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NSE Intra-day chart (24 May 2018)
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Market Commentary 25 May 2018
Markets likely to make slightly positive start


Indian equity benchmarks ended the session in green terrain on Thursday with frontline gauges recapturing their crucial 34,600 (Sensex) and 10,500 (Nifty) levels. Markets traded with traction throughout the session as sentiments remained up-beat with report stating that India's direct tax collections for the last financial year crossed the Rs 10 lakh crore mark, registering an increase of 18% over the previous fiscal. Key gauges started the session on an optimistic note, as traders took some encouragement with report stating that India has moved one notch higher, to the 44th place in terms of competitiveness, in the annual rankings compiled by International Institute for Management Development (IMD) which placed the US in the top slot. The US became the most competitive economy globally driven by its strength in economic performance and infrastructure, followed by Hong Kong and Singapore in the second and third place, respectively. Some optimism came with union minister Ravi Shankar Prasad's statement that the government is working on a long-term solution to fuel prices. Meanwhile, the government has cleared amendments to the Insolvency and Bankruptcy Code (IBC), incorporating changes suggested by a government-appointed panel. Markets extended gains in last leg of trade with Oil Minister Dharmendra Pradhan's statement that India is trying to get a resolution soon on tackling rising fuel prices, and the government is looking at both short-term and long-term solutions. Meanwhile, engineering exporters' body, EEPC India said that India can make its export promotion schemes WTO- compliant and make the country's exports competitive by allowing the exchange rate to reflect the real value of the rupee , that has only recently shown some parity, helping the exporting community. However, traders shrugged off Union Minister Nitin Gadkari's statement that any cut in petrol, diesel prices will take money away from the government's social welfare schemes. He added that the increase in oil prices is an unavoidable, economic situation, as India is now linked to the global economy. Finally, the BSE Sensex rose 318.20 points or 0.93% to 34,663.11, while the CNX Nifty was up by 83.50 points or 0.80% to 10,513.85.


The US markets ended in red terrain on Thursday, as geopolitical worries hovered over markets after Trump called off the summit that was set to take place June 12 in Singapore. The cancellation followed a statement from Choe Son Hui, North Korea's vice minister of foreign affairs, in which he said if the talks didn't go ahead, the U.S. could instead face off with North Korea in a nuclear-to-nuclear showdown. Negative sentiment was also generated amid lingering trade concerns after Commerce Secretary Wilbur Ross initiated an investigation into whether imports of automobiles and parts threaten to impair U.S. national security. On the economic front, the Labor Department released a report showing an unexpected increase in initial jobless claims in the week ended May 19. The report said initial jobless claims rose to 234,000, an increase of 11,000 from the previous week's revised level of 223,000. The increase came as a surprise to economists, who had expected jobless claims to edge down to 220,000 from the 222,000 originally reported for the previous week. A separate report from the National Association of Realtors showed a much bigger than expected pullback in existing home sales in the month of April. Existing home sales tumbled by 2.5 percent to an annual rate of 5.46 million in April after climbing by 1.1 percent to a rate of 5.60 million in March. The street had expected existing home sales to edge down by 0.2 percent. The Dow Jones Industrial Average declined 75.05 points or 0.30 percent to 24,811.76, the Nasdaq slipped 1.53 points or 0.02 percent to 7,424.43 and the S&P 500 was down by 5.53 points or 0.20% to 2,727.76.


Extending losing streak for the third straight day, crude oil futures ended sharply lower to settle at nearly 2-week low on Thursday, as worries about US crude inventories helped to extend the US benchmark's downturn. The US Energy Information Administration had reported Wednesday that crude supplies climbed by 5.8 million barrels for the week ended May 18. Besides, comments from the Organization of the Petroleum Exporting Countries that an increase on production will be discussed in the June OPEC meeting, because of possible declines in crude production from Iran and Venezuela, too weighted down on the oil prices. Benchmark crude oil futures for July delivery fell $1.13 or 1.60 percent to settle at $70.71 a barrel on the New York Mercantile Exchange. July Brent crude slipped $1.01 or 1.30 percent to settle at $78.79 a barrel on London's Intercontinental Exchange.


After yesterday's steep losses, Indian rupee gained ground against dollar and ended marginally higher on Thursday, due to selling of the US currency by exporters and banks. Sentiments turned optimistic with report stating that India's direct tax collections for the last financial year crossed the Rs 10 lakh crore mark, registering an increase of 18 per cent over the previous fiscal. Some optimism also came with report stating that India has moved one notch higher, to the 44th place in terms of competitiveness, in the annual rankings compiled by International Institute for Management Development (IMD) which placed the US in the top slot. Besides, splendid gains of local equities along with dollar's slide against some currencies overseas, too supported the rupee. On the global front, dollar was weaker on Thursday, hurt by concerns about a global trade war and uncertainty over the planned U.S.-North Korea summit. Finally, the rupee ended at 68.34, 7 paise stronger from its previous close of 68.41 on Wednesday.


The FIIs as per Thursday's data were net sellers in equity and debt segments both. In equity segment, the gross buying was of Rs 4452.19 crore against gross selling of Rs 4714.41 crore, while in the debt segment, the gross purchase was of Rs 615.19 crore with gross sales of Rs 1593.72 crore. Besides, in the hybrid segment, the gross selling was of Rs 5.10 crore against no buying.


The US markets ended lower on Thursday, following news President Donald Trump has called off the historic summit with North Korean leader Kim Jong Un. The president attributed the decision to call off the meeting to North Korea displaying tremendous anger and open hostility. Asian markets are trading slightly lower in morning trade following overnight news that U.S. President Donald Trump canceled a scheduled summit with Kim Jong Un. Indian equity benchmarks edged higher on Thursday, with IT stocks leading the surge as a weakening rupee helped lift IT stocks. Today, the markets are likely to make flat-to-positive start as oil prices eased on expectations of a gradual increase in output from Russia and other large producers. Traders will get some encouragement with Care Ratings' report that the country's GDP growth will accelerate to 7.5 per cent this financial year, from 6.6 per cent in the last fiscal, on better performance from the industrial and agricultural sectors. Headline inflation, lending rates, fiscal prudence, current account deficit (CAD) and exchange rates, however, are the areas of concern. Some support will also come with NITI Aayog vice chairman Rajiv Kumar's statement that States have the capacity and must reduce the duty on petrol, while the Centre should create fiscal space to deal with the impact of spurt in oil prices. The rising crude prices in the international market prompted state-owned oil companies to raise domestic prices for 11th day in a row. Petrol costs Rs 77.47 a litre in Delhi and diesel Rs 68.53 a litre. Meanwhile, Maharashtra Chief Minister Devendra Fadnavis has said that fuel prices will come down once the Centre builds a consensus to bring petrol and diesel under the Goods and Services Tax (GST). 

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  • Tata Motors has reported fall of 50.53% in its consolidated net profit at Rs 2,125.24 crore for Q4FY18 as compared to Rs 4,295.85 crore for Q4FY17. 
  • Yes Bank has received approval from NSE to be empanelled as Settlement Bank for NSCCL. 
  • L&T's construction arm - L&T Construction has won orders worth Rs 2,112 crore. 
  • HDFC Bank has tied up with Computer Age Management Services to offer Digital Loans against Mutual Funds.
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