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NSE Intra-day chart (10 July 2018)
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Market Commentary 11 July 2018
Markets to make cautious start on weak Asian cues


Extending jubilation for third straight day, Indian equity benchmarks ended the Tuesday's trade with a gains of over around a percent, recapturing their crucial 36,200 (Sensex) and 10,900 (Nifty) levels, amid firm global cues. After a positive start, there appeared not even an iota of profit booking in the session with benchmarks fervently gaining from strength to strength to end near intraday highs, as investors continued hunt for fundamentally strong stocks. Sentiments remained up-beat throughout the session with rating agency Crisil's latest report stating that India Inc will deliver the highest quarterly revenue growth in three years at 12.8% in the April-June period, but high oil prices will narrow profit margins by 0.20%. Traders also took some encouragement with NITI Aayog vice-chairman Rajiv Kumar making a case for promoting Zero Budget Natural Farming (ZBNF) in states, saying it would help in doubling farmers' income by 2022. Some support also came with the Reserve Bank of India (RBI) in its latest report revealing that private corporate business sector records robust sales growth in fourth quarter of 2017-18, with the companies posting sales of Rs 9.25 trillion as compared Rs 8.41 trillion in the last quarter of 2016-17. A performance analysis report is based on the abridged financial results of 2,723 listed non-government non-financial (NGNF) companies for the Q4 FY18. Markets extended gains in last leg of trade with a private report stating that India and South Korea will reduce duties on 11 tariff lines in a bid to expand bilateral trade by updating their existing free-trade agreement, called the comprehensive economic partnership agreement (CEPA). Investors also took support from BSE Managing Director and CEO Ashishkumar Chauhan's statement that there was no need to panic over risk management firm Kroll's observations about Indian economy as the country was a thought leader in corporate governance worldwide. The street paid no heed towards a private report stating that Indian inflation likely rose to a near two-year high in June, driven by surging oil and food prices, a development that would strengthen calls for more monetary policy tightening by the RBI. Finally, the BSE Sensex surged 304.90 points or 0.85% to 36,239.62, while the CNX Nifty was up by 94.35 points or 0.87% to 10,947.25.


Magnifying their gains fourth straight day, the US markets ended higher on Tuesday, as optimism about the upcoming earnings season has overshadowed recent trade concerns. Snack food and beverage giant PepsiCo (PEP) released its second quarter results, reporting earnings that exceeded street estimates. Financial giants Citigroup (C), JPMorgan Chase (JPM) and Wells Fargo (WFC) are due to report their quarterly results before the start of trading on Friday. Earnings are expected to show growth of more than 20% year-over-year for the second quarter. Recent economic reports have been seen as underlining the strength of the U.S. economy at a time when many investors are concerned about worsening relations between Washington and its major trading partners. Meanwhile, investors are bracing for a round of quarterly earnings reports that are expected to underscore American corporations' health. On the economic front, a June report on U.S. small-business confidence showed sentiment has slipped, but it's still high by historical standards. A May reading on U.S. job openings showed that openings fell to 6.64 million from a record 6.84 million the previous month. The Dow Jones Industrial Average surged 143.07 points or 0.58 percent to 24919.66, the S&P 500 rose 9.67 points or 0.35 percent to 2793.84 and the Nasdaq was up by 3 points or 0.04 percent to 7759.20.


Extending previous session's gain, Crude oil futures ended higher on Tuesday with the global benchmark briefly tapping a session high near the $80-a-barrel threshold, as strikes by workers in Norway and Gabon added to global production outages. Contributing to supply concerns was a strike by oil workers in Norway that forced the shut in of 23,000 barrels a day of crude. A strike in Gabon is expected to take 54,000 barrels a day of production offline. Supply risk continues to be a major driver of both short and long-term price movements as the market assesses the degree to which renewed U.S. sanctions against Iran will halt Iranian oil exports. Benchmark crude oil futures for August gained 26 cents or 0.4 percent to settle at $74.11 a barrel on the New York Mercantile Exchange. September Brent crude rose 79 cents or 1 percent at $78.86 a barrel on London's Intercontinental Exchange.


Snapping its two-day appreciating string, Indian rupee ended weaker against dollar on Tuesday, due to demand for greenback by banks and importers. Sentiments turned pessimistic with report that the US-China trade war will impact foreign investment into the country, and the Reserve Bank of India (RBI) will have to sell foreign currencies to defend the rupee at the 69 level to a dollar. Some concern also came with a private report stating that Indian inflation likely rose to a near two-year high in June, driven by surging oil and food prices a development that would strengthen calls for more monetary policy tightening by the Reserve Bank of India. Moreover, dollar's strength against a basket of some currencies overseas too weighed on the rupee, though, rally in domestic equities limited further depreciation of Indian currency. On the global front, pound tumbled amid political jitters as the resignations of Foreign Secretary Boris Johnson and Brexit Secretary David Davis raised questions over Theresa May's future as Prime Minister. Finally, the rupee ended at 68.82, 10 paise weaker from its previous close of 68.72 on Monday.


The FIIs as per Tuesday's data were net sellers in equity and debt segments both. In equity segment, the gross buying was of Rs 4489.23 crore against gross selling of Rs 5231.01 crore, while in the debt segment, the gross purchase was of Rs 282.73 crore with gross sales of Rs 529.79 crore. Besides, in the hybrid segment, the gross buying was of Rs 1.72 crore against gross selling of Rs 1.50 crore.


The US markets ended higher for fourth straight session on Tuesday as Wall Street shifted from consternation over global trade disputes to enthusiasm over coming second-quarter earnings results following a string of strong economic data that has refreshed investor optimism. Asian markets were trading in red on Wednesday, following the release of a list of an additional $200 billion in Chinese goods on which the US is considering imposing tariffs. Indian equity markets ended higher on Tuesday, as investors shifted their focus to upcoming corporate earnings and put global trade concerns aside. Today, the markets are likely to make cautious start, following mixed global cues. Traders will remain concern about a private report that Indian inflation likely rose to a near two-year high in June, driven by surging oil and food prices, a development that would strengthen calls for more monetary policy tightening by the Reserve Bank of India. There will be some cautiousness with India's G-20 Sherpa Shaktikanta Das, expressing concern over increasing protectionism and trade conflicts across the world, said that countries ought to work out arrangements that are beneficial to all in the larger interest of reviving global growth. However, traders may get some support later in the day with report that India and South Korea signed 11 agreements to expand business ties and more than double mutual trade to $50 billion by 2030. Meanwhile, India has imposed anti-dumping duty of up to $528 per tonne for 5 years on a Chinese polyester yarn used in automobile and other industries. Besides, the Global Innovation Index (GII) has ranked India as the 57th most innovative nation in the world. The country has improved its ranking from 60th position last year. India has been improving steadily since it was ranked 81st in 2015. There will be some reaction in IT sector stocks, after Tata Consultancy Services (TCS), India's biggest software services exporter, posted a better-than-expected 23% jump in first-quarter net profit to Rs 7,340 crore, buoyed by robust growth at the banking, financial services and insurance (BFSI) and digital verticals. There will be some earnings announcements too to keep the markets buzzing.


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  • HCL Technologies has received an approval from the commerce ministry to set up a new IT SEZ in Vijayawada, Andhra Pradesh. 
  • Tata Motors Group global wholesales in June 2018, including Jaguar Land Rover, stood at 100,135 units, higher by 12%, over June 2017. 
  • IndusInd Bank has reported 23.81% rise in its net profit at Rs 1,035.72 crore for the quarter ended June 30, 2018 as compared to Rs 836.55 crore in Q1FY18. 
  • SBI is planning to raise dollar funds through its maiden issuance of green bonds in the international market.
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