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From:
<research@icicibank.com>Date: Tue, Nov 22, 2016 at 6:26 PM
Subject: Daily Market Report- November 22, 2016
To:
stockdesai@gmail.com | | | Domestic market developments:
- Indian equities ended in the green today, tracking positive cues from global markets. Gains in energy shares aided the indices. Nifty and Sensex ended up 0.9% and 0.8% respectively.
- Indian Government bonds ended little changed today. Rise in systemic liquidity (on the back of demonetization scheme) has continued to aid gilts and keep market sentiment upbeat. However, profit booking by traders after the surge in gilts in recent days is weighing on the bonds. The benchmark 10Y yield closed at 6.31%, similar to yesterday's close.
- Indian Rupee ended weaker against the Dollar today as PSU banks bought Dollars for importers. Dollar sales by foreign and PSU banks for exporters have supported the currency somewhat, even as trade volumes remained thin. USDINR pair closed at 68.26 vs. last close of 68.16.
- RBI withdrew liquidity to the tune of INR 3,999.15 (net) under LAF (including fixed and variable rate repos and reverse repos), as of November 21st. It injected INR 2.77 bn and INR 14.56 bn under Marginal Standing Facility and Special Refinance Facility, respectively.
Global Market Snapshot | | 
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Global market developments:
- Asian equity indices ended in the green today, tracking global cues. Gains were led by Hang Seng (1.4%), Australia ASX (1.2%), Kospi (0.9%), and Shanghai Composite (0.9%). Japan lifted all Tsunami alerts issued this morning after an earthquake hit the coast of Fukushima.
- The Sterling was the top underperformer today, falling to 1.2450 levels vis-à-vis US Dollar. Today's sudden move lower in Sterling was on the back of headlines coming out on Brexit. EU Parliament's Chief Brexit negotiator Guy Verhofstadt said that Brexit Secretary David Davis has signaled that Brexit will get triggered by the end of March'17. He further added that EU would not compromise on the free movement of workers. EU Parliament member Manfred Weber said that UK appeared to have no idea of the implications of Brexit, and he had heard nothing new from Davis. The Euro continues to trade in consolidation ahead of the crucial Italian referendum on December 4th. The Australian Dollar made significant gains to trade at ~0.7400 levels against US Dollar levels, primarily due to metals and oil prices edging higher.
- US Treasuries remained volatile in today's trade, paring losses around mid-day as yields dipped from 2.33%. 10Y Treasury yields are currently trading at the same level at which they started the day (2.29%), vs. yesterday's close of 2.31%.
Commodity market developments:
- Crude oil edged higher today for the third consecutive day, rising by ~3% as markets perceived OPEC to be on course to finalize the details of the Algiers accord to cut production. Nigeria's delegate Ibrahim Waya said that there was certainty that all members were onboard for the same. The OPEC meet in Vienna later this month will remain in focus going ahead. WTI and Brent are currently trading at USD 48.9/bbl and USD 49.0/bbl respectively.
- Gold is trading higher today as a halt in the Dollar's rally aided demand for the precious metal. Gold is currently trading at USD 1217/oz levels.
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| Regards,
ICICI Bank
Contact:
Niharika Tripathi
(+91-22) 2653-1414 (extn: 6943)
niharika.tripathi@icicibank.com
Sumedha Dasgupta
(+91-22) 2653-1414 (extn: 7243)
sumedha.dasgupta@icicibank.com
Pradeep Goyal
(+91-22) 2653-1414 (extn: 6229)
goyal.pradeep@icicibank.com
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--
CA. Rajesh Desai
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