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NSE Intra-day chart (06 November 2017)
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Market Commentary 07 November 2017
Markets to start on a positive note on supportive global cues

Indian equity benchmarks witnessed consolidation on Monday amid volatility, as traders remained on sidelines ahead of GST Council meeting, slated later during the week which is expected to consider lowering of the 28 percent GST rate on certain common use items. After a cautious start markets traded choppy in first half, as sentiments remained dampened on foreign brokerage report which highlighting adverse macroeconomic impact of rise in crude oil prices, said every $10 per barrel rise in the price will worsen India's fiscal balance by 0.1 percent and current account balance by 0.4 percent of GDP. At the same time, it also estimated that every $10/bbl rise in crude oil price would hit the central government's fiscal balance by 0.1 percent of GDP. It also added that every $10/bbl rise in crude oil price would increases CPI inflation by 0.6-0.7 percentage points. Markets gained momentum and entered into green terrain in second half of trade to hit all time record highs. Traders took some encouragement with report that government could consider a proposal to stagger deadlines for filing of monthly returns under the Goods and Services Tax for small and large firms. The move would ensure that the rush towards the last few days gets partly dissipated and leads to lower burden on the IT systems as well that often leads to large delays in uploading of returns and invoices. Some support also came with Prime Minister Narendra Modi's statement that the recently introduced GST regime will further improve India's ranking in the ease of doing business and pointed that the recent ranking did not take into account implementation of GST. However, profit booking which emerged in dying hour of trade mainly dragged key indices near neutral lines and domestic bourses ended flat. Finally, the BSE Sensex gained 45.63 points or 0.14% to 33,731.19, while the CNX Nifty was down by 0.70 points or 0.01% to 10,451.80.


The US markets closed higher on Monday, with all three main equity benchmarks finishing at all-time highs on the same day for the 26th time in 2017, marking a fresh record for simultaneous closing highs in a calendar year for the trio. The previous record was 26 closing records hit in 1995 for all three benchmarks, matched last Friday. Healthy corporate earnings and megamerger talks between chip makers Broadcom and Qualcomm kept stocks in positive territory despite unsettling developments in Saudi Arabia where more than five dozen princes, ministers and prominent businessmen were purged over the weekend. The Atlanta Federal Reserve's GDPNow forecast model showed that the US economy is on track to grow at a 3.3 percent annualized pace in the fourth quarter based on the latest data on US payrolls and business inventories. Separately, a Federal Reserve quarterly survey showed that loan officers at US banks reported easing standards for business loans while terms for commercial real estate loans remained unchanged. The Dow Jones Industrial Average added 9.23 points or 0.04 percent to 23,548.42, the Nasdaq gained 22.001 points or 0.33 percent to 6,786.44, and the S&P 500 edged higher by 3.29 points or 0.13 percent to 2,591.13.


Crude oil futures extended their surge on Monday after Saudi Arabia Crown Prince Mohammed bin Salman, through an anti-corruption crackdown made a series of moves to consolidate his power. The anti-corruption drive led by Saudi Arabia Crown Prince resulted in wave arrests of prominent Saudi Arabian including royals, ministers and investors, fuelling political risk in the region. The anti-corruption crackdown comes as optimism grew for an extension to the output-cut agreement beyond March amid comments from Saudi energy minister Khalid al-Falih. Benchmark crude oil futures for December delivery ended higher by $1.71 or 3.1 percent at $ 57.35 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was up by 3.3 percent to $64.11 a barrel on the ICE.


Indian rupee depreciated against dollar on Monday, due to fresh dollar demand from banks and importers amid foreign fund outflows. Sentiments remained down-beat with a private report highlighting adverse macroeconomic impact of rise in crude oil prices, said every $10 per barrel rise in the price will worsen India's fiscal balance by 0.1 percent and current account balance by 0.4 percent of GDP. Sentiments were also dampened by lackluster trade in the equity markets. However, dollar's weakness against some currencies overseas restricted the rupee's fall. On the global front, dollar was little changed on Monday after investors took profits on its best weekly performance this year, with wariness about the status of the US economy and tax reform plans setting the tone. Finally, the rupee ended at 64.68, 13 paise weaker from its previous close of 64.55 on Friday.


The FIIs as per Monday'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 4688.52 crore against gross selling of Rs 4240.13 crore, while in the debt segment, the gross purchase was of Rs 1608.72 crore with gross sales of Rs 1813.89 crore.


The US markets moved modestly higher in the last session making another record high for the major averages, amid optimism about the economy and the likelihood of passage of the republican tax reform plan. The Asian markets have made mostly a positive start and some of the indices have surged around a percent as President Donald Trump tried to tackle trade on his Asia tour. The Japanese Nikkei reached its highest level in more than 21 years. The Indian markets turned to consolidation mood in last session, traders remained on sideline ahead of more earnings due this week. Today, the start is likely to be good on positive global cues and traders will be drawing encouragement with reports that the government is considering a major overhaul of the goods and services tax (GST) as suggested by a ministerial panel. It has been reported that the government may review the requirement of filing at least three returns every month under the GST regime with a view to easing compliance burden of taxpayers. Meanwhile, ahead of the first anniversary of demonetisation, Finance Minister Arun Jaitley has said that excessive cash in the economy has "its own cost" and India is gradually moving towards digital transactions. There will be some buzz in the engineering sector stocks, on report that Indian engineering exports are benefiting from an impressive turnaround in demand in most of the developed economies, including the US and Europe. The oil companies too may see some action as the international crude oil prices edged lower on Tuesday after posting the biggest gains in six weeks a day earlier. There will be lots of important earnings announcement to keep the markets buzzing for the day.


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  • ITC is planning to invest Rs 10,000 crore to set up food processing facilities on a pan India basis.
  • Power Grid Corporation of India is planning to raise around Rs 3,000 crore through masala bonds.
  • Tech Mahindra is planning to train an additional 10,000 employees on automation in 2017.
  • Tata Steel has commissioned the country's largest Coke Dry Quenching facility at the Kalinganagar Industrial Complex in Jajpur district of Odisha.
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