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NSE Intra-day chart (02 May 2017)
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Market Commentary 03 May 2017
Markets to make positive start tailing global cues

After trading on a feeble note for most part of the session, Indian equity indices managed to negotiate a close in the green terrain, breaking the two-session downtrend, as investors showed renewed buying interests in Realty, Consumer Durables and Oil & Gas counters. Sentiments remained muted with the UN report indicating that India is expected to clock 7.1% growth this year before edging up to 7.5% in 2018, and warned that the country faces heightened risks related to the concentration of bad loans in the public sector banks. Inflation is projected to reach 5.3% to 5.5% in 2017 and 2018. The report also warned that the rise in protectionism put economic growth in Asia Pacific at risk and urged countries in the region to improve governance and fiscal management to bolster development. Further, investors' confidence improved on the report that Factory output increased for the fourth straight month in April 2017. The Nikkei India Manufacturing Purchasing Managers' Index (PMI) - compiled by Nikkei and research firm Markit - remained at 52.5 in April, same as that recorded in March. A reading above 50 on the index denotes expansion, while that less than 50 indicates contraction. Stronger growth in new orders and improving demand conditions were some of the key factors behind the expansion in manufacturing activity in April. Furthermore, some support also came with Prime Minister Narendra Modi's assertion that India was never a more promising investment destination than it is today. He said that today, Indian economy is the fastest growing major economy in the world. In addition to maintaining this pace, our focus is to remove the inefficiencies from the system. Meanwhile, closing the fiscal year on a high, the index of eight core industries rose by 5% in March, a three-month high, led by double-digit growth in steel and coal sectors. The core industries grew by a mere 1% in February this year, and 9.3% in March 2016. Finally, the BSE Sensex gained 2.78 points or 0.01% to 29921.18, while the CNX Nifty was up by 9.75 points or 0.10% to 9,313.80. 


The US markets continued their sluggish trend on Tuesday but managed a modestly positive close. The major averages spent the day bouncing back and forth across the unchanged line, as traders looked ahead to the Federal Reserve's monetary policy announcement on Wednesday. The Fed is widely expected to leave interest rates unchanged, but traders will pay close attention to the accompanying statement for clues about future rate hikes. The economy calendar remained light with no major announcements, but traders were eyeing the ADP's report on private sector employment and the Institute for Supply Management which is scheduled to release its monthly report on activity in the service sector. Meanwhile, President Donald Trump pressed Republican lawmakers on Tuesday to support a new attempt to overhaul the U.S. healthcare system, but struggled to attract party moderates who feared a backlash from voters who could lose insurance benefits. The Dow Jones Industrial Average added 36.43 points or 0.2 percent to 20,949.89, the Nasdaq gained 3.76 points or 0.1 percent to 6,095.37 and the S&P 500 ended higher by 2.84 points or 0.1 percent to 2,391.17.


Crude oil futures extending their slump on Tuesday, reached to their lowest settlement since late November ahead of data on U.S. crude oil stockpiles. Expectations for a fourth-straight week of drawdowns in crude stockpiles come amid a bearish and bullish production update from both Libya and Russia, respectively. Worries over global supply glut resumed after Libya resumed output and country's production rose above 760,000 bpd to the highest rate since 2014. Benchmark crude oil futures for June delivery ended down by $1.18 or 2.4 percent to $47.66 on the New York Mercantile Exchange. In London, Brent crude for June delivery ended lower by $ 2.45 percent at $50.25 on the ICE.


Indian rupee, after making a good start, gave away most of its gains and concluded only marginally higher against dollar on sustained dollar selling by banks and exporters, on Tuesday. Sentiments remained up-beat with report that the core sector in the country grew 5% in March, a significant rise from the 1% growth registered in February on account of a favourable base effect. Also, core sector growth for the year ended March hit a five-year high, registering a growth rate of 4.5% over the previous year. Some support also came with Prime Minister Narendra Modi's assertion that India was never a more promising investment destination than it is today. On the global front, Dollar weakened against most of the currencies overseas, ahead of the outcome of two day US Federal Reserve meeting. Finally, the rupee ended at 64.21, 4 paise stronger from its previous close of 64.25 on Friday.


The FIIs as per Tuesday's data were net sellers in equity and debt segments both. In equity segment, the gross buying was of Rs 4607.38 crore against gross selling of Rs 5720.91 crore, while in the debt segment, the gross purchase was of Rs 139.39 crore with gross sales of Rs 421.96 crore.


The US markets after a lackluster trade ended marginally in green in the last session, traders were eyeing the crucial meeting outcome of the Federal Reserve, amid signs of softening inflation which eases the pressure to raise interest rates. The Asian markets have made a mixed start, though most of the indices are up following global indexes, as strong earnings and manufacturing data boosted risk appetite, while expectations that the Federal Reserve will signal a June rate increase later in the session lifted the dollar. The Indian markets after giving up early gains and a volatile day of trade managed a flat closing in last session. Today, the start is likely to be in green and traders will be reacting to report that Prime Minister Narendra Modi has reviewed the progress of the government's agenda to curb black-money and tax evasion as well as the roll out of the Goods and Services Tax (GST). Also, Finance Minister Arun Jaitley has said the whole debate over the political cost of economic reforms has dissipated with the benefits reaching the deprived sections of society. Meanwhile, global rating agency Fitch Ratings has retained India's 'BBB-' sovereign rating, saying that weak public finances continue to constrain the country's ratings, however it said the outlook on ratings is stable. There will be some cautiousness too with a United Nations (UN) report that India is expected to clock 7.1 percent growth this year before edging up to 7.5 percent in 2018. UN report warned that the country faces heightened risks related to the concentration of bad loans in the public sector banks. There will be some buzz in the infra stocks, as the railway minister Suresh Prabhu has said that India plans to auction one of its largest Public Private Partnership (PPP) projects that entails redeveloping 25 of the country's most prominent railway stations at a minimum investment of Rs 30,000 crore. There will be lots of important earnings announcements too, to keep the markets in action.


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  • Maruti Suzuki posted its best ever volume growth to 144,492 units in the domestic market in the month of April, an increase of 23.4% compared with 117,045 vehicles sold in the same period last year.
  • Hero MotoCorp has reported sales of 591,306 units of two-wheelers in the month of April.
  • Tata Motors passenger and commercial vehicle total sales in April 2017 were at 30,972 vehicles, down by 21% over 39,389 vehicles sold in April 2016.
  • Coal India has reported provisional production of 38.44 million tonnes in April 2017, as against a target of 43.58 MT.  
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