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NSE Intra-day chart (08 December 2017)
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Market Commentary 11 December 2017
Markets to extend the jubilation mood with a positive start

Extending previous session's northward journey, Indian equity benchmarks displayed spirited performance on Friday, with frontline gauges recapturing their crucial 33,200 (Sensex) and 10,250 (Nifty) levels. The markets' mood remained up-beat throughout the day and benchmarks, after a gap-up opening, fervently gained from strength to strength, as investors continued hunt for fundamentally strong stocks amid firm global cues. Sentiments remained positive since beginning with International Energy Agency's (IEA) report that India is emerging as a 'major driving force' in global energy trends, with all modern fuels and technologies playing a part. Meanwhile, the finance ministry has said that the FRDI Bill, under consideration of a joint parliamentary committee, is depositor friendly and provides more protection to them compared to existing provisions. It has clarified that the provisions in the FRDI Bill do not modify current protections for depositors adversely at all, the ministry held, maintaining that these rather provide additional protections in a more transparent manner. Markets extended rally in later part of the trade with pre-poll surveys showing Bharatiya Janata Party would win the Gujarat elections this month. Heightened uncertainty about the BJP's prospects in the state elections had weighed on investors' sentiments in recent days. The survey came as a relief for investors, who want political stability as the government attempts to steer the economy out of the slump. Buying in banking stocks too aided sentiments on report that bank loan growth rate rose to a three-year high in November indicating businesses are ramping up output after the Goods and Services Tax (GST) induced disturbances. Separately, a foreign brokerage report highlighted that the Indian economy is expected to witness cyclical growth recovery, with real GDP growth likely to accelerate from 6.4 percent this year to 7.5 percent in 2018 and further to 7.7 percent in 2019. Finally, the BSE Sensex soared 301.09 points or 0.91% to 33,250.30, while the CNX Nifty was up by 98.95 points or 0.97% to 10,265.65.


The US markets traded with traction and ended near record high levels on Friday, as traders reacted positively to the closely watched monthly jobs report. The continued advance by stocks came following the release of a report from the Labor Department showing stronger than expected job growth in the month of November. The non-farm payroll employment jumped 228,000 jobs in November after surging up by a revised 244,000 in October. The street had expected employment to climb by 200,000 jobs compared to the addition of 261,000 jobs originally reported for the previous month. The Labor Department also said the unemployment rate came in at 4.1 percent in November, unchanged from October and in line with the street expectation. Meanwhile, average hourly employee earnings were up by 2.5 percent year-over-year in November, reflecting acceleration from 2.4 percent in October but below estimates for 2.7 percent growth. Positive sentiment was also generated by news that both the House and the Senate passed a stopgap spending bill to avoid a government shutdown. The legislation extends government funding until December 22nd, giving lawmakers time to negotiate a longer-term spending bill.  The Dow Jones Industrial Average surged 117.68 points or 0.49 percent to 24,329.16, the Nasdaq gained 27.24 points or 0.40 percent to 6,840.08 and the S&P 500 was up by 14.52 points or 0.55 percent to 2,651.50. 


Crude oil futures extended their gains on Friday amid concerns of supply disruptions from Nigeria, as workers are threatening to strike at a crucial production facility and also on stronger Chinese crude demand. Meanwhile, oilfield services firm Baker Hughes reported that U.S. rig count, an early indicator of future output, ticked up by two oil rigs to a total of 751. Benchmark crude oil futures for January delivery ended higher by $0.67 or 1.2 percent at $57.36 a barrel on the New York Mercantile Exchange. Brent crude for February delivery was up by 1.6 percent to $63.19 a barrel on the ICE.


Indian rupee snapped three-day declining trend and bounced back against the Greenback on Friday, on the back of fresh dollar selling by exporters and some banks. Sentiments remained optimistic with the private report stating that the Indian economy is expected to witness cyclical growth recovery, with real GDP growth likely to accelerate from 6.4 percent this year to 7.5 percent in 2018 and further to 7.7 percent in 2019. Moreover, smart rise in domestic shares too helped rupee to recover, but the dollar's strength against other currencies overseas restricted the further up move. On the global front, pound rose against a host of currencies on Friday, after the European Commission declared that enough progress had been made in Brexit talks to move on to a second phase of negotiations. Finally, the rupee ended at 64.45, 11 paise stronger from its previous close of 64.56 on Thursday.


The FIIs as per Friday'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 4555.51 crore against gross selling of Rs 5518.33 crore, while in the debt segment, the gross purchase was of Rs 1298.50 crore with gross sales of Rs 963.57 crore.


The US markets surged in the last session, lifting the Dow and the S&P 500 to new record closing highs, following the release of a report from the Labor Department showing stronger than expected job growth in the month of November. The Asian markets have made a good start and some of the indices are up by about half a percent after the US government averted a shutdown and tax reform negotiations made progress. Japanese market was leading the gainers as the yen fell to its lowest in a month. The Indian markets continuing their surge for the second straight day ended higher in last session. Today, the data heavy week is likely to get a positive start on supportive global cues, though traders will be eyeing the Gujarat elections and the macro data of industrial output, consumer inflation and wholesale inflation data slated to be released later this week. Traders will be getting some support with statement of the prime minister's economic advisory panel member Rathin Roy who has expressed hope that the forthcoming budget will not be a 'populist' and will reflect the commitment of the government to improve quality of expenditure. Meanwhile, industry body Assocham has said that the government needs to accord top priority to agriculture in the budget as a major shortfall in kharif production resulted in sluggish growth of farm sector in the second quarter this fiscal. Traders will also get encouragement with CII's Business Confidence Index climbing to 59.7 during October-December 2017, against 58.3 in the previous quarter, as reform measures such as the Goods and Services Tax (GST) instilled optimism in India Inc. Also, the Bihar Deputy Chief Minister Sushil Modi has said the Goods and Services Tax (GST) Council would examine the possibility of merging the 12 and 18 percent tax rates to a new slab. He added that more than 90 percent of issues related to tax rates have been resolved after the Council brought down 178 items from higher rates to lower one.


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Tata Motors






  • ICICI Bank has priced an issuance of 10 year fixed rate notes for an aggregate principal amount of $500 million.
  • Lupin is recalling 1.11 lakh units of Duloxetine delayed-release capsules from the US market.
  • Reliance Industries has acquired stake in a newly incorporated entity Dreketi S.A. in Uruguay.
  • Tata Motors Group global wholesales in November 2017, including Jaguar Land Rover, were at 1,12,473 units, higher by 22%, over November 2016.
News Analysis