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The S&P BSE Sensex is trading at 26594, up 75 points, while NSE Nifty is trading at 8171 up 18 points. On the last day of trading there is enough to ponder, the dollar has been on a roll hitting a 14-year high.
The Fed rate hike is being interpreted as a vote of confidence in the US economy. The Economic Report of the US President for 2017 says India remains one of the fastest-growing countries in the world. While the Fed outlook could bring about volatility in capital flows, Chief economic Advisor Arvind Subramanian says India is very well cushioned to absorb the impact. The country’s strong macro-economic fundamentals makes the situation less anxious than other markets, he said. US indices are hovering around their highs and Asian indices including India seem to be struggling for direction.
Asian indices opened flat to positive as most currencies adjusted to the renewed bout of strength in the US$. The US$ now looks very heavily overbought as consensus bullishness makes the gains a one way street which could cap the upside in the near term. Oil rallied marginally as US equities flirted with 19500 before profit booking trimmed the gains. Gold continues to test bear market territory & could well be the casualty asset class for 2017.
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