Domestic market developments

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Domestic market developments:

·         Domestic benchmark equities ended lower today, tracking weak global cues, as worries of a trade war between the US and world's other economies dampen investor sentiment. Financial and energy stocks were among the biggest drags on both the indexes. Sensex and Nifty ended 0.61% and 0.55% lower respectively.

·         Government bond prices ended flat today. However, weakness in Rupee versus Dollar fuelled fears of FPI outflows in the Indian government debt market. Sharp rise in crude oil prices on Friday disrupted risk-appetite. However, hope of more open market bond purchases by RBI provided some support to prices. The yield on 10-year G-sec ended at 7.82% similar to the previous close.

·         The Rupee weakened against the US Dollar on weak risk appetite following ongoing global trade disputes coupled with oil importers' Dollar demand. Foreign banks' dollar buys and negative local equities weighed on the sentiment. However, Dollar index paring gains limited further fall. The Rupee ended at 68.13 vs. previous close of 67.83.

·         RBI injected liquidity to the tune of INR 641.1 mn (net) under LAF (including fixed and variable rate repos and reverse repos) as of June 22. It injected INR 20.42 bn and INR 23.93 bn under Marginal Standing facility and Special Refinance Facility respectively.

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