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NSE Intra-day chart (08 November 2017)
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Market Commentary 09 November 2017
Markets to get some support with sanguine global cues

Indian equity benchmarks ended the Wednesday's trade in red terrain and key gauges went home with around half a percent cut amid feeble global cues. After a cautious start, markets traded choppy  for most part of the day, as there was some cautiousness in the India Inc with the Insolvency and Bankruptcy Board of India (IBBI) tightening the due diligence framework on resolution applicants, including promoters. Corporate resolution applicants including promoters will now be put through a stringent test as regards their credibility and creditworthiness before a resolution plan is approved by the committee of creditors. Selling, which emerged in last leg of trade, mainly dragged the benchmarks lower to end near intraday lows, though losses remained restricted near their support levels of 10,300 (Nifty) and 33,200 (Sensex). Sentiments also remained down beat on a private survey highlighting that India has slipped to the 7th position this quarter in business optimism ranking. Last quarter, India was ranked second in the survey. India has also slipped from its 1st position last quarter to 8th position this time in terms of revenue expectations. Traders lacking any supportive cues were eyeing the movement of international crude oil prices, which may lift inflation and hit economic growth. Traders largely overlooked report that net direct tax collections rose by 15.2 percent to Rs 4.39 lakh crore between April and October this fiscal. This amounts to 44.8 percent of the total Budget estimate of direct taxes of Rs 9.8 lakh crore for 2017-18. Arvind Panagariya's statement that the country as a place for business is a lot more attractive than its ranking suggests, too failed to boost investors' confidence. Market participants also failed to get any solace with report that private equity (PE) and venture capital (VC) investments in India touched a new high of $21.8 billion in 2017 till date (January-October), surpassing the previous record of $19.6 billion in 2015. Finally, the BSE Sensex declined 151.95 points or 0.46% to 33,218.81, while the CNX Nifty was down by 47.00 points or 0.45% to 10,303.15.


The US markets closed higher on Wednesday, allowing the main equity benchmarks to creep further into record territory, as investors awaited updates on efforts to pass tax reform in Washington and as President Donald Trump toured Asia, highlighting lingering tensions with North Korea in a speech. All three equity benchmarks finished at all-time highs on the same day for the 27th time in 2017. For the Dow it was the 59th closing high in 2017, the 53rd for the S&P 500, and the 64th for the Nasdaq. The Dow has gained 29% since Trump was elected president on November 8, 2016, while the S&P 500 has rallied 22% and the Nasdaq Composite has rallied 31% during that period. The Congressional Budget Office said the tax bill written by House Republicans would boost the deficit by $300 billion more than lawmakers estimated and outside the $1.5 trillion size the recently passed budget would require to meet Senate rules. The Dow Jones Industrial Average added 6.13 points or 0.03 percent to 23,563.36, the Nasdaq gained 21.335 points or 0.32 percent to 6,789.12, and the S&P 500 edged higher by 3.74 points or 0.14 percent to 2,594.38. 


Crude oil futures declined on Wednesday, second day in a row after data showed crude supplies rose unexpectedly while production jumped to a record all-time high last week offsetting a larger-than-expected draw in refineries. The Energy Information Administration (EIA) reported that inventories of U.S. crude rose by roughly 2.2 million barrels for the week ended Nov. 4. Gasoline inventories fell by 3.3 million barrels, while supplies of distillate fell by about 3.4 million barrels. U.S. crude oil imports averaged about 7.4 million barrels per day last week, down by 194,000 barrels per day from the previous week. Benchmark crude oil futures for December delivery ended lower by $0.39 or 3.1 percent at $ 56.81 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was down by $0.33 to $63.36 a barrel on the ICE.


Recovering from a two-day fall, Indian rupee ended marginally stronger on Wednesday, due to increased selling of the American currency by exporters and banks. Sentiments got some support with report that net direct tax collections rose by 15.2% to Rs 4.39 lakh crore between April and October this fiscal. This amounts to 44.8% of the total Budget estimate of direct taxes of Rs 9.8 lakh crore for 2017-18. Some solace also came with Arvind Panagariya's statement that the country as a place for business is a lot more attractive than its ranking suggests. The rupee's rise was also aided by dollar's weakness against other currencies, though gains were restricted as the domestic equities remained weak. On the global front, the dollar sank on Wednesday, weighed down by uncertainty over the course of tax reform in the US. Finally, the rupee ended at 64.95, 8 paise stronger from its previous close of 65.03 on Tuesday.


The FIIs as per Wednesday'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 5652.99 crore against gross selling of Rs 4974.19       crore, while in the debt segment, the gross purchase was of Rs 1046.32 crore with gross sales of Rs 1412.78  crore.


The US markets despite another lackluster day of trade, managed to move modestly higher in the last session and the major averages reached new record closing highs. Many traders remained on the sidelines amid another quiet day on the U.S. economic front. The Asian markets have made a jubilant start extending a global rally, underpinned by a solid earnings season and modest gains in U.S. shares overnight. The Japanese market is once again leading the pack with gain of around two percent as the yen was hovering near its lowest since March. The Indian markets after showing mood of consolidation for most part of the day, lost ground in the final hours and declined by around half a percent in the last session. Today, the start is likely to be in green and some recovery can be seen supported by sanguine global cues. Now all eyes will be on GST Council meeting starting in Guwahati today. The Council is set to further amend tax rules to fix glitches in the new indirect tax system and make it easier for businesses and traders to settle into it. The Council is also expected to announce easier compliance provisions for small businesses and lower tax rates for over a 150 items that are currently in the 28 per cent bracket under GST. There will be buzz in the realty and power sector stocks on report that in a significant widening of the tax base of the Goods and Services Tax, the Centre and States will discuss including electricity and real estate within the ambit of the indirect levy. The power sector stocks additionally in focus on reports that thermal power plants are facing severe coal shortage and are running at less than half-a-day's stocks. Meanwhile, Union Human Resource Development Minister Prakash Javadekar has said that the Centre is working on easing a few norms to facilitate more digital transactions. There will be lots of important earnings announcements too to keep the markets in action.


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  • Hero MotoCorp has unveiled the Xpulse Concept motorcycle as a world premier at the EICMA in Milan, Italy.
  • Maruti Suzuki India has reported 6.23% rise in its production to 1,41,269 units in October 2017, as compared to 1,32,980 units in October 2016.
  • Coal India has launched the 'Grahak Sadak Koyla Vitaran App' aimed at benefitting customers of the company that are being supplied coal by road.
  • HDFC Bank has launched SmartUp Zone in Odisha at its Bhubneshwar main branch.
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