Market Wrap

Market Wrap

Dollar opened at 64.1800 against its previous day closing at 64.1500. Dollar ended down, dollar opened at three-week high Wednesday tracking global strength of the greenback as the robust US retail sales data build a case of a possible one more rate hike by the Fed in 2017.US retail sales recorded their biggest increase in seven months in July, suggesting that the economy continued to gain momentum early in the third quarter.

On domestic front, minutes of Reserve Bank of India-Monetary Policy Committee's August meeting are set to be released later today and will remain in focus.

China's credit-fuelled economic strategy has been branded as dangerous by the International Monetary Fund in a strongly-worded statement warning that its approach risks financial turmoil.

The IMF said there is a rising risk of a sharp economic correction because of China's reliance on stimulus and debt.

Sensex opens more than 100 points higher at 31,919.17 points; Nifty opens at 9,945.55 points.




 Asian shares were mostly weaker in light regional trade, though Hong Kong gained as interest in property shares was evident.Japan's Nikkei  eased while the S&P/ASX  dipped . In Australia, the wage price index for the second quarter rose as expected on quarter as well at the  increase on year seen.


Gold prices eased slightly in Asia on Wednesday in quiet regional trade with investors focused on demand prospects in China as signs emerge of slower pace of growth and in India where economic reforms are seen lagging.


 South Korea finance minister said  the government will act to stabilize financial markets if they become more volatile because of tensions between Pyongyang and Washington, but noted markets are already showing signs of stability.


Retail Sales measure the change in the total value of sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity. 


Oil prices edged up  on a fall in U.S. crude inventories, although markets were still being weighed down by general oversupply.Brent crude futures (LCOc1) were at $51.02 per barrel at 0218 GMT, up 22 cents or 0.4 percent from their last close.