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NSE Intra-day chart (11 September 2017)
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Market Commentary 12 September 2017
Markets to extend gains with a positive start

Bulls tightened their grip on Dalal Street on Monday with Nifty recapturing their crucial 10,000 level, while Sensex ended just shy of 31,900 mark, as global investors relieved from the fact that North Korea did not indulge in any fresh provocative move that would flare up geopolitical tensions. Sentiments remained jubilant since morning with frontline gauges started the session with gap-up opening as traders reacted positively to the outcome of the crucial meeting of the Goods and Services Tax (GST) Council that took place on Saturday, where the council cut GST rate for over 40 items of mass consumption. Markets extended their rally on foreign brokerage firm's report that India's trade deficit is expected to improve in August to about $10.3 billion from $11.5 billion in July, largely on moderation in export as well as import growth. According to the global financial services major, the moderation, on a year-on-year basis, is likely owing to higher oil prices and unfavourable base effects. It estimates a moderation of export growth to 3.4% year-on-year in August from 3.9% in July and imports of 11.3% in August from 15.4% in July. Meanwhile, welcoming the decision of the GST Council of reducing the rate on supply of various scrips from 12% to 5%, the Federation of Indian Export Organizations (FIEO) said the move will give a boost to the exports sector. Market participants shrugged off report that the investments in the domestic capital market through participatory notes (P-notes) slumped to a five-year low of Rs 1.35 lakh crore in July amid stringent norms put in place by SEBI. Finally, the BSE Sensex surged 194.64 points or 0.61% to 31,882.16, while the CNX Nifty was up by 71.25 points or 0.72% to 10,006.05.


The US markets closed higher on Monday, with the benchmark S&P 500 ending the session at an all-time high, in a broad rally led by financials and technology shares. Wall Street optimism was underpinned by Hurricane Irma delivering a less forceful hit on Florida than expected and North Korea failing to conduct another nuclear missile test over the weekend, reviving investor appetite for assets perceived as risky, such as equities. New York Fed President William Dudley said that it is too soon to predict when the Federal Reserve should next raise US interest rates as it continues to tighten policy, given cross currents in the economy and markets. Dudley added that it's too soon to judge exactly the timing of when the next rate hike might occur, but the path is still clear that short term rates are going to move higher. The Dow Jones Industrial Average added 259.58 points or 1.19 percent to 22,057.37, the Nasdaq edged higher by 72.07 points or 1.13 percent to 6,432.26, and the S&P 500 gained 26.68 points or 1.08 percent to 2,488.11.


Crude oil futures bounced back and moved higher on Monday, amid optimism over Hurricane Irma's less destructive path through Florida. Also, Saudi Arabia said it is open to another supply quota extension. Saudi Arabia said its oil minister held talks with counterparts over the possibility of extending the supply-cut agreement beyond March 2018. In May, Opec and non-Opec members agreed to extend production cuts of 1.8m barrels per day for a period of nine months until March 2018 but rising production from the U.S., Nigeria and Libya has undermined the oil cartel's efforts to curb excess supply. Benchmark crude oil futures for October delivery ended up by $0.59 or 1.2 percent to $48.07 on the New York Mercantile Exchange. In London, Brent crude for October delivery ended lower by 0.04 percent at $53.76 a barrel on the ICE.


Snapping three-day winning streak, Indian rupee depreciated against dollar on Monday amid sustained foreign fund outflows. Sentiments remained down-beat with report that the investments in the domestic capital market through participatory notes (P-notes) slumped to a five-year low of Rs 1.35 lakh crore in July amid stringent norms put in place by SEBI. Investors failed to get solace with the private report stating that India's trade deficit is expected to improve in August to about $10.3 billion from $11.5 billion in July, largely on moderation in export as well as import growth. Besides, strength in the US dollar against some other currencies overseas too weighed on the rupee sentiment. Though, splendid gains in local equities market limited further depreciation of Indian currency. On the global front, dollar edged higher on Monday, after posting its biggest weekly drop in two months, as a revival in interest in riskier assets prompted some investors to cut short bets against the greenback before US inflation data this week. Finally, the rupee ended at 63.93, 15 paise weaker from its previous close of 63.78 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 3843.82 crore against gross selling of Rs 3970.38 crore, while in the debt segment, the gross purchase was of Rs 471.93 crore with gross sales of Rs 338.61 crore.


The US markets rallied in last session as Hurricane Irma hit Florida with less force than expected and North Korea failed to conduct another nuclear missile test over the weekend, helping to lure investors into buying assets. The Asian markets have extended their gains, with less damage than originally feared from Hurricane Irma supporting the case for a gradually improving U.S. economy. Japanese market hit its best intraday level in a month as the yen continued to pull back. The Indian markets made decent gains in the last session on ease in some geo-political worries. Today, the start is likely to be in green tailing the strong global cues. There will be some support with report that direct tax collections in the first five months of the current fiscal grew 17.5% to Rs 2.24 lakh crore, mainly on account of income tax mop-up from individuals. This is 22.9% of the total budget estimates of direct taxes, which comprise personal income and corporate tax, for the current financial year.  Traders will be eyeing the macro data of industrial production for July scheduled to be announced post market hours. The growth rate of industrial output, measured by the Index of Industrial Production (IIP), slumped to 1.7 per cent in May from 8 per cent expansion in the same month last year. Also, the inflation data based on consumer price index (CPI) for August will be released, which is expected to have picked up to a five-month high. Meanwhile, a RBI paper has said that farm loan waiver amounting to Rs 88,000 crore likely to be released in 2017-18 by seven states, including Uttar Pradesh and Maharashtra, may push inflation on permanent basis by 0.2 per cent. The PSU oil marketing companies will keep buzzing, as the Finance Ministry has ruled out cut in excise duty on petrol, diesel.


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  • IndusInd Bank has entered into a Confidentiality, Exclusivity, and Standstill Agreement with Bharat Financial Inclusion.
  • Tata Motors and its temporary workers at the Jamshedpur plant who were on a strike since September 5 has agreed to end the four-day impasse on September 9.
  • M&M's US based wholly-owned subsidiary Mahindra USA has pledged to contribute $1.5 million for relief, recovery and rebuilding efforts in Texas and Louisiana states where hurricane Harvey has wreaked havoc.
  • Lupin has received final approval for its Doxycycline Hyclate Tablet USP, 100 mg from the USFDA to market a generic version of Pfizer Inc.'s Vibra-Tabs 100 mg.
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