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F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

Among sectoral indices, the Nifty PSU Bank index ended nearly 2% lower led by a fall in the shares of Punjab National Bank, Bank of India and Syndicate Bank.

SI Reporter  |  New Delhi 

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MARKET COMMENT Jayant Manglik, President, Religare Broking  Nifty remained under pressure and lost over half a percent on the F&O expiry day. Participants were already in the cautious mood from the beginning and weak global cues combined with the news of rupee trading at new record low against the US dollar further worsened the sentiment. Almost all the sectoral indices traded in line with the benchmark and closed lower.   Continuous global pressure and deteriorating macroeconomic condition on local front are responsible for the recent correction. And, we may see further pressure in the days to come. However, oversold positions may result in some rebound in between. Traders should limit leveraged trades and wait for clarity Nifty PSU Bank index settled 1.95% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) PUNJAB NATL.BANK 72.80 76.75 -3.95 -5.15 SYNDICATE BANK 39.20 41.00 -1.80 -4.39 BANK OF INDIA 85.15 88.70 -3.55 -4.00 ORIENTAL BANK 71.70 73.90 -2.20 -2.98 UNION BANK (I) 79.80 81.35 -1.55 -1.91 Nifty sectoral losers BSE Sensex: ICICI Bank, Tata Motors, RIL among top losers Market at close   The S&P BSE Sensex ended at 35,038, down 179 points while the broader Nifty50 index settled at 10,589, down 82 points. COMMODITY WATCH Crude oil We have seen dramatic rise in the crude oil prices in the last couple of months due to geo-political concern. There are supply issues from Venezuela, Libya and Canada. US has asked countries to cut imports of Iranian oil from November. So the crude oil prices are moving higher in the international market. On the other hand, the rupee has depreciated to all time low levels. As a result, crude oil prices touched Rs 5000 on the MCX yesterday. The rupee is expected to depreciate in coming sessions due to steady capital outflows and worsening macroeconomic conditions. Hence, we expect that crude oil prices might trade in a range of Rs 4800 to Rs 5200 on the MCX in coming sessions (Source: Anand Rathi Commodities)

The ended lower on Thursday, the last day of expiry of futures & options contracts for the series. Sentiment wasa also impacted by firm crude and the that hit a record of over 69 to the US dollar. The S&P ended at 35,038, down 179 points, while the Nifty50 index settled at 10,589, down 82 points.

Among sectoral indices, the PSU Bank index ended nearly 2% lower led by a fall in the of Punjab National Bank, Bank of India and Syndicate Bank.

RUPEE

The fell to an all-time low against the US dollar in trade on Thursday, tracking Asian peers with weakening macro-economic fundamentals on the domestic front also weighing on the currency.

The partially convertible was trading at a life low of 69.03/04 against the dollar. The Indian currency closed at 68.65/66 per dollar on Wednesday.

GLOBAL MARKETS

Asian slumped to nine-month lows, as investors worried that the the Trump administration's approach to trade is harming global economic growth - even as the White House approach to Chinese investment in US technology companies appeared to be softening.

MSCI's broadest index of Asia-Pacific outside Japan fell as much as 0.52 per cent to hit a new near nine-month low, before it recovered some ground, while Japan's Nikkei average was flat after erasing earlier losses.

OIL PRICES

In commodities, US dipped away from three-and-a-half year highs on Thursday amid high output from Russia, the United States and Saudi Arabia, although unplanned supply disruptions elsewhere and record demand stemmed a bigger decline.

US West Texas Intermediate (WTI) crude futures were at $72.54 a barrel, down 22 cents, or 0.3 per cent from their last settlement. WTI hit its highest since November 2014 at $73.06 per barrel in the previous session. Brent crude futures were at $77.54 per barrel, down 8 cents from their last close.

(with Reuters inputs)

First Published: Thu, June 28 2018. 08:15 IST
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F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

Among sectoral indices, the Nifty PSU Bank index ended nearly 2% lower led by a fall in the shares of Punjab National Bank, Bank of India and Syndicate Bank.

The ended lower on Thursday, the last day of expiry of futures & options contracts for the series. Sentiment wasa also impacted by firm crude and the that hit a record of over 69 to the US dollar. The S&P ended at 35,038, down 179 points, while the Nifty50 index settled at 10,589, down 82 points.

Among sectoral indices, the PSU Bank index ended nearly 2% lower led by a fall in the of Punjab National Bank, Bank of India and Syndicate Bank.

RUPEE

The fell to an all-time low against the US dollar in trade on Thursday, tracking Asian peers with weakening macro-economic fundamentals on the domestic front also weighing on the currency.

The partially convertible was trading at a life low of 69.03/04 against the dollar. The Indian currency closed at 68.65/66 per dollar on Wednesday.

GLOBAL MARKETS

Asian slumped to nine-month lows, as investors worried that the the Trump administration's approach to trade is harming global economic growth - even as the White House approach to Chinese investment in US technology companies appeared to be softening.

MSCI's broadest index of Asia-Pacific outside Japan fell as much as 0.52 per cent to hit a new near nine-month low, before it recovered some ground, while Japan's Nikkei average was flat after erasing earlier losses.

OIL PRICES

In commodities, US dipped away from three-and-a-half year highs on Thursday amid high output from Russia, the United States and Saudi Arabia, although unplanned supply disruptions elsewhere and record demand stemmed a bigger decline.

US West Texas Intermediate (WTI) crude futures were at $72.54 a barrel, down 22 cents, or 0.3 per cent from their last settlement. WTI hit its highest since November 2014 at $73.06 per barrel in the previous session. Brent crude futures were at $77.54 per barrel, down 8 cents from their last close.

(with Reuters inputs)

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