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ICICI Securities

Published on 30/11/2019 12:03:14 PM

Important data releases in next week:

US: US manufacturing PMI (Nov), US services PMI (Nov), US Trade Balance (Oct)

EU:  Eurozone manufacturing PMI (Nov), Eurozone services PMI (Nov), GDP SA YoY (Q3)

China: Caixin China PMI Services (Nov)

 

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ICICI Securities

Published on 29/11/2019 2:03:00 PM

The rupee sustained sharp losses in the previous session and ended lower by 24 paise vs. the US$. Concerns over the domestic slowdown ahead of GDP data today has spooked the rupee. India’s FY20 Q2 GDP is likely to dip below 5%. Lower-than-expected data could put further pressure on the rupee

The US$ index ended unchanged due to muted moves amid Thanksgiving Holidays in the US. Overall, most of the major as well as EM currencies are hovering in a range due to absence of any major trigger as well as lack of clarity on progress over US-China phase one of trade deal. Any adverse outcome could spook EM currencies including the rupee

Equity benchmarks ended November derivative expiry session on a buoyant note as the Nifty closed at a new all-time high of 12151, up 0.4%

The market breadth remained positive as Nifty midcap, small cap rallied 1%, 0.6%, respectively

Domestic benchmark 10-year yields ended a bit lower at 6.46% in the previous session. Growing worries over domestic growth as well as hardening US yields could contain a sharp appreciation in domestic debt

US 10-year benchmark yields were unchanged at 1.77%. Investors are likely to track the upcoming US November employment data as well as direction of US-China trade talks

Gold witnessed mild gains, overall remaining in range. It remains anchored to the outcome of the US-China trade deal as also the Brexit saga

Brent oil ended mildly lower yesterday. It continues to face a hurdle to breach $65/bl level convincingly. US agency EIA report showed oil stocks witnessing addition of 1.57 mb against expectation of drawdown of 78700 barrels

Foreign institutional investors (FII) were net sellers to the tune of | -547 crore on November 27, 2019

FIIs have been net buyers of more than | 20063 crore in November 2019

The dollar-rupee December contract on the NSE was at 71.80 in the previous session. Open interest increased 4.22% in the previous session

We expect the US$INR to find support at lower levels. Utilise downsides in the pair to initiate long positions

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