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Forex and global equities
• The rupee sank by 60 paise to close at a fresh 17-month low of 74.22 against the US currency on Thursday due to heavy dollar demand as investors rushed to prune riskier bets amid Coronavirus pandemic fanning recession fears
• There was a sharp reversal in the premium for US dollars as crosscurrency swaps unwound US morning blow-out following the New York Fed’s surprise new schedule of repo operations.
• Equity benchmark witnessed complete capitulation amid a global equity rout and registered one of the biggest one-day declines since October 2008. The Nifty plunged 825 points or 7.9% to settle at 9633. The market breadth was heavily tilted in favour of declines with just 155 advances against 1750 declines
• The Bank Nifty witnessed a carnage on Thursday as the index fell ~10% amid a global rout. The index witnessed broad based decline as all 12 index constituents ended in the red as relentless selling pressure across the board weighed by spreading of Coronavirus.
Debt and FII activity
• India’s sovereign bonds rose to 6.24 from 6.13 seen in the penultimate session on the news of state borrowing.
• Treasuries surged with 10-year yields falling another 7 bps on Thursday as large cross-asset risk-off moves provide a powerful lift
• Bullion is heading for its biggest weekly loss since 2011, despite climbing to the highest in more than seven years earlier this week, as investors sell the metal to meet liquidity needs
• Oil headed for its biggest weekly drop since 2008 as an unprecedented dual supply-demand shock showed no signs of abating
• Foreign institutional investors (FII) were net sellers to the tune of | 11434 crore in equities on March 11, 2020. For the month, they remained net sellers of | 28429 crore.
INR futures and Outlook
• The dollar-rupee March contract on the NSE was at 74.45 in the previous session. Open interest increased 4.15% in the last session.
• Utilise downsides in the pair to initiate long positions.
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