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NSE Intra-day chart (30 November 2017)
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Market Commentary 01 December 2017
Markets to make a flat start of the new series

Indian equity markets truly depicted the choppiness of F&O expiry session on Thursday with key gauges ending the session with a cut of over a percentage point. After a cautious negative start, markets traded range-bound for most part of the session, but last hour sell off dragged key gauges below their crucial 33,200 (Sensex) and 10,250 (Nifty) levels. Sentiments remained dampened as traders remained on sidelines ahead of September quarter GDP data that will be announced later in the day, though it is expected that economic growth pace is likely to pick up in the three months ending in September, halting a five-quarter slide as businesses started to overcome teething troubles after the bumpy launch of a national sales tax. Selling got intensified in final hour of trade on report that India's fiscal deficit at the end of October hit 96.1 percent of the budget estimate for 2017- 18, mainly due to lower revenue realisation and rise in expenditure. In absolute terms, the fiscal deficit -- the difference between expenditure and revenue -- was Rs 5.25 lakh crore during April-October of 2017-18. During the same period of 2016-17, the deficit stood at 79.3 percent of the target.  Sentiments also remained dampened with Chief Economic Advisor Arvind Subramanian's statement that demonetization and GST rollout may have reinforced the growth deceleration that had already set in. He added that not just growth, but investment, credit, exports, industrial production they all started decelerating sometime in the second quarter last year. Traders also remained concerned with a foreign brokerage report enlightening that a prolonged bull market across stocks, bonds and credit has left a measure of average valuation at the highest since 1900, a condition that at some point is going to translate into pain for investors. The report added that all good things must come to an end and there will be a bear market, eventually. Traders paid no heed towards the report that India has moved up one place to the 68th spot on the Global Entrepreneurship Index of 2018, which is topped by the US. Traders also shrugged off Minister of State for Finance, Shiv Pratap Shukla's statement that by March 2018, GST will become so simple that people will have no issues. Finally, the BSE Sensex tumbled 453.41 points or 1.35% to 33,149.35, while the CNX Nifty was down by 134.75 points or 1.30% to 10,226.55.


The US markets closed higher on Thursday and the Dow Jones Industrial Average topped 24,000 for the first time. The surge was on optimism over prospects for the Senate's passage of a Republican tax-cut plan as one catalyst for the rise. The House previously passed its version of the measure. Differences between the two packages would have to be ironed out with a final bill winning approval in both houses before it would end up on President Donald Trump's desk. On the economy front, initial US jobless claims, a tool to measure layoffs, fell by 2,000 to 238,000 in the seven days ended November 25. The more stable monthly average of claims rose 2,250 to 242,250. The number of people already collecting unemployment benefits, known as continuing claims, increased by 42,000 to 1.96 million. New applications for unemployment benefits have subsided to a nearly 45-year low after a mini-surge in the early fall tied to a trio of hurricanes that battered the southern US and Caribbean territories. In Puerto Rico, for instance, raw claims sank 57% to return close to normal levels for the island. Meanwhile, consumer spending rose a steady 0.3% in October following a nearly 1% gain in the prior month that was the largest in eight years. Personal income rose 0.4% for the second month in a row. The Dow Jones Industrial Average added 331.67 points or 1.39 percent to 24,272.35, the Nasdaq gained 49.584 points or 0.73 percent to 6,873.97, and the S&P 500 edged higher by 21.51 points or 0.82 percent to 2,647.58. 



Crude oil futures made a bounce back and ended modestly higher on Thursday, after OPEC announced it would extend cuts in oil output by nine months through 2018. However, the impact of the announcement remained mostly muted as the extension was said to be mostly priced in, but reports that both Nigeria and Libya decided to cap production added a positive slant on the outcome of the meeting. There was speculation that certain OPEC members will renege on promised supply cuts. The next OPEC ministerial meeting is set for June 2018. Benchmark crude oil futures for January delivery ended up by $0.10 or 0.18 percent at $57.40 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was down by $ 0.13 to $62.40 a barrel on the ICE.


Snapping its three-day gaining streak, Indian rupee ended weaker against dollar on Thursday due to demand for greenback by banks and importers. Traders remained on sidelines ahead of September quarter GDP data that will be announced later in the day. Traders' sentiments remained subdued as India reported a fiscal deficit of Rs 5.25 trillion ($81.36 billion) for April-October, or 96.1% of the budgeted target for the current fiscal year that ends in March 2018. The deficit was 79.3% of the full-year target during the same period a year ago. Net tax receipts in the first seven months of 2017/18 fiscal year were Rs 6.34 trillion. Moreover, the fall in the rupee was also triggered by dollar's appreciation overseas against a basket of major currencies along with extremely bearish local equity markets. On the global front, euro dropped against dollar on Thursday, after data showing that inflation in the euro area missed forecasts last month, while another report showed that the unemployment rate in the region hit an almost nine-year low. Finally, the rupee ended at 64.46, 14 paise weaker from its previous close of 64.32 on Wednesday.


The FIIs as per Thursday'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 4859.48 crore against gross selling of Rs 5481.92 crore, while in the debt segment, the gross purchase was of Rs 1607.38 crore with gross sales of Rs 1479.42 crore.


The US markets moved higher in the last session and the Dow and the S&P 500 reached new record closing highs on optimism about the outlook for tax reform after Senate Republicans cleared a key procedural hurdle. The Asian markets have made a mixed start, as the U.S. tax bill encountered stumbling blocks. Japanese shares gave up the early gains that that briefly helped the Nikkei 225 to reclaim a 25-year high reached in November. The Indian markets suffered sharp sell-off in the last session of the month and traders went for profit taking amid the expiry of November series derivative contracts and on data showing a widening fiscal deficit. Today, the start of the new month and the new series is likely to be flat on mixed global cues but some strength can appear in reaction to the GDP numbers for the second quarter ended September. Reversing a five-quarter slide and setting itself on course for revival GDP rose 6.3 per cent in the July-September period, compared with the three year low of 5.7 per cent growth in the April-June quarter and 7.5 per cent in the year earlier. Reacting to the GDP growth data, Finance Minister Arun Jaitley has said the impact of demonetization and GST is behind us and growth in coming quarters will be on upward trajectory. Traders however, will be a bit cautious with India's fiscal deficit at the end of October hitting 96.1 per cent of the budget target for 2017-18 on account of lower revenues and increase in expenditure. The fiscal deficit was 79.3 per cent in the same period last year.  Also, the eight core sectors grew at a slower pace of 4.7% in October, chiefly due to subdued performance of cement, steel and refinery segments. There will be some buzz in the auto stocks as their sales numbers for the month of November will be announced.


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Axis Bank






  • Yes Bank has received approval to set up MTN programme to raise about Rs 6,500 crore on private placement basis.
  • Lupin has recalled a single lot of Pravastatin Sodium USP tablets from the US market.
  • NTPC has floated a tender to acquire commissioned stressed coal-based power plants in the country.
  • Reliance Industries' consumer electronics chain - Reliance Digital has joined hands with watch retailer Fossil India to launch a range of smart watches across its select stores.
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