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NSE Intra-day chart (08 January 2018)
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Market Commentary 09 January 2018
Markets to start on a positive note tailing sanguine global cues

Bulls tightened their grip on Dalal Street and key gauges traded jubilantly throughout the session with Sensex and Nifty surpassing their crucial 34,300 and 10,600 levels, hitting fresh record highs, respectively. After making a gap-up start, Indian equity benchmarks traded with traction to end at fresh closing high levels, as traders took some encouragement with report that credit growth after a long gap grew in double digits to 10.65% at Rs 80,96,727 crore in the fortnight ended December 22, 2017 due to the base effect. Sentiments also remained up-beat from Economic Advisory Council to the Prime Minister (EAC-PM), Bibek Debroy's statement that India's advance GDP growth estimate of 6.5% for this fiscal shows reform measures taken by the government is yielding results and growth will accelerate to over 7% in 2018-19. Besides, report that overseas investors poured in a staggering Rs 1.5 lakh crore in the Indian debt markets in 2017 on the back of higher bond yields and stable currency, after pulling out massive funds in the preceding year, too aided sentiments. Traders completely ignored Central Statistics Office's (CSO) first advance estimates of GDP growth for current financial year which highlighted that the Indian economy is expected to grow at a slower 6.5% in 2017-18 compared to the 7.1% in 2016-17. According to CSO, the Gross Domestic Product (GDP) at constant (2011-12) prices for 2017-18 is likely to attain a level of Rs 129.85 lakh crore. Meanwhile, the agriculture ministry said that the country's agriculture sector is expected to grow higher than projected 2.1% growth by the CSO for the current fiscal, following better rabi crop prospects. The ministry added that the agriculture sector can, therefore, be expected to register a much higher GVA for the year 2017-18, when final estimate figures are released. Finally, the BSE Sensex surged 198.94 points or 0.58% to 34,352.79, while the CNX Nifty was up by 64.75 points or 0.61% to 10,623.60.


The US markets closed mostly higher on Monday, with the S&P 500 and Nasdaq at records as gains in energy and industrials helped the benchmarks finish in positive territory in the first five sessions of 2018 on optimism over a stronger economy and looming fiscal stimulus. Atlanta Fed President Raphael Bostic said that the Fed should keep raising interest rates but at a slower pace than last year. On the economy front, outstanding consumer credit rose by $27.95 billion in November from the prior month, the largest increase in 16 years. This measure of non-real estate debt climbed at a 8.83% seasonally adjusted annual rate, the fastest pace in more than two years. Total outstanding credit had increased a revised $20.53 billion in October. Revolving credit outstanding, mostly credit cards, increased at a 13.3% annual pace in November. Non-revolving credit outstanding, mainly student and auto loans, rose at a 7.2% annual pace. Household debt totaled $12.955 trillion in the third quarter, up 0.9% from the spring. That was the most on record, though the figure wasn't adjusted for inflation. The Nasdaq gained 20.828 points or 0.29 percent to 7,157.39, the S&P 500 edged higher by 4.56 points or 0.17 percent to 2,747.71, while the Dow Jones Industrial Average lost 12.87 points or 0.05 percent to 25,283.00.


Crude oil futures bounced back on Monday to make a positive start of the new week near its three year high, as investors continued to weigh data showing falling US rig counts despite rising US production while ongoing expectations for strong OPEC cuts added to sentiment. Political upheaval in Iran also pushed prices higher. Meanwhile, US production is expected to soon rise above 10 million barrels per day after the EIA reported last week that oil production rose to 28,000 barrels a day to nearly 9.8 million barrels a day. Benchmark crude oil futures for February delivery ended higher by $0.36 or 0.5 percent at $61.80 a barrel on the New York Mercantile Exchange. Brent crude for March delivery was up by 0.25 percent to $67.79 a barrel on the ICE.


Indian rupee ended weaker against dollar on Monday, on account of sustained demand for dollar from banks and importers. Sentiments remained dampened with the CSO's first advance estimates of Gross Domestic Product (GDP) growth for current financial year which highlighted that the Indian economy is expected to grow at a slower 6.5% in 2017-18 compared to the 7.1% in 2016-17. According to CSO, the GDP at constant (2011-12) prices for 2017-18 is likely to attain a level of Rs 129.85 lakh crore. Besides, the dollar rose to a position of strength overseas too weighed on the rupee sentiment. Though, spectacular rally in domestic equities limited further depreciation of Indian currency. On the global front, dollar inched higher against a basket of major peers on Monday as data showing slower US jobs growth did little to dent expectations for further Federal Reserve interest rate increases this year. Finally, the rupee ended at 63.50, 13 weaker from its previous close of 63.37 on Friday.


The FIIs as per Monday's data were net buyers in equity and debt segments both. In equity segment, the gross buying was of Rs 5854.69 crore against gross selling of Rs 4962.35 crore, while in the debt segment, the gross purchase was of Rs 1027.77 crore with gross sales of Rs 864.86 crore. Besides, in the hybrid segment, the gross buying was of Rs 2.68 crore against gross selling of Rs 3.76 crore.


The US markets made mostly a positive closing in the last session, though trade remained choppy and lackluster, as traders expressed some uncertainty about the near-term outlook for the markets following the recent run to record highs. The Asian markets have made a green start and the Japanese market was up by about a percent as traders returned from a holiday following new all-time highs for U.S. shares. Though, they pared some of their gains after the yen's advance in wake of the announcement by the BOJ, which made a small tweak to its buying of longer-dated debt. The Indian markets surged to fresh record highs in last session, helped by positive global cues and earnings optimism. Today, the start is likely to be in green and the benchmarks will extend their gains on positive regional cues. Traders will also be getting some support with reports that the Commerce and Industry Ministry is mulling incentives for States that play a proactive role in promoting exports as it will help boost economic growth. However, there will be some cautiousness too with the rating agency Crisil attributing the continuing slowdown to the impacts of the demonetisation, GST implementation and weakness in agriculture, though it has maintained its FY19 growth estimate at 7.6 per cent on the low base. It also said that private consumption will grow 6.3 per cent in FY18, over a high base of an 8.7 per cent growth in FY17, and will remain the biggest contributor to GDP at 55.7 per cent. Cigarette stocks will be under pressure, as in a setback to the cigarette and tobacco industry, the Supreme Court stayed a Karnataka High Court order quashing 85% pictorial warnings on packs containing such products. On the other hand there will be some buzz in the FMCG stocks with a private report stating that in the next 12 months, consumer goods companies would see a revival, both in volume and margin terms, with an anticipated revival in the rural sector.


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  • Maruti Suzuki India is planning to expand the sales network for its LCV 'Super Carry' as it aims to be a significant player in the segment. Super.
  • IndusInd Bank has entered into tie-up with Paytm Payments Bank for fixed deposit facility.
  • Coal India has kept its annual production target at 630 MT for the upcoming financial year.
  • Bharti Airtel has entered into agreement with device manufacturer -- itel -- to launch budget friendly 4G smartphones.
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