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INDIAN SHARE MARKET
The Indian market opens for trade this morning on a strong note. Earlier, the US markets closed off the day's highs while Asia is quiet at this hour. Sensex is trading at 16163, up 133 points from its previous close, and Nifty is at 4902, up 44 points. CNX Midcap index is up 0.9% and BSE Smallcap index is up 0.4%. The market breadth is positive with advances at 428 against declines of 103 on the NSE.
EUROPEAN MARKET
Extending their four-month lows, European markets retreated for a third straight session, closing broadly lower as concerns around Greece’s political and financial crisis sapped risk appetite. Financials were the big drag.
INDIAN RUPEE OUTLOOK
It’s all about the rupee right now. After plunging to an all-time low of 54.49 per dollar, there may be further dollar buying in fear of more steps from the RBI now. From the Asian currency basket, the Korean Won, Malaysian Ringitt and Ruble all fell. Indonesia’s central bank is believed to have intervened.
Although a weaker rupee should help exporters, analysts say overall sentiment is being trumped by concerns that foreign investors will exit India in light of the global risk aversion and the domestic challenges.
CURRENCY & COMMODITY MARKET TREND TODAY
In the currency space, the euro hovers near four-month lows on fears of Greece’s exit from the euro. Nymex crude prices slip further as banking troubles in Greece further highlighted the euro zone debt crisis. The Nymex is at USD 93 per barrel levels while Brent hovered around USD 109 per barrel levels. Gold prices recovered slightly after slipping to USD 1,527/oz levels.
Which Stocks To Watch Today ?
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