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NSE Intra-day chart (24 April 2018)
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Market Commentary 25 April 2018
Markets likely to make negative start tailing weakness in global markets


Indian equity benchmarks ended the Tuesday's trade on an optimistic note with frontline gauges recapturing their crucial 34,600 (Sensex) and 10,600 (Nifty) levels. Markets made positive opening and traded with traction as sentiments remained up-beat with World Bank's statement that India retained the top position as recipient of remittances with its diaspora sending about $69 billion back home last year. Remittances to India picked up sharply by 9.9 per cent, reversing the previous year's dip, but were still short of $70.4 billion received in 2014. Some support also came with report that exports from special economic zones (SEZs) grew by about 15 percent to Rs 5.52 lakh crore in 2017-18. Export Promotion Council for EoUs and SEZs (EPCES) said that while the goods export from these zones stood at Rs 2.74 lakh crore in 2017-18, shipments of services aggregated to Rs 2.78 lakh crore in the last fiscal. Meanwhile, the government has finalised the new industrial policy, which is set to be announced soon. The new policy will replace the industrial policy of 1991 which was prepared in the backdrop of balance of payment crisis. However, some amount of profit booking witnessed in afternoon session as traders turned anxious on the Petroleum and Natural Gas Ministry report which estimated that India's crude oil import bill may increase 20% to $105 billion in this financial year from $88 billion in 2017-18, assuming average crude oil price of $65 per barrel for the year, about $9 a barrel less than the current rate. Markets once again got some strength in late trade with traders getting support from report that the Goods and Services Tax (GST) collections for March exceeded Rs 96,000 crore by April 23, the largest mop-up for any month since the comprehensive indirect tax's launch in July last year. The report added that March collections could cross the coveted Rs 1 lakh crore mark by April-end, as payments are still being made by a section of taxpayers with late penalties. Finally, the BSE Sensex surged 165.87 points or 0.48% to 34,616.64, while the CNX Nifty was up by 29.65 points or 0.28% to 10,614.35.


The US markets closed lower on Tuesday, led by a selloff in industrials, materials and technology shares. The selling pressure came after the 10-year Treasury yield briefly touched the psychologically important 3% level for the first time in four years, a move that comes as first-quarter earnings season was failing to excite investors, despite some strong results. Earnings were also in focus, with a deluge of high-profile companies reporting results before the open. The season has so far been strong, and more than 80% of the S&P 500 companies reporting so far have beaten profit forecasts. While that's above the 73% that beat in the fourth quarter of 2017, better-than-expected results often haven't been enough to lift shares thus far this season. On the economy front, consumers' confidence rebounded slightly in April with a small gain that put the index back near an 18-year high, suggesting the US economy remains on sound footing despite fresh worries about trade tensions. The consumer confidence index climbed to 128.7 in April from 127 in March. Two months ago, the index hit the highest level since the end of 2000. The present situation index, a measure of current conditions, rose to 159.6 from 158.1. The future expectations index advanced to 108.1 from 106.2. New-home sales ran at a 694,000 seasonally adjusted annual rate in March. Sales of newly constructed homes surged, and earlier estimates were revised up, painting a rosier picture of the housing market than many economists had expected. The 694,000 rate in March was 4% above upwardly revised February figures, and the highest pace since November. The Dow Jones Industrial Average lost 424.56 points or 1.74 percent to 24,024.13, the Nasdaq dropped 121.249 points or 1.70 percent to 7,007.35, while the S&P 500 was down by 35.73 points or 1.34 percent to 2,634.56.


Crude oil futures declined on Tuesday, finding little support from uncertainty surrounding Iran's nuclear deal, as a diminished appetite for risk weighed on the U.S. stock market. Iran has reportedly nixed a formal extension of the cartel's supply quota plan with Russia, but Saudi Arabia and others will continue to limit production beyond this year. Iran's oil minister Bijan Zanganeh said that if oil prices continued to rise, there will be no need to extend the OPEC/non-OPEC production deal beyond the end of 2018. Last week, President Donald Trump blasted OPEC for trying to artificially boost prices. Benchmark crude oil futures for June delivery lost 94 cents or 1.4 percent to settle at $67.70 a barrel on the New York Mercantile Exchange. June Brent crude declined 85 cents or 1.1 percent to settle at $73.86 a barrel on London's Intercontinental Exchange.


Snapping a straight six-session downtrend, Indian rupee ended marginally higher against the Greenback on Tuesday, on the back of fresh dollar selling by exporters and some banks. Traders took some support with World Bank's statement that India retained the top position as recipient of remittances with its diaspora sending about $69 billion back home last year. Remittances to India picked up sharply by 9.9 per cent, reversing the previous year's dip, but were still short of $70.4 billion received in 2014. Investors also took note of report that several Thailand-based companies which are operating in India plan to invest around $3 billion in the next three years period in the areas of green and brown field projects including energy, infrastructure and metals. Moreover, positive gains in the domestic equities too supported the domestic unit. On the global front, dollar extended gains against its main peers and most other currencies on Tuesday as rising US bond yields fan speculation of a sharp rise in interest rates. Finally, the rupee ended at 66.38, 10 paise stronger from its previous close of 66.48 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 4071.52 crore against gross selling of Rs 4328.99 crore, while in the debt segment, the gross purchase was of Rs 1485.13 crore with gross sales of Rs 1802.85 crore. Besides, in the hybrid segment, the gross buying was of Rs 0.15 crore against gross selling of Rs 1.75 crore.


The US markets ended lower on Tuesday as traders shrugged off an initial positive reaction to earnings news from several big-name companies. Asian markets were trading lower, mirroring a sell-off on Wall Street on fears about slowing growth and falling company profits. Indian stock markets edged higher on Tuesday even as the near-term economic outlook remained clouded with significant external and domestic headwinds. Today, the markets are likely to make pessimistic start, tailing weakness in global markets. Traders will remain little anxious with NITI Aayog CEO Amitabh Kant's statement that India's eastern states have done remarkably well on ease of doing business index, but he stressed that they need to repeat their progress on the human development index as well. He, however, said several Indian states remain backward on human development indicators because of legacy issues. However, traders will get some support later in the day with the Finance Ministry's proposal of relaxing certain conditions for availing the concessional 10 percent long term capital gains tax. Listing out scenarios wherein individuals need not pay Securities Transaction Tax (STT) at the time of purchase to avail the concessional tax rate, the Finance Ministry invited stakeholder comments on the draft notification by April 30. Some support will also came with Union Commerce and Industry Minister Suresh Prabhu's statement that the government has finalised a new industrial policy with a major focus on promoting setting up of industrial units in rural areas. There will be some important earnings announcements too, to keep the markets buzzing.


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  • Bharti Airtel is planning for massive network roll-out in FY 2018-19 to further expand its high speed mobile data footprint across the state of Gujarat. 
  • Tech Mahindra has entered into collaboration with the state government of Andhra Pradesh to establish country's first Cyber Security Operations Centre in the city of Vijayawada. 
  • Dr. Reddy's Laboratories has received the EIR from the USFDA for its API Mirfield Plant, United Kingdom. 
  • Indian Oil Corporation has signed a MoU with the Haryana Government for setting up a biomethenation plant in Faridabad.
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