fixed and variable rate repos and reverse repos), as of June 29th. It injected INR 20.89 bn under Special Refinance Facility.
| Global market snapshot | | 
| | Global market developments
- Asian equities ended in the green today, extending their early morning rally. Nikkei (+0.1%), Hang Seng (+1.8%), Kospi (+0.7%) and Australia's ASX (+1.8%) settled higher, while Shanghai Composite (-0.1%) edged lower.
- The Pound Sterling is trading firm at the 1.34 handle today. On the data front, UK's Q1 2016 GDP (final print) came in unchanged at 0.4% QoQ. The Euro is trading flat vis-à-vis the US Dollar as Eurozone's headline CPI for June came in at 01.% YoY vs. (-) 0.1% YoY previously. Core CPI for June (advance estimate) also edged up to 0.9% YoY (prior print: 0.8% YoY). The Dollar Index is trading weaker on the back of mixed inflation data from the US. Uncertainty around the exact implications of Brexit on the pace of Fed's normalisation process is weighing on the reserve currency. Meanwhile, the Japanese Yen continues to trade with an appreciation bias vs. the greenback on account of safe haven demand.
- US Treasuries are trading little changed today. The 10Y benchmark yield is currently trading at 1.51% vs. the previous close of 1.52%.
Commodity market developments - Crude oil is trading lower today, losing ~1% intraday. Oil prices took a hit amid expectations of rising supply from Nigeria (post militant attacks) and Canada, as oil producers resume production after devastating wildfires. However, declining US oil inventories likely capped the downside. WTI and Brent are currently hovering around USD 49/bbl and USD 50/bbl respectively.
- Gold is trading slightly lower, though post-Brexit gains still remain predominant. Return of investor risk appetite as evident by upbeat performance of global equities is weighing on gold prices today. Meanwhile, holdings in SPDR Gold Trust rose by 2.67 metric tonnes as of June 29th 2016.
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| 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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