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NSE Intra-day chart (14 May 2019)
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Market Commentary 15 May 2019
Markets to open slightly in green amid positive global cues


Bulls took late charge on Dalal Street on Tuesday and markets snapped their nine days losing streak, with Sensex and Nifty closing with gains of more than half a percent each. The Indian benchmarks made a soft opening, as traders remained pessimistic about the Central Statistics Office (CSO) data showing that retail inflation inched up to a six-month high of 2.92% in April due to a spike in food prices, including vegetables, meat, fish and eggs. Inflation based on the Consumer Price Index (CPI) was at 2.86% in the previous month and 4.58% in April 2018. The rate of price rise in April is the highest since October 2018 when the rate was 3.38%. Traders remained cautious with Moody's Investors Service's statement that India's rising oil consumption will support its investments in refining capacity additions and upstream production, but imports will keep growing amid stagnant production. The country's dependence on imported crude oil to meet its needs has risen to 83.7% in 2018-19 fiscal year from 82.9% in 2017-18. Import dependence was 80.6% in 2015-16. Markets recouped losses in last leg of trade and get back to their positive trajectory, as traders took some support with data showing that wholesale price inflation (WPI) for the month of April eased to 3.07 percent compared to 3.18 percent in March led by fall in prices of manufacturing products. Local investors also cheered with Chief Economic Advisor (CEA) Krishnamurthy V. Subramanian's statement that the Indian economy will grow at 7% range in the current fiscal powered by the effects of the strong structural reforms such as bankruptcy laws, Goods and Services Tax (GST), crackdown on shell companies and the fiscal prudence undertaken in the last five years. Indices gave up some of their gains in dying hour of trade, as some cautious came with a private report that India saw the largest migration of its high net worth individuals in 2018 after China and Russian Federation. India failed in creating a suitable environment for millionaires to stay back in the country which claims to be the fastest growing economy in the world. Finally, the BSE Sensex gained 227.71 points or 0.61% to 37,318.53, while the CNX Nifty was up by 73.85 points or 0.66% to 11,222.05.


The US markets ended higher on Tuesday as markets regained some of their bullish form, a day after a sharp escalation in US-China trade tensions triggered the worst session for major indexes since early January. The markets benefited from continued optimism the US and China will eventually reach a trade deal despite the retaliatory tariffs announced by China. President Donald Trump has continued to express confidence the Chinese will yield to US demands, claiming a trade agreement was 95% complete before China reneged. Trump has repeatedly argued that the US is in a stronger position than China in the negotiations, citing the recent strength of the US economy. Trump also indicated that he would be meeting with Chinese President Xi Jinping at the G20 Summit in Japan late next month. On the economic front, with a drop in prices for non-fuel imports partly offsetting another jump in prices for fuel imports, the Labor Department released a report showing US import prices rose by much less than expected in the month of April. The Labor Department said import prices crept up by 0.2% in April after climbing by 0.6% in March. The uptick in import prices reflected a continued spike in prices for fuel imports, which surged up by 2.5% in April after soaring by 6.9% in March. A 6.1% jump in petroleum prices drove the increase in fuel prices. On the other hand, the report said prices for non-fuel imports edged down by 0.1% in April after dipping by 0.2% in March. Falling prices for finished goods and non-fuel industrial supplies and materials more than offset an increase in prices for foods, feeds, and beverages. Dow Jones Industrial Average surged 207.06 points or 0.82 percent to 25532.05, Nasdaq rose 87.47 points or 1.14 percent to 7734.49 and S&P 500 was up by 22.54 points or 0.80 percent to 2834.41.


Crude oil futures ended higher on Tuesday amid reports of attacks on major Saudi facilities, which helped to raise supply concerns. The world's top oil exporter Saudi Arabia said explosive-packed drones attacked two pumping stations belonging to state oil company Aramco. Saudi Arabia said drones attacked one of its oil pipelines as other assaults targeted energy infrastructure elsewhere in the kingdom. Meanwhile, a monthly report from the Organization of the Petroleum Exporting Countries revealed that oil output from Iran in April fell by 164,000 barrels to 2.55 million barrels a day. Benchmark crude oil futures for June rose 74 cents or 1.2 percent to settle at $61.78 a barrel on the New York Mercantile Exchange. July Brent crude surged $1.01 or 1.4 percent to settle at $71.24 a barrel on London's Intercontinental Exchange.


Reversing previous session's losses, Indian rupee ended marginally higher against dollar on Tuesday, owing to dollar sale by exporters and banks. Sentiments turned optimistic with data showing that wholesale price inflation (WPI) for the month of April eased to 3.07 percent compared to 3.18 percent in March led by fall in prices of manufacturing products. Last hour recovery in local equity markets also supported the domestic unit. However, gains remain capped as cautiousness remained in markets with the Central Statistics Office (CSO) data showing that retail inflation inched up to a six-month high of 2.92% in April due to a spike in food prices, including vegetables, meat, fish and eggs. Inflation based on the Consumer Price Index (CPI) was at 2.86% in the previous month and 4.58% in April 2018. On the global front, US dollar edged higher on Tuesday, attempting to snap a four-day losing streak amid the back-and-forth trade dispute between the U.S. and China. Finally, the rupee ended at 70.44, 7 paise stronger from its previous close of 70.51 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 2989.96 crore against gross selling of Rs 3942.68 crore, while in the debt segment, the gross purchase was of Rs 306.05 crore with gross sales of Rs 500.07 crore. Besides, in the hybrid segment, the gross buying was of Rs 3.75 crore against gross selling of Rs 3.53 crore.


The US markets ended higher on Tuesday after President Trump further signaled that US and Chinese officials could still strike a trade deal. Asian markets are trading mostly in green on Wednesday following gains on Wall Street. Indian markets snapped nine-day losing streak on Tuesday and staged smart recovery in late hours of trade on the back of easing wholesale price index (WPI). India's WPI inflation eased to 3.07% in the month of April 2019, as compared to 3.18% in March and 3.62% during the corresponding month of the previous year. The inflation softens mainly due to cheaper fuel prices, even as prices of food articles remained high. Today, the start is likely to be marginally in green following positive global cues amid easing trade worries. Some support will come with rating agency Crisil's report that recovery of stressed assets through the Insolvency and Bankruptcy Code (IBC) was two-times at Rs 70,000 crore compared to that through other mechanisms in 2018-19 but resolution timelines for bad loans still remains an issue. Traders may take note of SBI Research report stating that the RBI needs to go in for a larger rate cut, more than 25 basis points, in the next monetary policy review in June to reverse the current slowdown in the economy. However, there may be some cautiousness with a report that dampening prospects of higher farm and economic growth in the $2.6 trillion economy, monsoon rains are expected to hit Kerala coast on June 4 and deliver less rainfall than average in 2019. It added that the country is likely to receive 93% rainfall of the long period average. Meanwhile, the income tax department has deferred for the second time the requirement for companies to include in their tax audit report the details of Goods and Services Tax (GST) and GAAR. Besides, India is expected to again extend the deadline by a month to impose retaliatory import duties on 29 US products, including almond, walnut and pulses. There will be some buzz in the steel industry stocks with report that India fears China could soon start flooding excess steel into its market after the United States raised tariffs on Chinese products due to the escalating trade war between the world's two largest economies. There will be lots of important earnings announcements also, to keep the markets in action.


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  • Bharti Airtel has tweaked its post-paid plans, a move that involves gradual phasing out of offerings that are less than Rs 499 and retaining limited number of plans above it.  
  • Maruti Suzuki India has recently inaugurated a state-of-the-art Center of Excellence at ITI, Becharaji in Gujarat.  
  • HDFC ERGO General Insurance Company, a 51:49 joint venture between the HDFC and ERGO International AG, has launched Mosquito Disease Protection Policy. 
  • Tata Motors has entered into partnership with Aaron Travels, to deploy Tigor Electric Vehicles in Mumbai.
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