{LONGTERMINVESTORS} Fwd: Daily Market Report- September 28, 2016

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From: <research@icicibank.com>
Date: Wed, Sep 28, 2016 at 6:39 PM
Subject: Daily Market Report- September 28, 2016
To: stockdesai@gmail.com

Domestic market developments Indian equities ended in the green today, as opposed to most other Asian equities. Nifty and the Sensex closed 0.4% and 0.2% up in intraday trade. Indian Rupee traded ranged against the Dollar today, ending the day at 66.46. Indian old Government bond closed at a yield of 6.78% as against the previous close of 6.79%. Over the last few days traders were seen booking profit after a sharp rally previously. Market will look for cues from the RBI policy meeting, scheduled for next week and any OMO announcement by RBI as we go ahead. RBI withdrew liquidity to the tune of INR 32.37 bn (net) under LAF (including fixed and variable rate repos and reverse repos), as of September 27th. It also injected INR 17.95 bn under Special Refinance Facility. Global Market Snapshot *Weighted Average (WAR) over the day Global market developments Asian equity indices ended broadly down today, partly due to decline in Japanese shares and weaker oil prices. Japan's Nikkei and Taiwan's TAIEX were the top two underperformer, losing by 1.3% and 1% respectively. Hang Seng and Nifty were the exceptions, gaining by 0.2% and 0.5% respectively. The US Dollar index is trading slightly higher today, with focus shifting to Fed chair Janet Yellen's testimony later in the day. Even though her speech is focused on financial regulation, there is a chance that she may be asked about Fed's outlook on rates and economy. The Euro is trading slightly lower, having come under pressure in the past session on concerns over the health of the European financial system. The Sterling is also trading slightly lower, weighed by the dovish comments from Bank of England's policy maker Shafik. She expects the central bank to announce further easing "at some point in future to cushion the blow dealt by Brexit. US Treasuries are trading lower today. The US 10Y yield is currently trading at 1.58%, as compared to yesterday's close of 1.56%. Commodity market developments Crude is trading higher today, paring yesterday's losses, as Saudi Arabia signaled a possible compromise with regional rival Iran to reach an output agreement, although the timing of the same is uncertain. WTI is trading at USD 45.2/bbl currently, while Brent is trading at USD 46.7/bbl. Gold is trading lower today, extending yesterday's losses, as the USD strengthened on the back of strong US consumer confidence data for September. The yellow metal is currently trading at USD 1325.5/oz. Regards, ICICI Bank Contact: Pradeep Goyal (+91-22) 2653-1414 (extn: 6229) goyal.pradeep@icicibank.com Sumedha Dasgupta (+91-22) 2653-1414 (extn: 7243) sumedha.dasgupta@icicibank.com ​

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CA. Rajesh Desai

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