{LONGTERMINVESTORS} Fwd: Daily Market Report- November 21, 2016

---------- Forwarded message ----------
From: <research@icicibank.com>
Date: Mon, Nov 21, 2016 at 6:30 PM
Subject: Daily Market Report- November 21, 2016
To: stockdesai@gmail.com

Domestic market developments: Indian equities ended today's session in the red with Nifty closing at levels last seen in May. Banks, cement, automobile and real estate were the key laggards. Nifty and Sensex slipped 1.8% and 1.4% respectively. Indian Government bonds ended sharply higher. Improved liquidity in the wake of Government's demonetization scheme and expectation of a December rate cut by the RBI are aiding gilts. The benchmark 10Y yield fell over 10 bps today to close at 6.31% (prior: 6.43%). This was the lowest yield since 2009. Indian Rupee ended little changed against the Dollar today. Intraday, the currency weakened with USDINR pair hitting 68.13 levels. Thereon losses were pared on reported Dollar sales by banks. In other news, Government announced that it will bear the entire subsidy burden of state-owned oil marketing companies on sale of subsidized kerosene and LPG for FY17. USDINR pair closed at 68.17 vs. last close of 68.14 RBI withdrew liquidity to the tune of INR 3,622.31 (net) under LAF (including fixed and variable rate repos and reverse repos), as of November 19th. It injected INR 5.5 bn and INR 14.56 bn under Marginal Standing Facility and Special Refinance Facility, respectively. Global Market Snapshot *Weighted Average (WAR) over the day Global market developments: Asian equity indices were broadly mixed today. Nikkei and Shanghai Composite were the top outperformers, gaining by ~0.8%. Whereas Nifty was the top underperformer, losing by ~1.5%. The US Dollar index is trading slightly weaker today due to falling US Treasury yields, albeit holding above the 101 levels. Euro is the top outperformer today, gaining by ~0.4% to trade at 1.0630 vis-à-vis US Dollar. The Japanese Yen is also trading slightly stronger at 110.67 vis-à-vis US Dollar, retracing from a high of 111.20 made early morning, partly due to fall in US yields. The Sterling is trading broadly flat at 1.2350 against US Dollar. In other relevant news, Germany's Bundesbank said that German growth is expected to pick up significantly in Q4, after several lacklustre months. US Treasuries are trading higher today, with 10Y Treasury yields trading at 2.32% vs last Friday's close of 2.34%. Commodity market developments: Crude oil is trading higher today as media reports showed Iran and Iraq signaling optimism that OPEC will agree to a supply-cut deal. Additionally, Russian Energy Minister Alexander Novak gave a positive assessment of the informal meeting held in Doha between Russia and some OPEC members. The OPEC meet in Vienna later this month will remain in focus going ahead. Gold is trading higher today. Slight retracement in the Dollar index is aiding the yellow metal. Gold is currently trading at USD 1216/oz levels. Regards, ICICI Bank Contact: Niharika Tripathi (+91-22) 2653-1414 (extn: 6943) niharika.tripathi@icicibank.com Pradeep Goyal (+91-22) 2653-1414 (extn: 6229) goyal.pradeep@icicibank.com ​

--

CA. Rajesh Desai

--
You received this message because you are subscribed to the Google Groups "LONGTERMINVESTORSRESEARCH" group.
To unsubscribe from this group and stop receiving emails from it, send an email to longterminvestorsresearch+unsubscribe@googlegroups.com.
Visit this group at https://groups.google.com/group/longterminvestorsresearch.
For more options, visit https://groups.google.com/d/optout.