{LONGTERMINVESTORS} Fwd: Daily Market Report-December 30, 2016

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From: <research@icicibank.com>
Date: Fri, Dec 30, 2016 at 5:59 PM
Subject: Daily Market Report-December 30, 2016
To: stockdesai@gmail.com

Key developments: India fiscal deficit from April-November stood at 85.8% of the full-year Budgeted target. Domestic market developments: Indian equities ended the final trading day of the calendar year 1% higher. Realty, fast moving consumer goods, pharmaceutical, and oil and gas shares led the gains. Prime Minister Narendra Modi's public address tomorrow will be watched for announcement of any big-ticket measures to boost the economy. Indian Government bonds trimmed early session gains as lower-than-expected cut-offs at the INR 140 bn gilt auction and caution ahead of the weekend weighed on gilts. In other developments RBI held auction of 21 and 28 day cash management bills worth a total of INR 900 bn. The benchmark 10Y yield ended at 6.52% similar to yesterday's close. Indian Rupee ended stronger against the greenback on the back of reported Dollar sales by PSU banks. On the data front, fiscal numbers displayed robust double digit growth in tax collections. USDINR pair ended at 67.92 vs. yesterday's close of 68.28. RBI withdrew liquidity to the tune of INR 1.23 tn (net) under LAF (including fixed and variable rate repos and reverse repos), as of December 29th. It injected INR 2.00 bn and INR 12.29 bn under Marginal Standing Facility and Special Refinance Facility respectively. Global Market Snapshot *Weighted Average (WAR) over the day Global market developments: Asian equities ended mixed today amid lack of any fresh cues. Hang Sen (1.0%), Shanghai Composite (0.2%), and Kospi (0.1%) ended in the green, while Australia ASX (-0.6%) and Nikkei (-0.2%) ended higher today. The US Dollar index is trading lower today at 102 handle after opening with a gap-down amid thin holiday trading activities. The Euro is trading higher at 1.0561 against the US dollar, after making a high of 1.0650 in early Asian trading. The recent surge in Euro is on the back of thin liquidity conditions. The Sterling is also trading slightly stronger at 1.2296 against US Dollar handle, in line with recent losses posted by the Dollar index. The Japanese Yen is trading weaker at 116.94 against US Dollar, supported by range-bound US Treasury yields. US Treasuries are trading ranged today, reaching session highs after strong demand for the USD 28 bn 7Y auction was seen yesterday. This followed the 5Y auction day before yesterday, which also exceeded expectations. The 10Y Treasury trading at 2.48% vs yesterday's closing of 2.51%. Commodity market developments: Crude oil is trading mildly higher today. Brent crude is headed for its first annual advance in four years before supply cuts from OPEC and other producing nations next month intend to stabilize the market and reduce swelling global inventories. WTI and Brent are trading at USD 53.8/bbl and USD 56.8/bbl respectively. Gold is trading marginally higher today at USD 1158.8/oz. Gold is set for the biggest weekly gain in almost seven  months, extending the first annual increase since 2012, as the Dollar lost strength and investors gauged the outlook for 2017.   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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