India's Forex Reserves Rise By $3.53 BN

India's foreign exchange (Forex) reserves rose by $3.53 billion as on December 22, 2017, official data showed on Friday. The Reserve Bank of India's (RBI) weekly statistical supplement showed that the overall Forex reserves rose to $404.92 billion from $401.38 billion reported for the week ended December 15.

India's Forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI's position with the International Monetary Fund (IMF).

Segment-wise, FCAs the largest component of the Forex reserves  increased by $3.77 billion to $380.68 billion during the week under review.

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U.S. Crude Ends Year Above $60 On Strong Global Oil Demand

U.S. oil prices closed above $60 a barrel on the final trading day of the year, the first time since mid-2015, as the commodity ended 2017 with a 12 percent gain spurred by strong demand and declining global inventories. International benchmark Brent crude futures ended the year with a 17 percent rise, supported by ongoing supply cuts by top producers OPEC and Russia as well as strong demand from China. The spread between the benchmarks widened throughout the year, as Brent responded to the draw-down in supply from major world producers while U.S. output continued to grow.

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Indian ADRs: Tata Motors Gains 2%, HDFC Bank, Wipro Up

Indian ADRs ended higher on Friday. In the IT space, Infosys rose 0.37 percent at USD 16.22 and Wipro added 1.11 percent at USD 5.47. In the banking space, HDFC Bank gained 0.63 percent at USD 101.67 and ICICI Bank was down 0.21 percent at USD 9.73. In the other sectors, Tata Motors advanced 2.32 percent at USD 33.07 and Dr Reddy's Laboratories rose 0.94 percent at USD 37.56.

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Wall Street Quiet On Last Trading Day Of A Strong Year

There were no fireworks on Wall Street for the last trading day of the year, as US stocks closed out their best year since 2013 on a down note, with losses in technology and financial stocks keeping equities in negative territory for the session. Major indexes hit a series of record highs in 2017, lifted by a combination of strong economic growth, solid corporate earnings, low interest rates and hopes for a tax cut from U.S. President Donald Trump's administration.

The benchmark S&P 500 surged 19.5 percent this year, the blue-chip Dow 25.2 percent and Nasdaq 28.2 percent, as each of the major Wall Street indexes scored the best yearly performance since 2013.

The market has also remained resilient in the face of tensions in North Korea and political turmoil in Washington. The S&P 500 only saw four sessions all year with a decline of more than 1 percent while the CBOE Volatility index topped out at 15.96 on a closing basis, well below its long-term average of 20.

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Cardamom Futures Up On Increasing Demand

Cardamom futures were trading higher during the morning trade in the domestic market on Friday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices.

At the MCX, cardamom futures for January 2017 contract was trading at Rs 1088.40 per kg, up by 0.93 per cent, after opening at Rs 1088.90, against a previous close of Rs 1078.40. It touched the intra-day high of Rs 1098.

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Indian ADRs: Tata Motors, Wipro Down; ICICI Bank Gains

Indian ADRs ended mixed on Thursday. In the IT space, Infosys was down 0.12 percent at USD 16.16 and Wipro shed 0.55 percent at USD 5.41. In the banking space, ICICI Bank rose 1.14 percent at USD 9.75 and HDFC Bank added 0.75 percent at USD 101.03. In the other sectors, Tata Motors fell 0.95 percent at USD 32.32 and Dr Reddy's Laboratories rose 0.32 percent at USD 37.21.

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Wall Street Little Changed As Tech Treads Water

US stocks were little changed in light trading on Thursday, as technology stocks continued to tread water and offset gains in financial stocks. Tech stocks slipped 0.04 percent and were on track for their sixth loss in seven sessions. The index has struggled somewhat to close out the year but remains the best-performing sector in 2017, up more than 37 percent.

Tech had such a great year, it is more likely to be just re-balancing rather than the beginning of any major trend. Tech is probably still going to be a good place to be in 2018.

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Indian Rupee Opens Higher At 64.04 Per Dollar

The Indian rupee gained in the early trade on Friday. It has opened higher by 4 paise at 64.04 per dollar versus 64.08 Thursday. HDFC Bank said, We expect the USD-INR pair to trade within a range of 64-64.15 for the day. He further added, Speculation about possible higher government borrowing is keeping bond markets guessing. The yields have shot up and may now be moving higher.

The 10-year benchmark bond yield may inch towards the 7.50 percent mark slowly. We expect the 10-year benchmark yield to remain within the 7.36-7.45 percent range today. The dollar weakened to trade near a one-month low against a basket of currencies.

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Turmeric Trading Range For The Day Is 7722-7982

Turmeric trading range for the day is 7722-7982. Turmeric prices ended with losses tracking weakness in spot demand amid lower exports and increased supply from government auctions. However, expectation of lower level supplies and improvement in up country demand capped the losses.

NCDEX accredited warehouses turmeric stocks dropped by 5 tonnes to 647 tonnes. In Nizamabad, a major spot market in AP, the price ended at 7855.9 Rupees gained 35.9 Rupees.

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Cardamom Futures Up On Rising Demand

Cardamom futures were trading higher during the morning trade in the domestic market on Thursday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices.

At the MCX, cardamom futures for January 2017 contract was trading at Rs 1103 per kg, up by 0.58 per cent, after opening at Rs 1100, against a previous close of Rs 1096.60. It touched the intra-day high of Rs 1108.

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Mentha Oil Futures Down On Easing Demand

Mentha Oil futures were trading lower during the morning trade in the domestic market on Thursday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting of bets by traders in the spot market was due to a fall in physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on higher supplies from producing regions.

At the MCX, mentha oil futures for December 2017 contract was trading at Rs 1682 per kg, down by 0.19 per cent, after opening at Rs 1682, against the previous closing price of Rs 1682.90. It touched the intra-day low of Rs 1682.

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Indian Rupee Slip To Lowest Level Since Dec 18, Trades At 64.26

After a flat opening the Indian rupee fell to its lowest level since December 18.

Currently it is trading at 64.26 per dollar. On Wednesday it has closed at 64.15. Currency market activities remain muted during the last week of calendar year. Sharp spike in oil prices has not impacted Asian currencies and rupee so far. Exporter participation seen at higher levels. "We expect the USD-INR pair to trade in a range of 64-64.20 for the day.

Government borrowing programme through dated G-sec for last quarter announced additional borrowing of Rs 50,000 crore. The bond market is expected to be bearish on this news and also on account of sharp rise in crude oil prices.

The 10-year benchmark bond yield is expected to trade in a range of 7.26-7.31 percent for the day. The dollar fell to near 3.5 week low as US treasury yields slipped in trade, currently the US currency is trading flat versus the Japanese yen.

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Indian ADRs: ICICI Bank, Tata Motors, Wipro, HDFC Bank Slip

Indian ADRs ended on weak note on Wednesday. In the IT space, Infosys was down 0.19 percent at USD 16.18 and Wipro shed 0.55 percent at USD 5.44. In the banking space, ICICI Bank declined 1.73 percent at USD 9.64 and HDFC Bank fell 0.25 percent at USD 100.28. In the other sectors, Tata Motors slipped 1.06 percent at USD 32.63 and Dr Reddy's Laboratories added 1.51 percent at USD 37.09.

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Wall Street Little Changed As Tech Offsets Energy

US stocks were little changed on Wednesday, as gains in the technology sector offset losses in energy and helped keep major indexes nearly flat. The S&P technology index was up 0.1 percent and poised to snap a five-session losing streak, its longest since April, led by gains in Facebook , up 1.0 percent, and Visa , up 0.8 percent.

Trading volumes remained muted in the holiday-shortened week between Christmas and New Year. Trading on Tuesday marked the thinnest volume of the year for a full session.

We don't see the behaviors typical of theme changes so we think this messiness in December is just temporary; the leadership of the year will resume and continue into 2018.

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Natural Gas Trading Range For The Day Is 166.5-180.9

Natural Gas on MCX settled up 1.06% at 172.40 on aggressive short-covering and speculative buying as support seen after a week-end cold blast over key U.S. demand areas is helping to drive natural gas prices sharply higher. According to Stock Market for the December 25 to December 28 time period, “Cold air will sweep across the northern and central U.S. the next few days with lows dropping below 0 degrees Fahrenheit to 20 degrees, with below freezing conditions also pushing into North Texas.

Technically now Natural Gas is getting support at 169.4 and below same could see a test of 166.5 level, And resistance is now likely to be seen at 176.6, a move above could see prices testing 180.9.

Trading Ideas:

*Natural Gas trading range for the day is 166.5-180.9.

*Natural Gas gained on aggressive short-covering and speculative buying as support seen after a week-end cold blast over key U.S. demand areas.

*Cold air will sweep across the northern and central US the next few days with lows dropping below 0 degrees Fahrenheit to 20 degrees.

*EIA reported last Thursday that U.S. natural gas stocks decreased by 182 billion cubic feet for the week-ending December 15.

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Copper Trading Range For The Day Is 456.2-471.8

Copper on MCX settled up 1.05% at 464.85 as smelters in China cut production amid natural gas shortages in some parts of the country. Support also seen as profits for China's industrial firms rose at a sharply slower pace in November, as demand and producer price gains eased in further confirmation of ebbing growth in the world's second-largest economy.

Technically market is under fresh buying as market has witnessed gain in open interest by 16.39% to settled at 18216 while prices up 4.85 rupees, now Copper is getting support at 460.5 and below same could see a test of 456.2 level, And resistance is now likely to be seen at 468.3, a move above could see prices testing 471.8.

Trading Ideas:

* Copper trading range for the day is 456.2-471.8.

* Copper prices gained as smelters in China cut production amid natural gas shortages in some parts of the country.

* Due to tight gas supplies in northern China, such as in Hebei and Shandong, some copper processors have been cutting output.

* Japan's output of rolled copper products rose to 70,362 tonnes in November on a seasonally adjusted basis, up 5.9 percent from a year earlier.

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Cardamom Futures Up On Surging Demand

Cardamom futures were trading higher during the morning trade in the domestic market on Wednesday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions, supported the upward trend in the domestic cardamom prices.

At the MCX, cardamom futures for January 2017 contract was trading at Rs 1103 per kg, up by 0.52 per cent, after opening at Rs 1099.90, against a previous close of Rs 1097.30. It touched the intra-day high of Rs 1105.

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Indian Rupee Opens Higher At 64.06 Per Dollar

The Indian rupee opened marginally higher at 64.06 per dollar against previous close 64.08. Rupee will float in a narrow range in the absence of any directional cues. Thus the range for the spot USD-INR pair will be 63.80-64.20. The dollar held steady against basket of major currencies, while it is trading flat against the Japanese yen. The benchmark 10-year yield has been consolidating in a range between 7.25-7.30 percent with thin trading volume. 

We believe this may be a good sign and may show that market participants are comfortable with the current levels with all negative news priced in. Arrival of the new 10-year bond may offer cues to further direction in the next month.

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Indian ADRs: Infosys, Tata Motors, ICICI Bank Gain

Indian ADRs ended mostly higher on Tuesday. In the IT space, Infosys gained 0.68 percent at USD 16.21 and Wipro was down 0.55 percent at USD 5.47. In the banking space, ICICI Bank added 0.20 percent at USD 9.81 and HDFC Bank shed 0.30 percent at USD 100.53. In the other sectors, Tata Motors gained 0.46 percent at USD 32.98 and Dr Reddy's Laboratories rose 1.05 percent at USD 36.54.

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Wall Street Slips On Tech Sector Weakness

US stocks declined on Tuesday as Apple and shares of its parts suppliers weakened on a report of soft iPhone X demand, which pulled technology shares lower. According to Economic Daily, citing unidentified sources, Apple will slash its sales forecast for its flagship phone in the current quarter to 30 million units, down from what it said was an initial plan of 50 million units.

The report, along with some recent brokerage calls on tepid iPhone X demand, made Apple shares sink 2.5 percent, their worst single-day percentage fall since Aug. 10. There is news in Apple today so it is causing some kind of angst in certainly Apple, maybe some Apple suppliers and maybe some tech in general.

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Cotton Trading Range For The Day Is 19933-20413

Cotton on MCX settled down -0.1% at 20120 on profit booking after prices gained due to lower than expected arrivals in the domestic market. There is expectation of fall in domestic output due to pink boll-worm attacks in major cotton sowing states. Pakistan’s decision to permit import of Indian cotton has provided the latest trigger for the price rise. Along with Pakistan, buyers from China and Bangladesh too have finalized deals for Indian cotton.

Technically market is under fresh selling as market has witnessed gain in open interest by 3.13% to settled at 7325 while prices down -20 rupees, now Cotton is getting support at 20026.6 and below same could see a test of 19933.3 level, And resistance is now likely to be seen at 20266.6, a move above could see prices testing 20413.3.

Trading Ideas:

* Cotton trading range for the day is 19933-20413.

* Cotton dropped on profit booking after prices gained due to lower than expected arrivals in the domestic market.

* There is expectation of fall in domestic output due to pink boll-worm attacks in major cotton sowing states.

* Pakistan’s decision to permit import of Indian cotton has provided the latest trigger for the price rise.

* Cotton prices in spot market gained by 140.00 rupees and settled at 19120.00 rupees.

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Cardamom Trading Range For The Day Is 1062.2-1088.6

Cardamom on MCX settled up 0.55% at 1075.7 as new season arrivals have been limited affected by the dry weather in the cardamom growing regions of Kerala. Good demand for the domestic market as well as for exports are driving the prices higher. However there are reports that recent rains in Kerala have improved the crop prospects for the current as well as for the next year. There also reports that new arrivals would soon pick up in Guatemala- the other producing country.

Technically market is under fresh buying as market has witnessed gain in open interest by 5.93% to settled at 429 while prices up 5.9 rupees, now Cardamom is getting support at 1068.9 and below same could see a test of 1062.2 level, And resistance is now likely to be seen at 1082.1, a move above could see prices testing 1088.6.

Trading Ideas:

* Cardamom trading range for the day is 1062.2-1088.6.

* Cardamom gained as new season arrivals have been limited affected by the dry weather in the cardamom growing regions of Kerala.

* However there are reports that recent rains in Kerala have improved the crop prospects for the current as well as for the next year.

* There also reports that new arrivals would soon pick up in Guatemala- the other producing country.

* Cardamom prices in spot market dropped by 7.50 rupees and settled at 1020.00 rupees.

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Natural Gas Trading Range For The Day Is 163.7-173.9

Natural Gas on MCX settled up 1.86% at 170 as forecasts for colder weather through early January were expected to boost heating demand. Colder weather forecasts over much of the U.S. next week promises to bring another round of elevated demand for heating and larger storage withdrawals. U.S. gas consumption will rise to an average of 113.8 billion cubic feet per day (bcfd) next week from 101.7 bcfd this week.

Technically market is under short covering as market has witnessed drop in open interest by -24.36% to settled at 13848 while prices up 3.1 rupees, now Natural Gas is getting support at 166.9 and below same could see a test of 163.7 level, And resistance is now likely to be seen at 172, a move above could see prices testing 173.9.

Trading Ideas:

* Natural Gas trading range for the day is 163.7-173.9.

* Natural Gas rose as forecasts for colder weather through early January were expected to boost heating demand.

* Colder weather forecasts over much of the U.S. promises to bring another round of elevated demand for heating and larger storage withdrawals.

* U.S. gas consumption will rise to an average of 113.8 billion cubic feet per day (bcfd) next week from 101.7 bcfd this week.

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Indian Rupee Opens Higher At 64.03 Per Dollar

The Indian rupee opened marginally higher at 64.03 per dollar on Tuesday versus 64.05 Friday. The Catalan vote roiled global markets before Christmas. However, cheer in Indian markets seem to be continuing. Hence, I expect the INR appreciation trend to continue. Range for the day seen between 63.90-64.10.

He further added, The Indian 10-year benchmark yield has been continuously moving higher. It may continue to consolidate within a range of 7.25-7.30 percent for today. The dollar index held steady shrugging off upbeat Japanese economic data.

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Gold Hits Over Three-Week High On Dollar Weakness In Thin Trading

Gold prices edged up on Tuesday in low-volume trade to more than three-week highs, helped by a weaker dollar. Spot gold was up 0.3 percent at $1,278.06 per ounce at 0252 GMT, after hitting its highest since Dec. 1 at $1,279.05. U.S. gold futures rose 0.3 percent to $1,282.50 an ounce. The futures market was closed for Christmas on Monday and volumes remained extremely thin on Tuesday.

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Oil Near June 2015 High As Production Cuts Tighten Market

Oil prices were stable on Tuesday, with Brent crude lingering near 2015 highs on the back of an outlook for healthy demand amid ongoing production cuts led by OPEC and Russia. U.S. West Texas Intermediate (WTI) crude futures were at $58.50 a barrel at 0141 GMT, up 3 cents from their last settlement.

Brent crude futures, the international benchmark for oil prices, were at $65.25 a barrel, unchanged from their last close, but near the $65.83 per barrel briefly on Dec. 12 - the highest since June 2015.

Brent has risen by 47 percent since mid-2017. The Organization of the Petroleum Exporting Countries (OPEC), the Middle East-dominated producer club, and Russia - the world's single biggest oil producer - have been withholding output in order to tighten the market and prop up prices.

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Offshore India Funds, ETFs Register Inflows Of Over Rs 3600 Crore In November

India-focussed offshore funds and Exchange Traded Funds (ETFs) witnessed net inflows of $565 million in November and helped the overall tally to reach nearly $6.5 billion in 2017, reflecting confidence of overseas investors in Indian markets. In comparison, these funds had seen a pull out of $674 million in November last year.

Offshore India funds not domiciled in India receive flow from overseas investors and in turn, invest the money in Indian markets. India-focussed offshore funds and ETFs are a subset of the overall foreign portfolio investor (FPI) flows.

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GST Refund Woes Hit Jewellery Exports In West Bengal

The non-refund of Goods and Services Tax (GST) is taking a toll on jewellery makers with exports taking a hit in West Bengal, both in terms of export value and jobs. "Even I am forced to decline orders for January due to lack of working capital. Situation is no different for other exporters and manufacturers. Till now, an amount totalling Rs 60 crore is stuck with the government as GST refund, that too interest-free for the jewellery exporters.

The impact on business is about 50 per cent in value of exports during the last few months due to non-refund of GST and related issues. The last quarter is expected to be worse if things don't get resolved.

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State-Run Banks` NPAs Touched Rs 7.34 Lakh CR By Q2-End

Non-performing assets (NPAs), or bad loans, of state-run banks amounted to a staggering Rs 7.34 lakh crore by the end of second quarter of the current fiscal ended September, most on account of corporate defaulters, according to data furnished by the RBI and the government. Reserve Bank of India data earlier this week, however, showed that NPAs of private sector banks stood at a much lower level of around Rs 1.03 lakh crore by the end of the July-September quarter.

"The gross non-performing assets of public sector and private sector banks as on September 30, 2017 were Rs 7,33,974 crore and Rs 1,02,808 crore, respectively," a Finance Ministry statement said.

It said leading corporate entities and companies accounted for around 77 per cent of the total gross NPAs of banks from domestic operations.

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Iraq Aims To Increase Nasiriya Oilfield Output To 200,000 BPD

Iraq plans to increase production from its Nasiriya oilfield to 200,000 barrels per day from 90,000 bpd in the next few years without seeking assistance from international firms, the oil ministry said on Saturday. The ministry did not give a precise timeline for achieving the production rise from the field, which lies in Dhi Qar province in southern Iraq.

"The ministry has decided to move forward in developing the Nasiriya oilfield through national effort and not to stop or wait for a contract with an international investor," Oil Minister Jabar al-Luaibi said in a statement.

The development plans include using 50 million cubic feet of gas produced as a by-product of oil production to supply power stations in the province, Oil Ministry spokesman Asim Jihad said in the statement. Discovered in 1973, Nasiriya is Dhi Qar's largest oilfield.

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Next Sovereign Gold Bond Issue Price Fixed At Rs 2,881/Gram

The issue price of the next offering of the Sovereign Gold Bond (SGB) scheme opening on Tuesday has been revised slightly upwards to Rs 2,881 per gram, from Rs 2,866 in the previous week, according to the Reserve Bank of India (RBI). For the SBG subscription during December 26-27, the issue price has been fixed at Rs 2,881 per gram, with settlement on the New Year, January 1, 2018, a RBI release said on Friday.

The Government of India, in consultation with the Reserve Bank of India, has decided to allow discount of Rs 50 per gram from the issue price to those investors who apply online and the payment is made through digital mode.

The subscription period is from Monday to Wednesday every week, while the bonds will be issued on the succeeding Monday after each subscription period, it added.

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