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)
Index
|
Previous close
|
Support
|
Resistance
|
NSE Nifty
|
10283.60
|
10253.23
|
10328.78
|
BSE Sensex
|
33342.80
|
33240.87
|
33482.78
|
Nifty Top volumes
Stock
|
Volume
(in Lacs)
|
Previous close (Rs)
|
Support
(Rs)
|
Resistance (Rs)
|
SBI
|
265.18
|
337.50
|
333.43
|
344.13
|
ICICI Bank
|
204.40
|
325.10
|
321.82
|
330.37
|
Yes Bank
|
184.65
|
306.10
|
302.67
|
311.97
|
Bharti Airtel
|
105.56
|
493.50
|
487.72
|
502.62
|
ITC
|
99.98
|
258.00
|
256.33
|
259.33
|
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