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NSE Intra-day chart (31 July 2017)
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Market Commentary 01 August 2017
Markets to start on a flat-to-green note

Indian equity benchmarks ended the splendid performance with a gain of over half a percent on Monday, settling at fresh all time closing high levels. Key gauges traded firmly throughout the session and ended above their crucial 10,050 (Nifty) and 32,500 (Sensex) levels amid rate cut optimism. Market participants expects the Reserve Bank of India (RBI) to cut rates by 25 bps on falling inflation in the coming policy meet, which will start tomorrow. Meanwhile, ahead of the next monetary policy review, Reserve Bank Governor Urjit Patel on Friday called on Finance Minister Arun Jaitley and is believed to have discussed various macro-economic issues. Traders also took some encouragement with Finance Minister Arun Jaitley's statement, who underlining the government's push on reforms has said that in the last three years, the prime minister has been forcing one or two important changes. India has to become a country where it is easy to do business and the businesses are done in the most ethical way. Adding to the optimism, Prime Minister Narendra Modi highlighted the success of the Goods and Services Tax (GST) Bill and said it has transformed the economy. Terming the GST as pro-poor and an example of cooperative federalism, he said the government's effort is to ensure there is no extra burden on the poor. Markets extended their northward journey in second half as market participants got some boost on report that India's exports of engineering goods to China saw a whopping 123 percent growth at $629 million during April-June this fiscal, driven by an upsurge in shipments of non-ferrous metals. The country's shipments to China stood at $282 million in the April-June quarter of the previous fiscal. Finally, the BSE Sensex surged 205.06 points or 0.63% to 32,514.94, while the CNX Nifty was up by 62.60 points or 0.63% to 10,077.10.


The US markets closed mostly lower on Monday, while the Dow industrials finished at an all-time high, but the broader market's gains were hobbled by losses in the technology sector. For the month, the Dow registered a 2.5% return, while the S&P ended up 1.9% and the Nasdaq climbed 3.4% in July. The Nasdaq, which lost ground in June, has posted eight positive months out of the past nine. On the economy front, the economy in the Chicago region grew rapidly in July but cooled a bit from earlier in the summer, indicating that businesses are still confident despite political drama in Washington. The Chicago business barometer, or Chicago PMI, slipped to 58.9 in July from a three-year high of 65.7 in June. On the other hand, home-purchase contract signings jumped in June after three months of declines, another reflection of choppy momentum in the housing market. The pending home sales index from the National Association of Realtors rose 1.5% to a level of 110.2. May's reading was revised upward. The Nasdaq lost 26.56 points or 0.42 percent to 6,348.12, S&P 500 edged lower by 1.8 points or 0.07 percent to 2,470.30, while the Dow Jones Industrial Average added 60.81 points or 0.28 percent to 21,891.12.


Crude oil futures kept their momentum going and ended higher on Monday, traders cheered news of a producers' meeting slated for next week and possible sanctions from the U.S against Opec-member Venezuela.  With US production possibly slowing and OPEC determined to re-balance oil markets, there are hopes that crude oil should hang around $50 a barrel for the year. Benchmark crude oil futures for September delivery gained $0.46 or 0.9 percent to $50.17 on the New York Mercantile Exchange. In London, Brent crude for September delivery ended higher by 0.3 percent at $52.62 a barrel on the ICE.


Indian rupee ended marginally weaker against the US dollar on Monday, following fresh demand for the US currency from banks and importers to meet the month end dollar demand. Traders maintained cautious approach ahead of the Reserve Bank of India's bi-monthly policy on August 02. However, the dollar's slide overseas amid concerns over renewed show of strength on the Korean Peninsula and a strong domestic equity market restricted the rupee's losses. On the global front, dollar held near a 13-month low against a basket of currencies on Monday, weighed down by political uncertainty and increased short positions, but markets were wary of pushing it lower before data due later this week. Finally, the rupee ended at 64.19, 4 paise weaker from its previous close of 64.15 on Friday.


The FIIs as per Monday's data were net sellers in equity segment, while they were net buyers in debt segment. In equity segment, the gross buying was of Rs 5204.81 crore against gross selling of Rs 5216.26 crore, while in the debt segment, the gross purchase was of Rs 1316.94 crore with gross sales of Rs 275.08 crore.


The US markets once again showed a lackluster trade and made another mixed closing in the last session, but despite the choppy trading, the Dow reached another new record closing high. Traders seemed reluctant to make significant moves ahead of the release of the monthly jobs report on Friday. The Asian markets have made mostly a positive start supported by Chinese manufacturing and South Korean export data. The Japanese stock market too has rebounded, with the increase in commodity prices lifting resources stock. The Indian markets made a jubilant start of the new week, coming from a cautious start the benchmarks posted handsome gains, reaching new record highs in the last session. Today, the start of the new week is likely to be in green though traders will be eyeing the RBI's policy review meeting starting from today. Also the July Manufacturing readings too will be released later in the day. Traders may get some support with report that the collection of Integrated Goods and Services Tax from imports crossed Rs 20,000 crore in July - the first month of the roll out of the new indirect tax regime. In other positive, global rating agency Moody's has reported that India's GDP growth will remain in the range of 6.5-7.5 percent over the next 12-18 months and GST will support the momentum for faster growth. Meanwhile, Prime Minister Narendra Modi met with his party MPs from several states, and emphasised the need to ensure continuance of the "benefit chain" under GST. The prime minister also asked small businesses and traders to register under the recently rolled out goods and services tax. There will be some cautiousness in the markets too, as the growth of eight core sectors slowed to 0.4% in June due to contraction in output of coal, refinery products, fertiliser and cement.  The growth rate of eight infrastructure sectors was 7% in June last year. The oil marketing companies will keep buzzing, as the government has asked oil marketing companies to raise the prices of subsidised cooking gas by Rs 4 per cylinder every month. The aviation stocks may see some action as Boeing is betting big on India saying that it is the highest growth market in world. There will be lots of important earnings and auto stocks will be in focus on reporting their monthly sales number.



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  • Cipla is looking to file more than 20 applications seeking approval for its generic medicines from the US health regulator this fiscal.
  • ITC is entering into the fruits, vegetables and other perishables segment as part of its drive to build an agri-based industry for the future.
  • SBI has introduced 2 tier saving bank interest rate with effect from July 31, 2017.
  • HDFC will issue secured redeemable non-convertible debentures worth Rs 2000 crore on a private placement basis.
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