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NSE Intra-day chart (10 July 2017)
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Market Commentary 11 July 2017
Markets to get cautious start on mixed regional cues

Monday turned out to be a fabulous day of trade for Indian equity markets, with bulls tightening their grip with frontline indices ending at all time closing highs. Sensex surpassed its crucial 31,700 level, while Nifty50 achieved 9,750 mark for the first time ever despite trading remained shut on NSE in cash and F&O segment for 3 hours in the morning trade due to a technical glitch. Markets traded jubilantly throughout the session on report that Associated Chambers of Commerce and Industry of India (Assocham) said that the Goods and Services Tax (GST) will boost the competitiveness of micro, small and medium enterprises (MSMEs). Traders also took some encouragement after Prime Minister Narendra Modi, noting that the GST, which was implemented last week, was the biggest tax reform in the last 70 years has said it would help businesses and create a unified market of 1.3 billion people. Modi also underlined support for free and open trade regime of World Trade Organization (WTO). Adding to the optimism, Union minister Mukhtar Abbas Naqvi said that the new tax regime would prove to be a game changer for the country's economy, terming the GST a revolutionary reform taken in the interest of common people and small traders. The introduction of the new tax system by the Narendra Modi Government was the biggest economic reform since the Independence. Some support also came with reports that Foreign Portfolio Investment (FPI) inflows during the period between January-June 2017 (H12017) stood at nearly $23 billion into the Indian capital markets, largely driven by several factors, including expectations from the government that it would speed up development and economic reforms. Finally, the BSE Sensex surged 355.01 points or 1.13% to 31,715.64, while the CNX Nifty was up by 105.25 points or 1.09% to 9,771.05.


The US markets closed mostly higher on Monday, with the Nasdaq and S&P 500 finishing higher as a pair embattled sectors, technology and energy, drew bidders, while the Dow industrials closed fractionally lower. Fed Chair Janet Yellen's semi-annual testimony may be the highlight this week for investors looking for clues on further interest rate hikes. She will testify on Wednesday and Thursday. The New York Federal Reserve reported in its latest monthly survey of consumer expectations that consumers expect to boost spending in the months ahead and voiced confidence they are more likely to find a job and less likely to lose one in a strong labor market. Nearly 35 percent of the 1,300 heads of household included in the June poll said they were better off economically than a year ago, a record in the four years the survey has been conducted. On the economy front, consumer credit expanded in May at the fastest rate in seven months, in what could be a sign that strong levels of confidence will lead to growth in consumption. US consumer credit rose at a seasonally adjusted annual rate of 5.8%, for growth of $18.4 billion, in May. The Nasdaq added 23.31 points or 0.38 percent to 6,176.39, S&P 500 edged higher by 2.25 points or 0.09 percent to 2,427.43, while the Dow Jones Industrial Average lost 5.82 points or 0.03 percent to 21,408.52. 


Crude oil futures though recovered to end higher on Monday but sentiment on oil remained negative as fears grew that rising output from the United States, Nigeria and Libya would continue to weigh on Opec and its allies' efforts to rein in supply. Though, OPEC is expected to insist Libya and Nigeria take part in the cartel's supply quota plan. The two African nations have been exempt for the past six months, but production there has risen more than OPEC anticipated. Traders were also waiting for mid-week testimony from Federal Reserve Chair Janet Yellen for clues about when the Fed will again raise interest rates. Benchmark crude oil futures for August delivery added $0.17 or 0.3 percent to $44.40 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended up by $0.37 at $46.93 a barrel on the ICE.


Rising for the third straight day, Indian rupee ended marginally higher against dollar on Monday, due to sustained selling of the US currency by exporters and banks. Sentiments remained positive with the report that Foreign Portfolio Investment (FPI) inflows during the period between January-June 2017 (H12017) stood at nearly $23 billion into the Indian capital markets, largely driven by several factors, including expectations from the government that it would speed up development and economic reforms. Moreover, the domestic indices zoomed to record highs clearing the way for the rupee's up-move, but the dollar made headway overseas after US jobs data, restricting the further move. On the global front, dollar traded at a two-month high against yen on Monday, helping to lift a broader dollar index, as the gap between US rates and Japanese rates favored the US currency for now. Finally, the rupee ended at 64.53, 6 paise stronger from its previous close of 64.59 on Friday.


The FIIs as per Monday's data were net sellers in equity segment, while they were net buyers in debt segment. In equity segment, the gross buying was of Rs 3717.12 crore against gross selling of Rs 4136.98 crore, while in the debt segment, the gross purchase was of Rs 1603.15 crore with gross sales of Rs 1130.23 crore.


The US markets turned into mood of consolidation and posted modest gains in last session after initially showing a lack of direction, traders remained cautious ahead of Federal Reserve Chair Janet Yellen's semiannual testimony before Congress. The Asian markets have made a mixed start, while some of the indices are up by about half a percent others are modestly in red on low trading volumes, as investors awaited a potential new catalyst for further moves. The Indian markets despite the technical glitch at NSE which disrupted trade at the premier bourse for almost half of the day, managed to reach their highest levels in last session. Today, the start is likely to be a bit cautious on mixed global cues. On the domestic front there will be some concern with a terror attack on Amarnath pilgrims in Kashmir. Meanwhile, IMF chief Christine Lagarde, warning against complacency in the current phase of global economic recovery has asked the members of G20 group, which includes India, to step up reforms by reducing trade barriers and subsidies to promote a level playing field. The auto sector stocks will be in somber mood on SIAM's report that domestic automobile sales saw a muted growth of one per cent in June as the passenger vehicle (cars, utility vehicles and vans) segment declined more than 11 per cent. A four per cent growth in two-wheelers, however, helped the industry remain in the green. Sugar stocks too will be in action, as the government has hiked the import duty on sugar from 40 per cent to 50 per cent, to check cheap imports. Cheaper imports have been adversely affecting domestic sugar mills.


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  • Maruti Suzuki India's Dzire has emerged as the third most selling car of India in June 2017 with 12,049 units sold in the same month.
  • Tata Motors' subsidiary -- Jaguar Land Rover has reported retail sales of 51,591 units for June, up 11 per cent from the same month last year.
  • ONGC's overseas arm -- ONGC Videsh -- has received two-year extension to explore Vietnamese oil block in the contested waters of the South China Sea.
  • Lupin has received final approval for its Flucytosine Capsules USP, 250 mg and 500 mg from the USFDA to market a generic version of Valeant Pharmaceuticals International Inc's Ancobon Capsules, 250 mg and 500 mg.  
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