Market Wrap

Market Wrap

Dollar closed at 64.5450 against its opening of 64.5200. Dollar pared losses during early noon trade on buying by foreign banks amid demand from nationalised banks on behalf of oil importers with global weakness in the dollar on continued political uncertainty in the US, even as investors await the release of US Federal Open Market Committee May policy minutes later this week. During overnight trades, the greenback tumbled breaching its lowest level since Nov 10, 2016, on looming uncertainties regarding the implementation of US President Donald Trump's administration.On the US economic front, there was no significant data release to drive the market. However, St. Louis Federal Reserve President James Bullard in a speech Friday raised questions over the need for another rate increase by the US central bank in June. Bullard, who is not a voting member of the Fed's policy committee this year, pointed out that US macroeconomic data since the March meeting has been relatively weak.

Investors across the globe await the Federal Reserve monetary policy minutes set to be released Thursday. Meanwhile, Asian markets traded higher Monday tracking cautious gains in the overnight markets. US stocks ended higher Friday but closed below their session highs on renewed concerns about Donald Trump's presidency, following reports of likely coordination between Russia and Trump's election campaign.  

Sensex provisionally ends up 99.37 points with 10 components in the green.


Asian stocks posted their biggest daily rise in a month  following modest gains in U.S. shares, though the greenback came under renewed pressure as Washington's political turmoil undermines confidence in U.S. economic policy.

North Korea said  it had successfully tested an intermediate-range ballistic missile to confirm the reliability of the late-stage guidance of the warhead, indicating further advances in the ability to hit U.S. targets.

Crude prices held strong gains in Asia, shrugging off the latest missile test by North Korea and waiting for the big meeting on May 25 widely expected to extend an oil output cut pact through March 2018.


Gold prices edged lower  as Asian stocks gained, although political worries surrounding U.S. President Donald Trump are expected to keep supporting appetite for the metal as a so-called safe-haven asset.


Japan's exports rose in April to mark their fifth straight month of gains, as shipments of semiconductors and steel expanded, signaling that more robust overseas demand could underpin a steady economic recovery.