TNS MARKET ROUNDUP: Stocks down on profit taking, while bond rises on OMO hope; Strong rupee
MUMBAI, Feb 4 (TickerNews Service):
STOCKS:
The Indian stock indices, Nifty and Sensex ended down on Friday after languishing in negative territory for the better part of the trading session as investors resorted to more profit-taking following the recent upsurge Among sectors, auto, PSU Bank and realty indices down 1-2 percent, while metal index gained over 1 percent. BSE midcap index fell 0.68 percent and smallcap index shed 0.45 percent. The 30-share Sensex closed 143.20 points or 0.24% lower at 58,644.82 on the BSE, while the 50-stock Nifty losses 43.90 points or 0.25% to close at 17,516.30 on the NSE.
***
EUROPEAN STOCKS:
European markets turned negative on Friday as investors digested key updates from both the Bank of England and the European Central Bank,CNBC reported on Friday.
US stock futures turned mixed in early morning trading Friday as investors digested a slew of corporate earnings reports after the Nasdaq Composite posted its worst day in more than a year.
***
RUPEE:
The Indian currency ended up on Friday supported by weaker American dollar against other key currencies.
Rupee in spot market ended at Rs 74.69/$1 compared with Rs 74.71/$1 at open on Friday versus Rs 74.86/$1 at close on Thursday.
***
FORWARD PREMIA:
The premium on dollar/rupee forward contract maturing in one year ended higher as importers and banks hedged their future payables taking advantage of the appreciation in rupee.
Dollar/rupee in spot market traded between intraday high of Rs 74.77/$1 and intraday low of Rs 74.68/$1 on Friday.
On annualised basis, the premium on the one-year exact-period dollar/rupee contract ended at 4.48% versus 4.43% at close on Friday.
***
GILTS:
Government bond prices ended up on Friday on hope the Reserve Bank of India may announce outright OMO purchase or G-SAP auction after it rejected all bids got at two papers in the weekly bond auction.
The 6.10%-2031 bond ended at Rs 94.5200 or 6.8992% yield compared with Rs 94.2100 or 6.9462% yield at open on Friday and Rs 94.4000 or 6.9169% yield at close on Thursday.
***
CRUDE OIL:
Brent crude oil futures traded at $92.35 a barrel at 4:50PM IST on Friday.
(End)
MUMBAI, Feb 4 (TickerNews Service):
STOCKS:
The Indian stock indices, Nifty and Sensex ended down on Friday after languishing in negative territory for the better part of the trading session as investors resorted to more profit-taking following the recent upsurge Among sectors, auto, PSU Bank and realty indices down 1-2 percent, while metal index gained over 1 percent. BSE midcap index fell 0.68 percent and smallcap index shed 0.45 percent. The 30-share Sensex closed 143.20 points or 0.24% lower at 58,644.82 on the BSE, while the 50-stock Nifty losses 43.90 points or 0.25% to close at 17,516.30 on the NSE.
***
EUROPEAN STOCKS:
European markets turned negative on Friday as investors digested key updates from both the Bank of England and the European Central Bank,CNBC reported on Friday.
US stock futures turned mixed in early morning trading Friday as investors digested a slew of corporate earnings reports after the Nasdaq Composite posted its worst day in more than a year.
***
RUPEE:
The Indian currency ended up on Friday supported by weaker American dollar against other key currencies.
Rupee in spot market ended at Rs 74.69/$1 compared with Rs 74.71/$1 at open on Friday versus Rs 74.86/$1 at close on Thursday.
***
FORWARD PREMIA:
The premium on dollar/rupee forward contract maturing in one year ended higher as importers and banks hedged their future payables taking advantage of the appreciation in rupee.
Dollar/rupee in spot market traded between intraday high of Rs 74.77/$1 and intraday low of Rs 74.68/$1 on Friday.
On annualised basis, the premium on the one-year exact-period dollar/rupee contract ended at 4.48% versus 4.43% at close on Friday.
***
GILTS:
Government bond prices ended up on Friday on hope the Reserve Bank of India may announce outright OMO purchase or G-SAP auction after it rejected all bids got at two papers in the weekly bond auction.
The 6.10%-2031 bond ended at Rs 94.5200 or 6.8992% yield compared with Rs 94.2100 or 6.9462% yield at open on Friday and Rs 94.4000 or 6.9169% yield at close on Thursday.
***
CRUDE OIL:
Brent crude oil futures traded at $92.35 a barrel at 4:50PM IST on Friday.
(End)
TNS INDIA TODAY - What Markets Will Watch and Why - Feb 7
LOCAL EVENTS:
9:00 AM –- Federation of Automobile Dealers Associations to release
January auto industry sales data.
10:00 AM -- Vedant Fashions IPO subscription continues.
***
MINT ROAD:
-- FX, G-sec markets remain shut as mark of respect to Bharat Ratna
Lata Mangeshkar
5:30PM -- RBI to announce details of weekly bond auction
***
US STOCKS:
Another bumpy ride on Wall Street ended on Friday as Amazon's positive earnings capped a run of mixed big-tech numbers, with the Nasdaq recovering much of its losses from the previous session and all three benchmarks ending the week in the positive territory.
At close, Dow Jones Industrial Average fell 0.06% to 35,089.74, the S&P 500 gained 0.52% to 4,500.53 and the Nasdaq Composite added 1.58%, to 14,098.01.
***
ASIAN STOCKS:
Asian share markets mostly eased on Monday after stunningly strong US jobs data soothed concerns about the global economy but also added to the risk of an aggressive tightening by the Federal Reserve. The cautious mood saw MSCI's broadest index of Asia-Pacific shares outside Japan dip 0.1% in early trade. Japan's Nikkei fell 0.9% and South Korea 0.8%.
The Nifty futures were trading down 60.50 points at 17,428.00 at 8:30 AM IST in Singapore.
***
GLOBAL EVENTS:
MONDAY
3:00 AM -- Australia -- AiG Performance of Services
Index(Jan)
5:20 AM -- Japan -- JP Foreign Reserves(Jan)
6:00 AM -- Australia -- ANZ Job Advertisements(Jan)
7:15 AM -- China -- Caixin Services PMI(Jan)
10:30 AM -- Japan -- Coincident Index(Dec) PREL
-- Leading Economic Index(Dec) PREL
12:15 PM -- Switzerland -- Unemployment Rate s.a (MoM)(Jan)
12:30 PM -- UK -- Halifax House Prices (YoY/3m)(Jan)
12:30 PM -- Germany -- Industrial Production n.s.a. w.d.a.
(YoY)(Dec)
1:30 PM -- China -- Foreign Exchange Reserves (MoM)(Jan)
1:30 PM -- Switzerland -- Foreign Currency Reserves(Jan)
2:30 PM -- Singapore -- Foreign Reserves (MoM)(Jan)
3:00 PM -- EMU -- Sentix Investor Confidence(Feb)
(End)
LOCAL EVENTS:
9:00 AM –- Federation of Automobile Dealers Associations to release
January auto industry sales data.
10:00 AM -- Vedant Fashions IPO subscription continues.
***
MINT ROAD:
-- FX, G-sec markets remain shut as mark of respect to Bharat Ratna
Lata Mangeshkar
5:30PM -- RBI to announce details of weekly bond auction
***
US STOCKS:
Another bumpy ride on Wall Street ended on Friday as Amazon's positive earnings capped a run of mixed big-tech numbers, with the Nasdaq recovering much of its losses from the previous session and all three benchmarks ending the week in the positive territory.
At close, Dow Jones Industrial Average fell 0.06% to 35,089.74, the S&P 500 gained 0.52% to 4,500.53 and the Nasdaq Composite added 1.58%, to 14,098.01.
***
ASIAN STOCKS:
Asian share markets mostly eased on Monday after stunningly strong US jobs data soothed concerns about the global economy but also added to the risk of an aggressive tightening by the Federal Reserve. The cautious mood saw MSCI's broadest index of Asia-Pacific shares outside Japan dip 0.1% in early trade. Japan's Nikkei fell 0.9% and South Korea 0.8%.
The Nifty futures were trading down 60.50 points at 17,428.00 at 8:30 AM IST in Singapore.
***
GLOBAL EVENTS:
MONDAY
3:00 AM -- Australia -- AiG Performance of Services
Index(Jan)
5:20 AM -- Japan -- JP Foreign Reserves(Jan)
6:00 AM -- Australia -- ANZ Job Advertisements(Jan)
7:15 AM -- China -- Caixin Services PMI(Jan)
10:30 AM -- Japan -- Coincident Index(Dec) PREL
-- Leading Economic Index(Dec) PREL
12:15 PM -- Switzerland -- Unemployment Rate s.a (MoM)(Jan)
12:30 PM -- UK -- Halifax House Prices (YoY/3m)(Jan)
12:30 PM -- Germany -- Industrial Production n.s.a. w.d.a.
(YoY)(Dec)
1:30 PM -- China -- Foreign Exchange Reserves (MoM)(Jan)
1:30 PM -- Switzerland -- Foreign Currency Reserves(Jan)
2:30 PM -- Singapore -- Foreign Reserves (MoM)(Jan)
3:00 PM -- EMU -- Sentix Investor Confidence(Feb)
(End)
TNS INDIA TODAY - What Markets Will Watch and Why - Feb 8
LOCAL EVENTS:
9:15 AM –- Adani Wilmar lists on stock exchanges.
3:00 PM -- Niti Aayog Chief Executive Amitabh Kant at a virtual launch
of an initiative to support India's healthcare enterprises.
5:00 PM -- Vedant Fashions IPO subscription closes.
5:15 PM -- FM Nirmala Sitharaman at industry body ICC webinar on federal
budget 2022-23.
***
MINT ROAD:
10:30AM-11:30AM -– RBI to auction 9 SDL worth Rs 14233 cr
***
US STOCKS:
Wall Street ended lower on Monday, as investors digested recent quarterly results from Facebook owner Meta Platforms and other megacaps, while Peloton jumped following reports of interest from potential buyers, including Amazon. Meta Platforms fell 5.1%, adding to losses after its bleak forecast last week caused a record plunge in the social media company's stock market value.
At close, Dow Jones Industrial Average remained unchanged to end at 35,091.13, the S&P 500 lost 0.37% to 4,483.87 and the Nasdaq Composite dropped 0.58%, to 14,015.67.
***
ASIAN STOCKS:
Asia-Pacific shares were mixed in Tuesday trade, as investors in the region continue to assess the inflation and central bank policy outlook. Japan’s Nikkei 225 gained 0.46%, while the Topix index climbed 0.55%.
The Nifty futures were trading down 33.00 points at 17,247.50 at 8:30 AM IST in Singapore.
***
GLOBAL EVENTS:
TUESDAY
5:00 AM -- Japan -- Labor Cash Earnings (YoY)(Dec)
-- Overall Household Spending (YoY)(Dec)
5:20 AM -- Japan -- Trade Balance - BOP Basis(Dec)
5:31 AM -- UK -- BRC Like-For-Like Retail Sales
(YoY)(Jan)
6:00 AM -- Australia -- National Australia Bank's Business
Conditions(Jan)
10:30 AM -- Japan -- Eco Watchers Survey: Current(Jan)
1:15 PM -- France -- Current Account(Dec)
-- Trade Balance EUR(Dec)
1:30 PM -- Spain -- Industrial Output Cal Adjusted
(YoY)(Dec)
2:30 PM -- Italy -- Retail Sales n.s.a (YoY)(Dec)
4:30 PM -- US -- NFIB Business Optimism Index(Jan)
7:00 PM -- US -- Goods Trade Balance(Dec)
7:25 PM -- US -- Redbook Index (YoY)(Feb 4)
8:30 PM -- US -- IBD/TIPP Economic Optimism
(MoM)(Feb)
(End)
LOCAL EVENTS:
9:15 AM –- Adani Wilmar lists on stock exchanges.
3:00 PM -- Niti Aayog Chief Executive Amitabh Kant at a virtual launch
of an initiative to support India's healthcare enterprises.
5:00 PM -- Vedant Fashions IPO subscription closes.
5:15 PM -- FM Nirmala Sitharaman at industry body ICC webinar on federal
budget 2022-23.
***
MINT ROAD:
10:30AM-11:30AM -– RBI to auction 9 SDL worth Rs 14233 cr
***
US STOCKS:
Wall Street ended lower on Monday, as investors digested recent quarterly results from Facebook owner Meta Platforms and other megacaps, while Peloton jumped following reports of interest from potential buyers, including Amazon. Meta Platforms fell 5.1%, adding to losses after its bleak forecast last week caused a record plunge in the social media company's stock market value.
At close, Dow Jones Industrial Average remained unchanged to end at 35,091.13, the S&P 500 lost 0.37% to 4,483.87 and the Nasdaq Composite dropped 0.58%, to 14,015.67.
***
ASIAN STOCKS:
Asia-Pacific shares were mixed in Tuesday trade, as investors in the region continue to assess the inflation and central bank policy outlook. Japan’s Nikkei 225 gained 0.46%, while the Topix index climbed 0.55%.
The Nifty futures were trading down 33.00 points at 17,247.50 at 8:30 AM IST in Singapore.
***
GLOBAL EVENTS:
TUESDAY
5:00 AM -- Japan -- Labor Cash Earnings (YoY)(Dec)
-- Overall Household Spending (YoY)(Dec)
5:20 AM -- Japan -- Trade Balance - BOP Basis(Dec)
5:31 AM -- UK -- BRC Like-For-Like Retail Sales
(YoY)(Jan)
6:00 AM -- Australia -- National Australia Bank's Business
Conditions(Jan)
10:30 AM -- Japan -- Eco Watchers Survey: Current(Jan)
1:15 PM -- France -- Current Account(Dec)
-- Trade Balance EUR(Dec)
1:30 PM -- Spain -- Industrial Output Cal Adjusted
(YoY)(Dec)
2:30 PM -- Italy -- Retail Sales n.s.a (YoY)(Dec)
4:30 PM -- US -- NFIB Business Optimism Index(Jan)
7:00 PM -- US -- Goods Trade Balance(Dec)
7:25 PM -- US -- Redbook Index (YoY)(Feb 4)
8:30 PM -- US -- IBD/TIPP Economic Optimism
(MoM)(Feb)
(End)
TNS MARKET ROUNDUP: Stocks end up, while rupee down on strong dlr; Bonds up as
MUMBAI, Feb 8 (TickerNews Service):
STOCKS:
The Indian stock indices, Nifty and Sensex ended up on Tuesday as the domestic market was in a highly volatile session ahead of RBI policy later this week. Except auto, metal, pharma, PSU bank all other sectoral indices ended in the red. BSE smallcap and Midcap indices shed 0.45-1.4 percent. The 30-share Sensex closed 187.39 points or 0.33% higher at 57,808.58 on the BSE, while the 50-stock Nifty gained 53.15 points or 0.31% to close at 17,516.30 on the NSE.
***
EUROPEAN STOCKS:
European stocks were cautiously higher on Tuesday morning with global investors looking ahead to U.S. inflation data released later this week, CNBC reported on Tuesday.
U.S. stock index futures were just above the flatline in morning trading Tuesday as the market awaits key inflation data later this week.
***
RUPEE:
The Indian currency ended down Tuesday tracking firm greenback ahead of US inflation data and high crude oil prices in International market.
Rupee in spot market ended at Rs 74.74/$1 compared with Rs 74.60/$1 at open Tuesday and Rs 74.69/$1 at close on Friday.
***
FORWARD PREMIA:
The premium on dollar/rupee forward contract maturing in one year ended down on Tuesday as some exporters and banks covered their open dollar position taking advantage of rise in spot pair.
On annualised basis, premium on one-year exact-month dollar/rupee contract ended at 4.43%, compared with 4.48% at the previous close.
***
GILTS:
Government bond prices ended up on Tuesday after the Reserve Bank of India cancelled the weekly bond auction. Adding to this, easing oil prices and lower US Treasury yield too supported bonds today.
The 6.10%-2031 bond ended at Rs 94.9450 or 6.8324% yield compared with Rs 94.8500 or 6.8497% yield at open on Tuesday and Rs 94.5200 or 6.8992% yield at close on Friday.
***
CRUDE OIL:
Brent crude oil futures traded at $90.63 a barrel at 4:30PM IST on Tuesday.
(End)
MUMBAI, Feb 8 (TickerNews Service):
STOCKS:
The Indian stock indices, Nifty and Sensex ended up on Tuesday as the domestic market was in a highly volatile session ahead of RBI policy later this week. Except auto, metal, pharma, PSU bank all other sectoral indices ended in the red. BSE smallcap and Midcap indices shed 0.45-1.4 percent. The 30-share Sensex closed 187.39 points or 0.33% higher at 57,808.58 on the BSE, while the 50-stock Nifty gained 53.15 points or 0.31% to close at 17,516.30 on the NSE.
***
EUROPEAN STOCKS:
European stocks were cautiously higher on Tuesday morning with global investors looking ahead to U.S. inflation data released later this week, CNBC reported on Tuesday.
U.S. stock index futures were just above the flatline in morning trading Tuesday as the market awaits key inflation data later this week.
***
RUPEE:
The Indian currency ended down Tuesday tracking firm greenback ahead of US inflation data and high crude oil prices in International market.
Rupee in spot market ended at Rs 74.74/$1 compared with Rs 74.60/$1 at open Tuesday and Rs 74.69/$1 at close on Friday.
***
FORWARD PREMIA:
The premium on dollar/rupee forward contract maturing in one year ended down on Tuesday as some exporters and banks covered their open dollar position taking advantage of rise in spot pair.
On annualised basis, premium on one-year exact-month dollar/rupee contract ended at 4.43%, compared with 4.48% at the previous close.
***
GILTS:
Government bond prices ended up on Tuesday after the Reserve Bank of India cancelled the weekly bond auction. Adding to this, easing oil prices and lower US Treasury yield too supported bonds today.
The 6.10%-2031 bond ended at Rs 94.9450 or 6.8324% yield compared with Rs 94.8500 or 6.8497% yield at open on Tuesday and Rs 94.5200 or 6.8992% yield at close on Friday.
***
CRUDE OIL:
Brent crude oil futures traded at $90.63 a barrel at 4:30PM IST on Tuesday.
(End)
TNS INDIA TODAY - What Markets Will Watch and Why - Feb 9
LOCAL EVENTS:
11:30 AM -- Revenue Secretary Tarun Bajaj, CBDT Chairman J.B. Mohapatra
and CBIC Chairman Vivek Johri at industry body CII's post
federal budget webinar
1:30 PM -- Association of Mutual Funds of India Chief Executive N.S.
Venkatesh holds conference call post release of January MF
industry data.
***
MINT ROAD:
10:30AM-11:00AM -- RBI to auction 2-day Reverse Repo worth Rs 1 lakh cr
10:30AM-11:30AM -– RBI to auction 3 T-Bills worth Rs 26000 cr
***
US STOCKS:
Big Tech gave major US stock indexes a boost on Tuesday and European shares ended largely unchanged as a sharp fall in oil prices took the shine off bumper profits from oil company BP.
At close, Dow Jones Industrial Average rose 1.06% to 35,462.78, the S&P 500 gained 0.84% to 4,521.52 and the Nasdaq Composite added 1.28%, to 14,194.46.
***
ASIAN STOCKS:
Asia-Pacific shares rose in the Wednesday morning trade, with stocks in Hong Kong leading gains regionally. In Japan, the Nikkei 225 gained 0.83%, while the Topix index climbed 0.8%. Shares of SoftBank Group surged 5.34% after the Japanese conglomerate on Tuesday announced plans to take Arm public following the collapse of a planned sale of the unit to Nvidia.
The Nifty futures were trading up 40.75 points at 17,319.00 at 8:30 AM IST in Singapore.
***
GLOBAL EVENTS:
WEDNESDAY
5:00 AM -- Australia -- Westpac Consumer Confidence(Feb)
5:20 AM -- Japan -- Money Supply M2+CD (YoY)(Jan)
11:30 AM -- Japan -- Machine Tool Orders (YoY)(Jan)
12:30 PM -- Germany -- Current Account n.s.a.(Dec)
-- Trade Balance s.a.(Dec)
2:30 PM -- Italy -- Industrial Output w.d.a (YoY)(Dec)
5:30 PM -- US -- MBA Mortgage Applications(Feb 4)
8:30 PM -- US -- Wholesale Inventories(Dec)
9:00 PM -- US -- EIA Crude Oil Stocks Change(Feb 4)
10:30 PM -- US -- Fed's Mester speech
-- USDA WASDE Report
(End)
LOCAL EVENTS:
11:30 AM -- Revenue Secretary Tarun Bajaj, CBDT Chairman J.B. Mohapatra
and CBIC Chairman Vivek Johri at industry body CII's post
federal budget webinar
1:30 PM -- Association of Mutual Funds of India Chief Executive N.S.
Venkatesh holds conference call post release of January MF
industry data.
***
MINT ROAD:
10:30AM-11:00AM -- RBI to auction 2-day Reverse Repo worth Rs 1 lakh cr
10:30AM-11:30AM -– RBI to auction 3 T-Bills worth Rs 26000 cr
***
US STOCKS:
Big Tech gave major US stock indexes a boost on Tuesday and European shares ended largely unchanged as a sharp fall in oil prices took the shine off bumper profits from oil company BP.
At close, Dow Jones Industrial Average rose 1.06% to 35,462.78, the S&P 500 gained 0.84% to 4,521.52 and the Nasdaq Composite added 1.28%, to 14,194.46.
***
ASIAN STOCKS:
Asia-Pacific shares rose in the Wednesday morning trade, with stocks in Hong Kong leading gains regionally. In Japan, the Nikkei 225 gained 0.83%, while the Topix index climbed 0.8%. Shares of SoftBank Group surged 5.34% after the Japanese conglomerate on Tuesday announced plans to take Arm public following the collapse of a planned sale of the unit to Nvidia.
The Nifty futures were trading up 40.75 points at 17,319.00 at 8:30 AM IST in Singapore.
***
GLOBAL EVENTS:
WEDNESDAY
5:00 AM -- Australia -- Westpac Consumer Confidence(Feb)
5:20 AM -- Japan -- Money Supply M2+CD (YoY)(Jan)
11:30 AM -- Japan -- Machine Tool Orders (YoY)(Jan)
12:30 PM -- Germany -- Current Account n.s.a.(Dec)
-- Trade Balance s.a.(Dec)
2:30 PM -- Italy -- Industrial Output w.d.a (YoY)(Dec)
5:30 PM -- US -- MBA Mortgage Applications(Feb 4)
8:30 PM -- US -- Wholesale Inventories(Dec)
9:00 PM -- US -- EIA Crude Oil Stocks Change(Feb 4)
10:30 PM -- US -- Fed's Mester speech
-- USDA WASDE Report
(End)
TNS MARKET ROUNDUP: Stocks end up on inflows, while Rupee down ahead of US CPI; Bond up
MUMBAI, Feb 9 (TickerNews Service):
STOCKS:
The Indian stock indices, Nifty and Sensex ended up on Wednesday as the domestic market joined the global rally with all major sectors barring PSU Banks trading with gains. US stocks rallied yesterday shrugging off concerns over rising crude oil and rate hike worries ahead of the release of US inflation data.The 30-share Sensex closed 657.39 points or 1.14% higher at 58,465.97 on the BSE, while the 50-stock Nifty gained 197.05 points or 1.14% to close at 17,463.80 on the NSE.
***
EUROPEAN STOCKS:
European stocks advanced on Wednesday morning, tracking global gains as investors await key U.S. inflation data due to be released Thursday,CNBC reported on Wednesday.
U.S. stock futures rose in early morning trading on Wednesday as investors prepare for another round of corporate earnings.
***
RUPEE:
The Indian currency ended slightly down on Wednesday ahead of the release of US CPI data and RBI policy amid a flattish dollar index.
Rupee in spot market ended at Rs 74.80/$1 compared with Rs 74.69/$1 at open Wednesday and Rs 74.74/$1 at close on Tuesday.
***
FORWARD PREMIA:
The premium on dollar/rupee forward contract maturing in one year ended down on Wednesday as some exporters and banks covered their open dollar position taking advantage of spike in spot pair.
On annualised basis, premium on one-year exact-month dollar/rupee contract ended at 4.33%, compared with 4.43% at the previous close.
***
GILTS:
Government bond prices ended up on Wednesday due to lack of fresh supply of bonds after the Reserve Bank of India cancelled this week's bond auction.
The 6.10%-2031 bond ended at Rs 95.0300 or 6.8227 yield compared with Rs 94.9200 or 6.8383% yield at open on Wednesday and Rs 94.9650 or 6.8324% yield at close on Tuesday.
***
CRUDE OIL:
Brent crude oil futures traded at $90.60 a barrel at 4:30PM IST on Wednesday.
(End)
MUMBAI, Feb 9 (TickerNews Service):
STOCKS:
The Indian stock indices, Nifty and Sensex ended up on Wednesday as the domestic market joined the global rally with all major sectors barring PSU Banks trading with gains. US stocks rallied yesterday shrugging off concerns over rising crude oil and rate hike worries ahead of the release of US inflation data.The 30-share Sensex closed 657.39 points or 1.14% higher at 58,465.97 on the BSE, while the 50-stock Nifty gained 197.05 points or 1.14% to close at 17,463.80 on the NSE.
***
EUROPEAN STOCKS:
European stocks advanced on Wednesday morning, tracking global gains as investors await key U.S. inflation data due to be released Thursday,CNBC reported on Wednesday.
U.S. stock futures rose in early morning trading on Wednesday as investors prepare for another round of corporate earnings.
***
RUPEE:
The Indian currency ended slightly down on Wednesday ahead of the release of US CPI data and RBI policy amid a flattish dollar index.
Rupee in spot market ended at Rs 74.80/$1 compared with Rs 74.69/$1 at open Wednesday and Rs 74.74/$1 at close on Tuesday.
***
FORWARD PREMIA:
The premium on dollar/rupee forward contract maturing in one year ended down on Wednesday as some exporters and banks covered their open dollar position taking advantage of spike in spot pair.
On annualised basis, premium on one-year exact-month dollar/rupee contract ended at 4.33%, compared with 4.43% at the previous close.
***
GILTS:
Government bond prices ended up on Wednesday due to lack of fresh supply of bonds after the Reserve Bank of India cancelled this week's bond auction.
The 6.10%-2031 bond ended at Rs 95.0300 or 6.8227 yield compared with Rs 94.9200 or 6.8383% yield at open on Wednesday and Rs 94.9650 or 6.8324% yield at close on Tuesday.
***
CRUDE OIL:
Brent crude oil futures traded at $90.60 a barrel at 4:30PM IST on Wednesday.
(End)
TNS INDIA TODAY - What Markets Will Watch and Why - Feb 10
LOCAL EVENTS:
--- No Major Events ---
***
MINT ROAD:
10AM –- RBI Governor Shaktikanta Das monetary policy address.
12PM –- RBI post policy press conference
***
US STOCKS:
Wall Street jumped on Wednesday, closing sharply higher as megacap growth stocks powered up thanks to a pause in rising interest rates, and upbeat earnings reports also encouraged investors to buy.
At close, Dow Jones Industrial Average rose 0.86% to 35,768.06, the S&P 500 gained 1.45% to 4,587.18 and the Nasdaq Composite added 2.08%, to 14,490.37.
***
ASIAN STOCKS:
Asia-Pacific shares were mixed in Thursday morning trade as investors await the release of US consumer inflation data. Mainland Chinese stocks were lower in morning trade, with the Shanghai composite down 0.19% while the Shenzhen component dipped 0.137%. The Nikkei 225 in Japan gained 0.14% while the Topix index slipped fractionally. South Korea’s Kospi shed 0.17%. In Australia, the S&P/ASX 200 climbed 0.21%.
The Nifty futures were trading down 40.75 points at 17,514.80 at 8:31 AM IST in Singapore.
***
GLOBAL EVENTS:
THURSDAY
5:20 AM -- Japan -- Foreign Bond Investment(Feb 4)
-- Producer Price Index (YoY)(Jan)
5:30 AM -- Australia -- Consumer Inflation Expectations(Feb)
5:31 AM -- UK -- RICS Housing Price Balance(Jan)
2:30 PM -- EMU -- ECB's Elderson speech
-- European Commission releases Economic
Growth Forecasts
5:30 PM -- EMU -- ECB's De Guindos speech
6:45 PM -- EMU -- ECB's Lane speech
7:00 PM -- US -- Consumer Price Index (YoY)(Jan)
-- Initial Jobless Claims
8:30 PM -- Japan -- National Foundation Day
9:00 PM -- US -- EIA Natural Gas Storage Change(Feb 4)
(End)
LOCAL EVENTS:
--- No Major Events ---
***
MINT ROAD:
10AM –- RBI Governor Shaktikanta Das monetary policy address.
12PM –- RBI post policy press conference
***
US STOCKS:
Wall Street jumped on Wednesday, closing sharply higher as megacap growth stocks powered up thanks to a pause in rising interest rates, and upbeat earnings reports also encouraged investors to buy.
At close, Dow Jones Industrial Average rose 0.86% to 35,768.06, the S&P 500 gained 1.45% to 4,587.18 and the Nasdaq Composite added 2.08%, to 14,490.37.
***
ASIAN STOCKS:
Asia-Pacific shares were mixed in Thursday morning trade as investors await the release of US consumer inflation data. Mainland Chinese stocks were lower in morning trade, with the Shanghai composite down 0.19% while the Shenzhen component dipped 0.137%. The Nikkei 225 in Japan gained 0.14% while the Topix index slipped fractionally. South Korea’s Kospi shed 0.17%. In Australia, the S&P/ASX 200 climbed 0.21%.
The Nifty futures were trading down 40.75 points at 17,514.80 at 8:31 AM IST in Singapore.
***
GLOBAL EVENTS:
THURSDAY
5:20 AM -- Japan -- Foreign Bond Investment(Feb 4)
-- Producer Price Index (YoY)(Jan)
5:30 AM -- Australia -- Consumer Inflation Expectations(Feb)
5:31 AM -- UK -- RICS Housing Price Balance(Jan)
2:30 PM -- EMU -- ECB's Elderson speech
-- European Commission releases Economic
Growth Forecasts
5:30 PM -- EMU -- ECB's De Guindos speech
6:45 PM -- EMU -- ECB's Lane speech
7:00 PM -- US -- Consumer Price Index (YoY)(Jan)
-- Initial Jobless Claims
8:30 PM -- Japan -- National Foundation Day
9:00 PM -- US -- EIA Natural Gas Storage Change(Feb 4)
(End)
TNS RBI FEB POLICY: KEY HIGHLIGHTS
MUMBAI, FEB 10 (Ticker Service): The Monetary Policy Committee voted unanimously to keep Reserve Bank of India’s key lending rate – the repo – unchanged at 4% while voting 5 to 1 majority to continue with the ‘accommodative’ stance as long as necessary to revive growth till the impact of Omicron on the economy is mitigated.
Following are the key highlights of the central bank’s February 2022 Monetary Policy Statement unveiled by Governor Shaktikanta Das.
POLICY ACTION:
• MPC vote unanimously to keep repo rate unchanged at 4%
• MPC voted 5 to 1 majority to continue with accommodative stance as long as necessary to revive and sustain on a durable basis and continue to mitigate the impact of COVID-19 on the economy
• Reverse repo rate stands at 3.35%; MSF and Bank rate at 4.25%
• Financial market volatility and geo-political tensions are adding layers of ambivalence to the outlook
• Improving inflation outlook, uncertainties related to Omicron and global spillover, continued policy support is warranted for a durable and broad-based recovery
• Balance sheet of SCBs are relatively stronger with higher capital adequacy, reduced NPA, higher provisioning cover and improved profitability vs previous year.
• the policy actions of the RBI have yielded the desired results in a smooth and orderly manner
• The minutes of the MPC’s meeting will be published on Feb 24, 2022.
• The next meeting of the MPC is scheduled during Apr 6 to 8, 2022
GROWTH:
• Private consumption, the mainstay of domestic demand, continues to trail its pre-pandemic level
• Govt push on capex and exports to enhance productive capacity, strengthen aggregate demand; Will crowd in private investment
• Prospect for agriculture have brightened on good progress of winter crop sowing
• Some loss of the momentum of near-term growth while global factors are turning adverse, but domestic growth drivers are gradually improving
• Real GDP growth projection at 7.8% in 2022-23 consisting of 17.2% in Q1 unchanged from December policy, while lowering the growth projection for Q2 to 7.0% from 7.8% projected in the December policy. For the Q3 the GDP is projected at 4.3% and 4.5% for Q4 FY23
INFLATION:
• CPI inflation trajectory has moved in close alignment with RBI projections.
• Food prices are shoftening due to strong supply side intervention by the government and increase in domestic production
• Hardening of crude oil prices presents a major upside risk to inflation outlook
• Core inflation remains elevated at tolerance testing levels
• Inflation projection for 2021-22 is retained at 5.3%, with Q4 at 5.7% on account of unfavourable base effects that ease subsequently.
• Jan CPI to move closer to the upper tolerance band due to base effect
• CPI inflation for 2022-23 is projected at 4.5% with Q1:2022-23 at 4.9%; Q2 at 5.0%; Q3 at 4.0%; and Q4 at 4.2%, with risks broadly balanced..
LIQUIDITY:
• The Reserve Bank slew of liquidity measures have helped bring down borrowing costs
• RBI has turned to rebalancing liquidity on a dynamic basis while maintaining adequate liquidity support
• Rebalancing involves twosided operations: first, rebalancing liquidity from the overnight fixed rate reverse repo towards the 14-day variable rate reverse repo (VRRR) auction as the main operation, supported by fine-tuning auctions of varying tenors as envisaged in the Revised Liquidity Management Framework of February 2020
• Secondly conducting repo auctions of 1-3 day maturities to meet transient liquidity mismatches and shortages, as for instance in the recent case of more than expected GST outflows during the third week of January 2022
• Four decision taken to restor the revised liquidity management framework
• First, variable rate repo operations of varying tenors will henceforth
MUMBAI, FEB 10 (Ticker Service): The Monetary Policy Committee voted unanimously to keep Reserve Bank of India’s key lending rate – the repo – unchanged at 4% while voting 5 to 1 majority to continue with the ‘accommodative’ stance as long as necessary to revive growth till the impact of Omicron on the economy is mitigated.
Following are the key highlights of the central bank’s February 2022 Monetary Policy Statement unveiled by Governor Shaktikanta Das.
POLICY ACTION:
• MPC vote unanimously to keep repo rate unchanged at 4%
• MPC voted 5 to 1 majority to continue with accommodative stance as long as necessary to revive and sustain on a durable basis and continue to mitigate the impact of COVID-19 on the economy
• Reverse repo rate stands at 3.35%; MSF and Bank rate at 4.25%
• Financial market volatility and geo-political tensions are adding layers of ambivalence to the outlook
• Improving inflation outlook, uncertainties related to Omicron and global spillover, continued policy support is warranted for a durable and broad-based recovery
• Balance sheet of SCBs are relatively stronger with higher capital adequacy, reduced NPA, higher provisioning cover and improved profitability vs previous year.
• the policy actions of the RBI have yielded the desired results in a smooth and orderly manner
• The minutes of the MPC’s meeting will be published on Feb 24, 2022.
• The next meeting of the MPC is scheduled during Apr 6 to 8, 2022
GROWTH:
• Private consumption, the mainstay of domestic demand, continues to trail its pre-pandemic level
• Govt push on capex and exports to enhance productive capacity, strengthen aggregate demand; Will crowd in private investment
• Prospect for agriculture have brightened on good progress of winter crop sowing
• Some loss of the momentum of near-term growth while global factors are turning adverse, but domestic growth drivers are gradually improving
• Real GDP growth projection at 7.8% in 2022-23 consisting of 17.2% in Q1 unchanged from December policy, while lowering the growth projection for Q2 to 7.0% from 7.8% projected in the December policy. For the Q3 the GDP is projected at 4.3% and 4.5% for Q4 FY23
INFLATION:
• CPI inflation trajectory has moved in close alignment with RBI projections.
• Food prices are shoftening due to strong supply side intervention by the government and increase in domestic production
• Hardening of crude oil prices presents a major upside risk to inflation outlook
• Core inflation remains elevated at tolerance testing levels
• Inflation projection for 2021-22 is retained at 5.3%, with Q4 at 5.7% on account of unfavourable base effects that ease subsequently.
• Jan CPI to move closer to the upper tolerance band due to base effect
• CPI inflation for 2022-23 is projected at 4.5% with Q1:2022-23 at 4.9%; Q2 at 5.0%; Q3 at 4.0%; and Q4 at 4.2%, with risks broadly balanced..
LIQUIDITY:
• The Reserve Bank slew of liquidity measures have helped bring down borrowing costs
• RBI has turned to rebalancing liquidity on a dynamic basis while maintaining adequate liquidity support
• Rebalancing involves twosided operations: first, rebalancing liquidity from the overnight fixed rate reverse repo towards the 14-day variable rate reverse repo (VRRR) auction as the main operation, supported by fine-tuning auctions of varying tenors as envisaged in the Revised Liquidity Management Framework of February 2020
• Secondly conducting repo auctions of 1-3 day maturities to meet transient liquidity mismatches and shortages, as for instance in the recent case of more than expected GST outflows during the third week of January 2022
• Four decision taken to restor the revised liquidity management framework
• First, variable rate repo operations of varying tenors will henceforth
• be conducted as and when warranted by the evolving liquidity and financial conditions within the cash reserve ratio (CRR) maintenance cycle.
• Variable rate repos (VRRs) and variable rate reverse repos (VRRRs) of 14-day tenor will operate as the main liquidity management tool.
• These main operations will be supported by fine-tuning operations to tide over any unanticipated liquidity changes during the reserve maintenance period. Auctions of longer maturity will also be conducted as warranted.
• From March 1, 2022, the Fixed Rate Reverse Repo and the MSF operations will be available only during 17.30-23.59 hours on all days and not during 09.00-23.59 hours
ADDITIONAL MEASURES:
• Extension of term liquidity facility of Rs 50,000 crore to emergency health services till Jun 30, 2022.
• Extension of on-tap liquidity window of Rs 15,000 cror for contact-intensive sector till Jun 30, 2022
• Hikes limit of Voluntary Retention Route for investment in G-sec, corp debt by FPIs to Rs 2.5 lakh crore from Apr 1, 2022
• Review of Credit Default Swaps guidelines
• To allow banks to deal in offshore foreign currency settled rupee derivatives market.
• Enhances the cap under e-RUPI to Rs 1 lakh per voucher and allow use of the e-RUPI voucher multiple times
(End)
• Variable rate repos (VRRs) and variable rate reverse repos (VRRRs) of 14-day tenor will operate as the main liquidity management tool.
• These main operations will be supported by fine-tuning operations to tide over any unanticipated liquidity changes during the reserve maintenance period. Auctions of longer maturity will also be conducted as warranted.
• From March 1, 2022, the Fixed Rate Reverse Repo and the MSF operations will be available only during 17.30-23.59 hours on all days and not during 09.00-23.59 hours
ADDITIONAL MEASURES:
• Extension of term liquidity facility of Rs 50,000 crore to emergency health services till Jun 30, 2022.
• Extension of on-tap liquidity window of Rs 15,000 cror for contact-intensive sector till Jun 30, 2022
• Hikes limit of Voluntary Retention Route for investment in G-sec, corp debt by FPIs to Rs 2.5 lakh crore from Apr 1, 2022
• Review of Credit Default Swaps guidelines
• To allow banks to deal in offshore foreign currency settled rupee derivatives market.
• Enhances the cap under e-RUPI to Rs 1 lakh per voucher and allow use of the e-RUPI voucher multiple times
(End)
TNS MARKET ROUNDUP: Stocks, Bonds end up on dovish RBI policy; Rupee fall on strong dlr
MUMBAI, Feb 10 (TickerNews Service):
STOCKS:
The Indian stock indices, Nifty and Sensex ended up on Thursday after Reserve Bank India’s Monetary Policy Committee after keeping key interest rates unchanged said it will continue with its accommodative stance as long as necessary to mitigate the ill effect of Omicron on economic growth. The 30-share Sensex closed 460.06 points or 0.79% higher at 58,926.03 on the BSE, while the 50-stock Nifty gained 32.30 points or 1.86% to close at 17,605.85 on the NSE.
***
RBI POLICY:
The Reserve Bank of India Governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) unanimous decision to keep all policy rates unchanged while voting 5 to 1 majority to maintain accommodative stance, was in contrast with the market expectation of a hike in reverse repo along with change in policy stance to ‘Neutral’. The central bank has maintained status quo in repo rate at 4%, the 10th consecutive time that the rate has remained unchanged. The central bank had last revised the policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rate to a historic low. The accommodative policy stance will be maintained as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. The marginal standing facility (MSF) rate and the Bank Rate remain unchanged at 4.25%. The reverse repo rate also remains unchanged at 3.35%.
"Overall, taking into consideration the outlook for inflation and growth, in particular the comfort provided by the improving inflation outlook, the uncertainties related to Omicron and global spillovers, the MPC was of the view that continued policy support is warranted for a durable and broad-based recovery,” Das said while presenting the policy statement earlier today.
Das said the continuation of accommodative stance is to revive and sustain growth on a durable basis, given the fact there has been some loss of near-term growth momentum due to the third wave of the Covid.
MPC has projected the country’s real GDP growth at 7.8% for the next fiscal year, while revising the real GDP growth for the current fiscal year at 9.2%, slightly lower than the 9.5% projected in the December policy.
Meanwhile on inflation front, the RBI governor said headline CPI inflation is expected to peak in fourth quarter of the current quarter with the ‘tolerance band’ and then 'moderate' closer to target in the second half of next fiscal. Das said that rising global crude oil prices presented an upside risk to inflation. The RBI has projected CPI inflation at 5.3% for the ongoing fiscal, unchanged from December projection while forecasting 4.5% in the next fiscal year 2022-23.
***
EUROPEAN STOCKS:
European stocks were cautious on Thursday morning after a deluge of corporate earnings, while global investors await the latest reading of U.S. inflation, CNBC reported on Thursday.
U.S. stock futures were mixed early Thursday morning of ahead of key inflation data expected later in the day.
***
RUPEE:
The Indian currency ended down Thursday tracking the uptick in dollar index ahead of US inflation prints that could play a key role in determining the Fed's policy outlook.
Rupee in spot market ended at Rs 74.93/$1 compared with Rs 74.87/$1 at open Thursday and Rs 74.80/$1 at close on Wednesday.
***
FORWARD PREMIA:
The premium on dollar/rupee forward contract maturing in one year ended down on Wednesday as exporters and banks covered their open dollar position taking advantage of spike in spot pair above Rs 75/$1.
On annualised basis, premium on one-year exact-month dollar/rupee contract ended at 4.13%, compared with 4.33% at the previous close.
MUMBAI, Feb 10 (TickerNews Service):
STOCKS:
The Indian stock indices, Nifty and Sensex ended up on Thursday after Reserve Bank India’s Monetary Policy Committee after keeping key interest rates unchanged said it will continue with its accommodative stance as long as necessary to mitigate the ill effect of Omicron on economic growth. The 30-share Sensex closed 460.06 points or 0.79% higher at 58,926.03 on the BSE, while the 50-stock Nifty gained 32.30 points or 1.86% to close at 17,605.85 on the NSE.
***
RBI POLICY:
The Reserve Bank of India Governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) unanimous decision to keep all policy rates unchanged while voting 5 to 1 majority to maintain accommodative stance, was in contrast with the market expectation of a hike in reverse repo along with change in policy stance to ‘Neutral’. The central bank has maintained status quo in repo rate at 4%, the 10th consecutive time that the rate has remained unchanged. The central bank had last revised the policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rate to a historic low. The accommodative policy stance will be maintained as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. The marginal standing facility (MSF) rate and the Bank Rate remain unchanged at 4.25%. The reverse repo rate also remains unchanged at 3.35%.
"Overall, taking into consideration the outlook for inflation and growth, in particular the comfort provided by the improving inflation outlook, the uncertainties related to Omicron and global spillovers, the MPC was of the view that continued policy support is warranted for a durable and broad-based recovery,” Das said while presenting the policy statement earlier today.
Das said the continuation of accommodative stance is to revive and sustain growth on a durable basis, given the fact there has been some loss of near-term growth momentum due to the third wave of the Covid.
MPC has projected the country’s real GDP growth at 7.8% for the next fiscal year, while revising the real GDP growth for the current fiscal year at 9.2%, slightly lower than the 9.5% projected in the December policy.
Meanwhile on inflation front, the RBI governor said headline CPI inflation is expected to peak in fourth quarter of the current quarter with the ‘tolerance band’ and then 'moderate' closer to target in the second half of next fiscal. Das said that rising global crude oil prices presented an upside risk to inflation. The RBI has projected CPI inflation at 5.3% for the ongoing fiscal, unchanged from December projection while forecasting 4.5% in the next fiscal year 2022-23.
***
EUROPEAN STOCKS:
European stocks were cautious on Thursday morning after a deluge of corporate earnings, while global investors await the latest reading of U.S. inflation, CNBC reported on Thursday.
U.S. stock futures were mixed early Thursday morning of ahead of key inflation data expected later in the day.
***
RUPEE:
The Indian currency ended down Thursday tracking the uptick in dollar index ahead of US inflation prints that could play a key role in determining the Fed's policy outlook.
Rupee in spot market ended at Rs 74.93/$1 compared with Rs 74.87/$1 at open Thursday and Rs 74.80/$1 at close on Wednesday.
***
FORWARD PREMIA:
The premium on dollar/rupee forward contract maturing in one year ended down on Wednesday as exporters and banks covered their open dollar position taking advantage of spike in spot pair above Rs 75/$1.
On annualised basis, premium on one-year exact-month dollar/rupee contract ended at 4.13%, compared with 4.33% at the previous close.
***
GILTS:
Government bond prices ended sharply up on Thursday after the Reserve Bank of India surprised the market with dovish policy while projecting lower than expected growth and inflation for the next fiscal year.
The 6.54%-2032 bond ended at Rs 98.6700 or 6.7248% yield compared with Rs 98.1000 or 6.8054% yield at open on Thursday and Rs 98.1500 or 6.7983% yield at close on Wednesday.
***
CRUDE OIL:
Brent crude oil futures traded at $91.45 a barrel at 4:30PM IST on Thursday.
(End)
GILTS:
Government bond prices ended sharply up on Thursday after the Reserve Bank of India surprised the market with dovish policy while projecting lower than expected growth and inflation for the next fiscal year.
The 6.54%-2032 bond ended at Rs 98.6700 or 6.7248% yield compared with Rs 98.1000 or 6.8054% yield at open on Thursday and Rs 98.1500 or 6.7983% yield at close on Wednesday.
***
CRUDE OIL:
Brent crude oil futures traded at $91.45 a barrel at 4:30PM IST on Thursday.
(End)