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NSE Intra-day chart (02 January 2018)
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Market Commentary 03 January 2018
Markets to make a flat-to-positive start

Indian equity benchmarks ended the choppy day of trade on quiet note on Tuesday, as traders remained on sidelines ahead of corporate results for the third quarter FY18 to be released later this month. After a positive start, markets turned choppy and altered between green and red throughout the session to end flat. Though, traders took some support with report that the eight core industries growing by 6.8% in November 2017, compared to the production during November 2016. The growth in November was driven by a 16.6% increase in steel production over November 2016. Traders also got some solace with government's decision to ease norms for rectification of GST returns. The Finance Ministry has permitted businesses to rectify mistakes in their monthly returns - GSTR-3B - and adjust tax liability, a move that will help them file correct returns without fear of penalty. Better than expected Nikkei India Manufacturing Purchasing Managers' Index (PMI) too provided some comfort to the market participants. The seasonally adjusted Manufacturing PMI rose to 54.7 in December from 52.6 in November, indicating a healthy growth in manufacturing sector since December 2012. However, traders remained concerned with report that retail inflation for industrial workers rose to 3.97% in November 2017 as compared to 3.24% for the previous month, mainly due to surge in prices of food items, kerosene and cooking gas. The year-on-year inflation measured by monthly CPI-IW (Consumer Price Index-Industrial Workers) stood at 3.97% for November, 2017 as compared to 3.24% for the previous month (October, 2017) and 2.59% during the corresponding month (November 2016) of the previous year. The traders took note of report which has pointed oil, inflation as risk factors, stating that India's economic growth is likely to pick up in the New Year but rising oil prices and a firming inflation may spoil the party. Finally, the BSE Sensex slipped 0.49 points to 33,812.26, while the CNX Nifty was up by 6.65 points or 0.06% to 10442.20.


The US markets closed higher on Tuesday, on the first trading day of 2018, with major indexes rallying to record levels in a broad rally that saw five of the 11 primary sectors gaining more than 1% on the day. Both the S&P and the Nasdaq hit intraday records in the final minutes of trading. They also ended at closing records, with the Nasdaq finishing above 7,000 for the first time in its history. The Dow is less than half a percentage point below its own record. The day's gain came despite ongoing geopolitical uncertainty. On the economy front, business activity in the US private sector was higher than expected in December, rising optimism over the American economy. In a report, market research group IHS Markit said that its Manufacturing Purchasing Managers' Index (PMI) rose to 55.1 in December, from the prior reading of 55.0. It was the highest reading since March 2015. The Dow Jones Industrial Average added 104.79 points or 0.42 percent to 24,824.01 and the Nasdaq gained 103.509 points or 1.50 percent to 7,006.90, and the S&P 500 edged higher by 22.20 points or 0.83 percent to 2,695.81.


Crude oil futures eased on Tuesday after hitting mid-2015 highs in early trading, though the prices held near the highest in more than two years amid turmoil in the Middle East but reports of major pipelines in Libya and the UK restarting and U.S production soaring to the highest in more than four decades capped the upmove. It was reported that repairs have been finished on a Libyan oil pipeline damaged in a suspected attack last week and production is restarting gradually. Benchmark crude oil futures for January delivery ended lower by $0.05 at $60.37 a barrel on the New York Mercantile Exchange. Brent crude for March delivery was down by 0.6 percent to $66.34 a barrel on the ICE.


Indian rupee continued its strong recovery momentum for the fourth consecutive day and ended at a fresh five-month high on Tuesday, on sustained selling of the American currency by exporters and banks. Sentiments got up-beat with report that the eight core industries growing by 6.8% in November 2017, compared to the production during November 2016. The growth in November was driven by a 16.6% increase in steel production over November 2016. Additional support also came with report that the Nikkei India Manufacturing Purchasing Managers' Index, or PMI, rose to a 5 year high of 54.7 in December from 52.6 in November. The survey highlighted that strong business performance was underpinned by the fastest expansions in output and new orders since December 2012 and October 2016 respectively. Besides, dollar losing sheen against some other currencies overseas also supported the local unit. On the global front, euro climbed to a four-month high against a broadly weaker dollar on Tuesday, the first trading day of 2018, on optimism over a brightening economic picture in the euro zone. Finally, the rupee ended at 63.48, 19 paise stronger from its previous close of 63.67 on Monday.


The FIIs as per Tuesday'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 832.38 crore against gross selling of Rs 843.68 crore, while in the debt segment, the gross purchase was of Rs 125.22 crore with gross sales of Rs 7.28 crore. Besides, in the hybrid segment, the gross buying was of Rs 0.53 crore, while there was no selling.



The US markets made a positive start of the New Year as traders are expressed optimism about the outlook for the markets and the economy going into the New Year. Both the S&P and the Nasdaq hit intraday records in the final minutes of trading. The Asian markets have made mostly a positive start and equities extended gains after a rally in technology companies' boosted US stocks to record highs, while the Japanese markets remained closed. The Indian markets consolidated in the last session and paring their early gains ended flat, with traders eyeing third-quarter corporate earnings results due later this month for directional cues. Today, the start is likely to be in green on supportive global cues, traders may also be reacting to the last day's report of  manufacturing PMI rising to 54.7 in December 2017 from 52.6 in November on the back of robust improvement in the health of the sector since December 2012. Meanwhile, the government has notified lower 1 percent GST rates for manufacturers who have opted for composition scheme as well as easier norms for traders opting for it. The notification stipulates that manufacturers who have opted for composition scheme will now have to pay 1 percent Goods and Services Tax (GST) as against 2 percent earlier. Also, there will be some support with the Rajya Sabha unanimously passing the Insolvency and Bankruptcy Code (Amendment) Bill that replaces an Ordinance that prevents "unscrupulous persons from misusing or vitiating the provisions of the Insolvency and Bankruptcy Code". There will be some buzz in the telecom sector stocks, as the Telecom Regulatory Authority of India (Trai) has released a detailed set of regulations for interconnection pacts between operators and mandated a daily penalty of Rs 1 lakh per circle for non-compliance of these norms.



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  • Coal India has reported provisional production of 54.63 MT in December 2017, as against a target of 58.89 MT.
  • Eicher Motors' motorcycle division has reported 17% rise in sales at 66,968 units in December 2017 as compared to 57,398 motorcycles sold in December 2016.
  • ONGC has made a significant oil and gas discovery to the west of its prime Mumbai High fields in the Arabian Sea.
  • M&M's Farm Equipment Sector has sold total 18,288 units during December 2017, as against 14,047 units December 2016, to register a growth of 30%.
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