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NSE Intra-day chart (08 April 2016)
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Market Commentary 11 April 2016
Markets to make a soft start of the new week


After remaining volatile throughout the session, Indian equity benchmarks ended the session on a flat note on Friday,  as participants remained cautious ahead of the March quarter earnings due to kick start in the coming week. Sustained capital outflows by foreign funds and volatility in the oil and commodity segments too dented sentiment. Investors remained cautious with a report that drought in southern states has affected the cultivation of major commodities like rice, cotton and spices. Production of these commodities is likely to come down sharply if the absence of summer rains prevails. However, market participant got some comfort with a private report that Indian consumers remain most optimistic, among nine nations surveyed. According to the report India topped the chart, while China and Saudi Arabia shared the second position. Some support to the market also came with global rating agency Moody's Investors Service's latest report stating that low commodity prices and better FDI inflows have reduced India's vulnerability to external shocks which is 'credit positive' for India. It also said that India's external financing needs have diminished significantly over the last three years. On the global front, Asian markets ended mostly in red on Friday, while European equities rose in early trading on Friday as firmer prices of metals and crude oil boosted resource-related stocks. Back home, the benchmark got off to a sedate opening tracking the dismal leads prevailing in Asian markets and overnight losses on Wall Street on concerns over global economy slowdown. Thereafter, the indices kept oscillating in a narrow range for most part of the session in the absence of any positive triggers. But some final hour profit booking followed by mild short covering ensured that the key gauges end the session on a flat note. Finally, the BSE Sensex declined 11.58 points or 0.05% to 24673.84, while the CNX Nifty rose 8.75 points or 0.12% to 7,555.20.


US markets ended the Friday's trade slightly in green as traders opted to buy beaten-down but fundamentally strong stocks. Gains remained capped as market participants remained on sidelines ahead of reports on retail sales, industrial production, and producer and consumer price inflation, to be released next week. Traders took some encouragement with Fed Chair Janet Yellen saying late on Thursday the U.S. economy was on 'a solid course'. A substantial rebound by the price of crude oil helped to provide some support for the markets on the day. The rebound by the price of crude oil came as Russian Energy Minister Alexander Novak said he hopes oil producing nations will agree to an output freeze at a meeting later this month. Meanwhile, New York Fed President William Dudley said he believes a cautious and gradual approach to policy normalization is appropriate. Dudley said downside risks have diminished since earlier this year but noted there continues to be significant uncertainty about how economic growth prospects abroad will affect the U.S. economic outlook. The Dow Jones Industrial Average gained 35 points or 0.20 percent to 17,576.96, Nasdaq rose 5.69 points or 0.05 percent to 4,850.69 and S&P 500 was up by 5.69 points or 0.28 percent to 2,047.60.


Crude oil futures surged on Friday to reach their fresh two weeks high on renewed hopes that a comprehensive OPEC-Non OPEC production freeze can be completed without cooperation from Iran, after a top Kuwait OPEC governor Nawal al-Fezaia predicted that a host of major producers will have few alternatives to freezing output when they meet at a highly-anticipated summit on April 17. He emphasized that a comprehensive production freeze between the parties can be accomplished without the support of Iran, which has resisted such an accord as it attempts to ramp up output to 2007 pre-sanction levels. Prices also got some support with Baker Hughes report, which said that US oil rigs fell by eight last week to 354, its lowest level since November, 2009. The total US rig count decreased by seven to 443, falling to fresh 41-year lows. Benchmark crude oil futures for May delivery surged by $2.49 or 6.65 percent to $32.78, after trading in a range of $37.46 and $39.84 a barrel on the New York Mercantile Exchange. In London, Brent crude for June delivery ended at $41.92, up $2.49 or 6.25 percent on the ICE.


Indian money markets remained closed on Friday on account of a local holiday.


The FIIs as per Friday's data were net sellers in equity and debt segments both. In equity segment, the gross buying was of Rs 2649.87 crore against gross selling of Rs 3164.82 crore, while in the debt segment, the gross purchase was of Rs 1140.22 crore with gross sales of Rs 1409.33 crore.          


The US markets made a modestly positive close in last session but were well off their day's high as the trade turned choppy in the latter half. The Asian markets have made mostly a lower start led by the Japanese market which is down by over a percent, as the yen headed for its longest winning streak since 2012. However the Chinese market was bucking the trend on reports that country's March retail auto sales rose 7.8% on year. The Indian markets after a choppy trade ended marginally lower in last session lacking any major supporting cues. Today, the start of the holiday truncated week is likely to be mildly in red tailing the weakness in the other regional markets. Though trade may remain range bound and markets may get some support with Economic Affairs Secretary Shaktikanta Das' statement that a Parliamentary panel is expected to submit its report on the Bankruptcy and Insolvency Code on April 29 and government would push for the passage of the bill in the second leg of the Budget session. Also, Naushad Forbes, the new President of the Confederation of Indian Industry (CII) has said that Indian industry is ready to grant greater market access to European Union firms in areas such as automobiles, wines and spirits in return for gains in garments, automobiles, automobile components and services sector in a bid to end a deadlock on the proposed EU Free Trade Agreement. However, there will be cautiousness too with a WTO report stating that India's rank remained unchanged at 19th in 2015 in the list of top 30 merchandise exporters of the world, though India's ranking among top importers slipped by one notch to 13th in 2015. India's exports dipped by 17.2 percent to $ 267 billion last year while imports aggregated at $ 392 billion. The banking sector stocks will be in focus, as the Reserve Bank of India (RBI) has issued instructions on trading in Priority Sector Lending Certificates. RBI also launched a platform to enable trading in the certificates through its Core Banking Solution (CBS) portal (e-Kuber).


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Tata Power






  • Tata Power International, a Singapore company & wholly owned subsidiary of Tata Power has signed an agreement with KS Orka Renewables for the sale of its 50% stake in OTP Geothermal.
  • Hindustan Unilever has completed the acquisition of brand ‘Indulekha' pursuant to completion of requisite formalities.
  • Bajaj Auto and KTM AG have inked an agreement to extend its distribution network to embrace Indonesia, the biggest motorcycle market in South East Asia.
  • Tata Motors Has launched its new hatchback Tiago in Bihar, with a starting price of Rs 3.32 lakh.
  • Bharti Airtel has entered into definitive agreements with Aircel to acquire the latter's 4G airwaves in eight circles for Rs 3500 crore through a bandwidth trading deal.
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