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NSE Intra-day chart (17 November 2017)
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Market Commentary 20 November 2017
Markets to get a cautious start of the new week

Extending their previous session's rally, Indian equity benchmarks ended the Friday's trade with a gain of over half a percent, with Sensex and Nifty recapturing their crucial 33,300 and 10,250 levels respectively. Sentiments remained buoyant throughout the session, despite some profit booking in last leg of trade, as Moody's Investor Service raised India's government bond rating, citing continued progress in the nation's economic and institutional reforms. The rating agency upgraded India's bond rating to 'stable' (Baa2) from 'positive' (Baa3) and said reforms being pushed through by the government will help stabilize debt. The agency has also upgraded India's local currency senior unsecured rating to Baa2 from Baa3 and its short-term local currency rating to P-2 from P-3. Traders also took some encouragement with RBI Governor C Rangarajan's statement who said the inflation, which rose to 3.58% in October, may ease by December and end up below 4% by the end of the current fiscal. Adding to the optimism, Commerce and Industry Minister Suresh Prabhu exuded confidence that exports will gather momentum going forward as the economy is on course to double to $5 trillion and become the third largest in the world, over the next few years. Meanwhile, highlighting ‘massive' economic reforms undertaken by India, Finance Minister Arun Jaitley has said that the country's economic slowdown has bottomed out and now it should start moving upwards after recovering from the temporary blip. He acknowledged that there was a ‘temporary blip' as a result of structural changes initiated by the government. However, markets pare some of their gains to end off day's highs, as there were some cautiousness too in India Inc. as the Reserve Bank of India is likely to come up with a fresh list of around 50 loan accounts that are either under stress or close to being classified as non-performing assets. The regulator may set a March 31 deadline for banks to find a resolution on these or commence bankruptcy proceedings against the borrowers. Finally, the BSE Sensex soared 235.98 points or 0.71% to 33,342.80, while the CNX Nifty was up by 68.85 points or 0.67% to 10,283.60.


The US markets closed lower on Friday, with the S&P 500 and the Dow logging a second straight week of losses as investors tracked the progress of the Republican tax cut plan wending its way through the legislative grind. The markets focus remains on Washington and the Senate after the House of Representatives passed a sweeping bill to overhaul the tax code on Thursday. On the economy front, the Commerce Department said October housing starts surged, rising 13.7% to a seasonally adjusted annual rate of 1.29 million. That's the second-highest level of the economic recovery. September estimate was revised to 1.135 million. Building permits, a less volatile series, rose 5.9% to 1.3 million. Big double-digit gains came from both the South and the Midwest, with at least some of that attributed to the recovery from the hurricanes that ravaged Texas and Florida. The Dow Jones Industrial Average lost 100.12 points or 0.43 percent to 23,358.24, the Nasdaq dropped 10.5 points or 0.15 percent to 6,782.79, and the S&P 500 edged lower by 6.79 points or 0.26 percent to 2,578.85.


Crude oil futures though rose sharply higher on Friday but they snapped their five weeks gaining streak, as investors weighed rising US output amid a fall in expectations that OPEC will extend its deal to curb output. Also adding to fears of an increase in global crude supplies was a report on Thursday indicating Iraq and Turkey were considering resuming Kirkuk oil export from the Ceyhan pipeline. Meanwhile, oil services firm Baker Hughes released its count of oil rigs operating in the US, saying remained unchanged from a week ago at 738. Benchmark crude oil futures for December delivery ended higher by 2.6 percent at $ 56.55 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was up by 2.15 percent to $62.68 a barrel on the ICE.


Indian rupee ended stronger against dollar on Friday, due to increased selling of the American currency by banks and exporters. Rupee throughout the day remained positive, taking support with Moody's Investor Service raising India's government bond rating, citing continued progress in the nation's economic and institutional reforms. The rating agency upgraded India's bond rating to 'stable' (Baa2) from 'positive' (Baa3) and said reforms being pushed through by the government will help stabilize debt. Some encouragement also came with RBI Governor C Rangarajan's statement who said the inflation, which rose to 3.58% in October, may ease by December and end up below 4% by the end of the current fiscal. Furthermore, dollar weakened against some currencies overseas together with good going in the local equity markets, mainly aided the currency's appreciation. On the global front, dollar slipped to a four-week low against yen on Friday, after reports that investigators probing possible Russian interference in the 2016 US election had subpoenaed President Donald Trump's election campaign for documents. Finally, the rupee ended at 65.01, 30 paise stronger from its previous close of 65.31 on Thursday.


The FIIs as per Friday's data were net buyers in equity segment, while they were net sellers in debt segment. In equity segment, the gross buying was of Rs 5258.28 crore against gross selling of Rs 4968.80 crore, while in the debt segment, the gross purchase was of Rs 957.18 crore with gross sales of Rs 958.72 crore.


The US markets ended marginally in red in the last session, the subdued trade for the day reflected lingering uncertainty about the outlook for Republican lawmakers' tax reform plans. Traders even overlooked report showing a much bigger than expected jump in housing starts in the month of October. The Asian markets have made a mixed start with some indices trading lower amid signs of fatigue following a stellar year for the region's equities and as German Chancellor Angela Merkel's push to form a coalition government collapsed. Chinese equities were down by about a percent triggered by state media warnings of stocks rising too fast. The Indian markets despite losing some strength in the final hours posted decent gains in the last session, after Moody's Investors Service upgraded India's sovereign rating for the first time in 14 years. Today, the start of the new week is likely to be a bit cautious on sluggish regional cues though the euphoria of Moody's upgrade will continue. A SBI research report has said that India might not have to wait for 13 long years for next sovereign upgrade by a rating agency, as the government is firm and committed to adhere with the fiscal consolidation path. Traders will also get some support with the IMF data, which forms part of the latest World Economic Outlook report of the International Monetary Fund, stating that India has moved up one position to 126th in terms of per capita GDP of countries, though it still ranked lower than all its BRICS peers. The Aviation stocks will be buzzing with report that India's domestic air traffic registered a growth of 20.52 percent in October when airlines flew 10.45 million passengers as compared to 8.67 million during the corresponding period last year.  There will be some scrip specific actions, as in a key rejig to the BSE Sensex components, private sector lenders, IndusInd Bank and YES Bank will enter the 30-share pack, replacing drug firms Cipla and Lupin, the changes will be made effective at the open of Monday, December 18, 2017.



Support and Resistance: NSE (Nifty) and BSE (Sensex)



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  • Infosys and ATP have launched Second Screen, a new feature providing player performance insights within seconds of a point being played.
  • SBI has sold 2,69,336 shares of Sri Adhikari Brothers Television at Rs 18.16 per share on the BSE on November 16, 2017.
  • Yes Bank has partnered with Amazon India to help MSMEs make a transition from offline to online selling.
  • ICICI Bank has entered into a partnership with e-commerce and mobile wallet company Paytm to offer small interest-free loans up to Rs 20,000 to customers who are common to both Paytm and the bank
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