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From:
<research@icicibank.com>Date: Wed, Nov 23, 2016 at 5:58 PM
Subject: Daily Market Report- November 23, 2016
To:
stockdesai@gmail.com | | | Domestic market developments:
- Indian equities ended in the green today, tracking positive cues from global markets. Gains were led by real estate, metal and healthcare stocks. Nifty and Sensex ended up 0.4% each.
- Indian Government bonds ended higher today. Rise in systemic liquidity (on the back of demonetization scheme) and expectation of a December rate cut has aided gilts. However, profit booking is limiting the upside. The benchmark 10Y yield closed at 6.28% vs. yesterday's close of 6.31%.
- Indian Rupee ended weaker against the Dollar today on the back of reported Dollar purchases by foreign banks. Gains in the greenback post upbeat US housing data also weighed on the Rupee. Going ahead, FOMC minutes due later today will be in focus for cues. USDINR pair closed at 68.57 vs. last close of 68.26.
- RBI withdrew liquidity to the tune of INR 4298.80 (net) under LAF (including fixed and variable rate repos and reverse repos), as of November 22nd. It injected INR 5.51 bn and INR 7.85 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 green today, taking cues from overnight gains in US equities. Gains were led by Australia ASX (1.3%), Kospi (0.5%) and Nifty (0.4%). Shanghai Composite and Hang Seng were the only exceptions posting marginal losses. Japan markets were closed due to a holiday.
- The Sterling was the top underperformer today, falling to the levels of ~1.2398 vis-à-vis the US Dollar. BoE's policymaker Kristin Forbes said that the British economy has shown unexpected resilience in the wake of the uncertainty generated by the Brexit vote as growth has proven "solid" despite the referendum jitters. The Euro is trading slightly higher today, supported by upbeat PMI numbers from Eurozone and Reuters news about ECB looking to lend out more bonds to avert market freeze. Reuters reported that the ECB is looking for ways to lend out more of its huge pile of government debt to avert a freeze in the EUR 5.5 trn short-term funding market that underpins the financial system. In terms of data releases, both Eurozone's Services and Manufacturing PMI rose to 54.1, the highest since the beginning of the year.
- US Treasuries remained volatile in today's trade since afternoon, paring gains accrued in early trade as yield firmed up again. 10Y Treasury yields are currently trading at 2.32%, vs. yesterday's close of 2.31%.
Commodity market developments:
- Crude oil edged higher today for the fourth consecutive day, as OPEC seemed to be on course to finalize the details of the Algiers accord to cut production, and crude stockpiles in the US fell last week. However, two key members, Iran and Iraq are not perceived to be cooperating with the output cut plans, which may derail talks in the days to come. The OPEC meet in Vienna next week will remain in focus going ahead. WTI and Brent are currently trading at USD 48.3/bbl and USD 49.4/bbl respectively.
- Gold is trading ranged today, currently at USD 1212/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
Renuka Khadke
(+91-22) 2653-1414 (extn: 8976)
renuka.khadke@icicibank.com
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--
CA. Rajesh Desai
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