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NSE Intra-day chart (28 June 2019)
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Market Commentary 01 July 2019
Markets to open in green amid positive global cues


Indian equity bourses witnessed fall for the second straight day on Friday, with Sensex and Nifty closing lower by around 200 and 50 points respectively. Markets made a slightly higher opening of the day, as the Reserve Bank of India (RBI) in its bi-annual Financial Stability Report (FSR) stated that the financial system remains stable despite some dislocation of late. It said the proportion of commercial lenders' non-performing assets (NPAs) may fall slightly to 9% by March 2020. However, key indices soon turned negative, with a report that India's monsoon rains were below average for the fourth straight week, with rainfall scanty over central and western parts of the country in the week ended on June 26, raising concerns about major crop production and the impact on the nation's economy. Markets extended their losses in late afternoon deals, as Governor Shaktikanta Das called for more cooperation between the government and the Reserve Bank to help boost the sagging growth engine and to ensure systemic stability. A dip in consumption and private investment has exerted pressure on the fiscal math. Some concerns also came after the Directorate General of GST intelligence (DGGI) detected good and services tax (GST) evasion amounting to Rs 300 crore across Nagpur zone, which includes Vidarbha, Marathwada and Nasik regions of Maharashtra. Besides, industry body FICCI's National Committee on Transport Infrastructure and the Consulting Engineers Association of India (CEAI) said that Union Ministry of Finance should re-look at its Goods and Service Tax collection regime for Consulting and service-providing sector. Finally, the BSE Sensex fell 191.77 points or 0.48% to 39,394.64, while the CNX Nifty was down by 52.70 points or 0.45% to 11,788.85.


The US markets ended higher on Friday as investors looked ahead to a key meeting between President Donald Trump and Chinese President Xi Jinping. The Chinese Ministry of Commerce has called on Washington to cancel its import tariffs and sanctions measures on Huawei and other Chinese companies, while Trump has reiterated a threat to impose tariffs on the remaining $300 billion of Chinese imports if talks fail. Gains in banking stocks also supported the markets after the Federal Reserve cleared the way for better-than-expected payouts. Positive economic data added more optimism among investors. The Commerce Department data showed that personal income increased by more than expected in the month of May. Personal income climbed by 0.5 percent in May, matching the advance seen in April. Street had expected income to rise by 0.3 percent. The report also said personal spending rose by 0.4 percent in May following an upwardly revised 0.6 percent increase in April. The spending growth matched economist estimates. Meanwhile, separate report from MNI Indicators unexpectedly showed a contraction in Chicago-area business activity in the month of June. MNI Indicators said its Chicago business barometer tumbled to 49.7 in June after rising to 54.2 in May, with a reading below 50 indicating a contraction in regional business activity. Investors had expected the index to edge down to 53.1. With the much steeper than expected decline, the Chicago businesses barometer dropped below 50 for the first time since January of 2017. Dow Jones Industrial Average rose 73.38 points or 0.28 percent to 26599.96, Nasdaq gained 38.49 points or 0.48 percent to 8006.24 and S&P 500 was up by 16.84 points or 0.58 percent to 2941.76.


Crude oil futures ended lower on Friday as traders awaited the outcome of Sino-US trade talks in Japan and the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies on production levels. The US President Donald Trump and his Chinese counterpart Xi Jinping are scheduled to meet on the sidelines of the G20 summit on June 29. There is some optimism that the meeting will help reignite trade talks between the two countries. It is expected that Trump and Xi will reach some sort of agreement that would avoid the imposition of additional tariffs on each other's products. Meanwhile, OPEC is poised to extend its oil production-cut agreement into the second half of this year. Benchmark crude oil futures for August declined 96 cents or 1.6 percent to settle at $58.47 a barrel on the New York Mercantile Exchange. August Brent settled unchanged at $66.55 a barrel on London's Intercontinental Exchange.


Indian rupee gave away most of its gains to end marginally higher against dollar on Friday, on sustained selling of the American currency by exporters and banks. Besides, the dollar losing muscle against other currencies overseas too helped the domestic currency. But most of the gains were trimmed as anxiety remained among the traders with a report that India's monsoon rains were below average for the fourth straight week, with rainfall scanty over central and western parts of the country in the week ended on June 26, raising concerns about major crop production and the impact on the nation's economy. On the global front, dollar trod water on Friday as investors awaited a crucial meeting between the leaders of the US and China at a Group of 20 summit over the weekend for any signs of progress to end their heated trade war. Finally, the rupee ended at 69.03, 4 paise stronger from its previous close of 69.07 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 6787.60 crore against gross selling of Rs 6741.68 crore, while in the debt segment, the gross purchase was of Rs 1245.56 crore with gross sales of Rs 2563.82 crore. Besides, in the hybrid segment, the gross buying was of Rs 265.09 crore against gross selling of Rs 55.72 crore.


The US markets ended in green on Friday as traders looked ahead to the highly anticipated meeting between President Donald Trump and Chinese President Xi Jinping on the sidelines of the G20 summit. Asian markets rose in early deals on Monday morning trade after US President Donald Trump and Chinese President Xi Jinping agreed to hold off on slapping additional tariffs in an effort to resume trade talks. Indian markets erased early gains and ended lower on Friday, with cut of around half a percent, dragged down by metal stocks. Today, the start of new month is likely to be in green tracking global markets after positive development in US-China trade negotiations. Investors will be eyeing manufacturing PMI data to be out later in the day. Traders will be getting some encouragement with report the RBI relaxed the leverage ratio (LR) for banks to help them boost their lending activities. The leverage ratio stands reduced to 4 percent for Domestic Systemically Important Banks (DSIBs) and 3.5 percent for other banks effective from the quarter commencing October 1, 2019. Some support will also come with report that foreign investors infused a net amount of Rs 10,384 crore into the Indian capital markets in June and remained net buyers for the fifth month in a row on expectations of continued economic reforms. Meanwhile, the Controller General of Accounts' (CGA) data showed that fiscal deficit touched 52% of the budget estimate for the full year in the first two months of 2019-20. In absolute terms, the fiscal deficit or gap between expenditure and revenue, was Rs 3,66,157 crore. The fiscal deficit was 55.3% of 2018-19 budget estimate in the year-ago period. Besides, kicking off celebration to mark two years of the GST implementation, the finance ministry will come up with further reforms in the indirect tax system with introduction of new return system, rationalisation of cash ledger system and a single refund-disbursing mechanism, among others. However, investors will remain cautious ahead of the Union Budget on July 5. Some cautiousness may also come with the Reserve Bank of India's (RBI) statement that current account deficit (CAD) increased to $57.2 billion or 2.1% of GDP in FY19 as against 1.8% in the previous year. The CAD had stood at $48.7 billion in FY18. For FY19, the deficit widened despite a narrowing of the same in the March quarter to 0.7% of GDP or $4.6 billion, as against $27.7 billion or 2.7% in the December quarter and $13 billion or 1.8% in the March 2018 quarter. There will be some reaction in insurance stocks with report that the government may need to shell out close to Rs 13,000 crore to improve the financial health of public sector general insurers before initiating their consolidation. The government is exploring various consolidation options, including merger of state-owned general insurance companies with New India Assurance, with a view to create synergy and unlock value.


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  • TCS has launched TCS Pace Port New York, a new co-innovation and advanced research center designed to help customers successfully navigate their Business 4.0 transformation journeys. 
  • Wipro has exited its JV Wipro Airport IT Services by selling its remaining 11 percent shareholding to Antariksh Softtech for Rs 55 lakh. 
  • Tech Mahindra and Prometeia have entered into strategic partnership to provide Governance, Risk and Compliance services to banks.  
  • ONGC has issued a notice inviting partners for enhancement of oil and gas production from its 64 marginal nomination fields.
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