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NSE Intra-day chart (09 January 2018)
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Market Commentary 10 January 2018
Markets to make a mildly positive start despite mixed regional cues

Extending winning streak for fourth straight day, Indian equity benchmarks once again settled at fresh record closing high levels, though gains remained minimal with traders turning cautious ahead of the corporate results season kicking in this week. Markets traded mostly in green during the day with traders taking some support from report that the Commerce and Industry Ministry is mulling incentives for States that play a proactive role in promoting exports as it will help boost economic growth. However, markets entered into red in noon deals with sentiments turning down-bear with report that Moody's Investors Service and its Indian arm ICRA in a joint report have flagged anxiety about the growing delinquencies in the affordable housing segment, which are expected to continue in the calendar year 2018. Sentiments also remained dampened with the rating agency Crisil attributing the continuing slowdown to the after-effects of the demonetisation exercise, the Goods and Services Tax (GST) implementation and weakness in agriculture, rating agency, CRISIL in its latest report has maintained its projection of India's economic growth in 2018-19 to 7.6 percent on the low base.  Recovery in last leg of trade mainly helped markets to end at fresh record closing high levels with traders taking some solace with report that the government's revenue collection continued its rising trend, mainly on account of income tax mop-up from individuals. India's net direct tax collections, which are made up of personal and corporate taxes, rose to Rs 6.56 lakh crore during the April-December period of the financial year 2018. The collection indicates that 67% of the annual budget target of direct taxes (Rs 9.8 lakh crore) has been achieved. Finally, the BSE Sensex gained 90.40 points or 0.26% to 34,443.19, while the CNX Nifty was up by 13.40 points or 0.13% to 10,637.00.


The US markets closed at fresh record highs on Tuesday, with the S&P 500 and Nasdaq registering a sixth straight gain for 2018. The upbeat sentiment that has kept the 2017 global stock rally running into the New Year still has a grip on the market. On the economy front, the number of job openings in the US fell to a six-month low of 5.88 million in November from 5.93 million in the prior month. The chief reason - another late-in-the-year hiring surge. About 5.5 million people were hired and 5.2 million lost their jobs in November. The increase in hiring was the second largest during the current eight-and-a-half-year-old expansion. The peak occurred a month earlier in October. The share of people who left jobs on their own, known as the quits rate, was 2.4% among private-sector employees. That number has barely budged in the past year but remains near a post-recession high. The decline in job openings took place mostly in a catchall category known as other services as well as transportation, warehousing and real estate. Hiring in those areas rose sharply in November. The Dow Jones Industrial Average added 102.8 points or 0.41 percent to 25,385.80, the Nasdaq gained 6.192 points or 0.09 percent to 7,163.58, and the S&P 500 edged higher by 3.58 points or 0.13 percent to 2,751.29.


Crude oil futures extended their gains and ended higher on Tuesday as ongoing optimism over OPEC-led production cuts offset fears US output could surge above a 47-year high. OPEC appears determined to end the global supply glut with disciplined output quotas in 2018. Though, in the wake of OPEC-led production cuts, non-Opec members led by the U.S. have ramped up production, stoking fears of a slowdown in rebalancing of oil markets amid excess global supplies. Benchmark crude oil futures for February delivery ended higher by $1.23 or 1.99 percent at $62.96 a barrel on the New York Mercantile Exchange. Brent crude for March delivery was up by 1.39 percent to $68.72 a barrel on the ICE.


Falling for the second consecutive session, Indian rupee depreciated against dollar on Tuesday, on increased demand for the US currency from importers. Sentiments remained down-beat with rating agency Crisil attributing the continuing slowdown to the impacts of the demonetisation, GST implementation and weakness in agriculture, though it has maintained its FY19 growth estimate at 7.6 per cent on the low base. Some cautiousness also prevailed ahead of key economic data i.e. November IIP and December CPI data, scheduled to be released on January 12. However, a modest recovery in local equities capped the rupee fall to some extent. On the global front, dollar dropped against yen on Tuesday after the Bank of Japan trimmed the amount of its buying of Japanese government bonds. Finally, the rupee ended at 63.71, 21 weaker from its previous close of 63.50 on Monday.


The FIIs as per Tuesday's data were net buyers in equity and debt segments both. In equity segment, the gross buying was of Rs 5662.53 crore against gross selling of Rs 5064.02 crore, while in the debt segment, the gross purchase was of Rs 2251.09 crore with gross sales of Rs 1365.80 crore. Besides, in the hybrid segment, the gross buying was of Rs 1.72 crore against gross selling of Rs 9.66 crore.


The US markets ended at fresh record closing highs in the last session, though major averages were off their best levels of the day, with a lack of major U.S. economic data keeping some traders on the sidelines. The Asian markets have made a mixed start and some of the indices in the region are down by quarter to half a percent, taking a breather as investors consider the impact of a jump in bond yields. The Japanese market too was lower as the yen strengthened for a second day, after the Bank of Japan made a small cut to purchases of long-dated Japanese government bonds. The Indian markets despite a choppy session managed a positive close in last session and the major indices notched their fresh record highs. Today, the start is likely to be mildly in green with traders taking some support with the World Bank projecting India's growth rate to 7.3 per cent in 2018 and 7.5 for the next two years.  It said that with an "ambitious government undertaking comprehensive reforms", India has "enormous growth potential" compared to other emerging economies. The 2018 Global Economics Prospect released by the World Bank also said that India, despite initial setbacks from demonetisation and Goods and Services Tax (GST), is estimated to have grown at 6.7 per cent in 2017. Traders will also be eyeing the meeting organised by government think tank NITI Aayog, and attended by a host of ministers including Finance Minister Arun Jaitley, NITI Aayog functionaries and leading economists. Prime Minister Narendra Modi will interact with leading economists and sectoral experts to deliberate on economic policy roadmap for promoting growth and employment. There will be some concern in the oil companies as the international oil prices hit their highest levels since 2014. Telecom stocks too will be in focus as the Telecom Commission (TC) has decided to relax spectrum holding caps, giving a boost to M&As and spectrum sale.


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  • Coal India has received approval for revision of Non-Coking coal prices with effect from January 9, 2018.
  • IndusInd Bank and Dynamics Inc. at the 2018 Consumer Electronics Show announced plans to introduce the first battery-powered, interactive payment cards to the Indian market in 2018.
  • Adani Ports and Special Economic Zone has added two new dredgers to become the largest fleet in the country.
  • Maruti Suzuki India will showcase a concept compact car with ‘SUV like characters' in the upcoming Auto Expo with an aim to tap on increasing preference for utility vehicles in the market.
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