Stock Market Tips Today by Ripples Advisory – 14th August 2018
Profit Booking Continues Due To Mounting Currency Crisis In Turkey
Indian market continues to book profit weighed by mounting currency crisis in Turkey, which raised the alarm for possible contagion into other global markets.
The Nifty Index opened lower and hit fresh intraday low in early trade. Stocks came off day's low and were trading with modest losses in morning trade. The index recovered in afternoon trade. However, the Index once again turned weak in mid-afternoon trade as profit booking resumed. The Index fell 74 points or 0.65% to close at 11356 after making a high of 11406.
IT stocks rose as the rupee fell to a record low against the dollar as currency turmoil in Turkey sparked worries of potential market contagion. A weak rupee boosts the revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Trump increases the tax on Turkey, Lira weakens by 30%. The Turkish lira added to its steep losses on Friday and continues its fall on Monday hitting a record low after President Donald Trump announced he was doubling metals tariffs on Turkey. Trump tweeted “I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!”.
Nifty is opening gap up by 12 points from previous day close of 11381. Currently, Nifty trading at 11392 as per SGX Nifty.
The US 10 Year T-Note is trading at 120.17. The Bond has broken its important low of 120.03 on 28th Feb 2018. The next support level is at 117.69 which is the low of Jan 2011. The US Dollar Index is trading at 96.18.
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