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NSE Intra-day chart (12 July 2017)
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Market Commentary 13 July 2017
Market to make a good start on jubilant global cues

Continuing their record closing streak, Indian equity benchmarks ended the range-bound session with a gain of around quarter a percent, with frontline gauges settling above their crucial 9,800 (Nifty) and 31,800 (Sensex) levels for the first time ever. Sentiments remained upbeat for most part of the day's trade with statement of Revenue Secretary Hasmukh Adhia that the Goods and Services Tax (GST) will help bring down the inflation by one to two percent by the end of this year. He also said that the government's objective is to ensure that inflation does not increase, and added that the government has tried to keep items frequently used by the consumers under the lower tax bracket. Traders also took some encouragement with Finance minister Arun Jaitley's statement where he called for more credit disbursement towards the unorganized sector, saying it will help push employment growth. Jaitley said diverting resources of banks and financial institutions through various schemes towards the unorganized sector will help create more jobs in the country. However, gains remained capped, as traders opted to stay away from taking positions in risky assets ahead of the IIP and inflation data to be announced after the market hours today. Also, the street is keeping an eye on corporate earnings for further direction including Tata Consultancy Services scheduled on Thursday and Infosys on Friday. Some pressure crept in during the trade after CRISIL said that the sharp appreciation in the rupee against the dollar in recent months is likely to have dented the first-quarter (current fiscal) profitability of exporters that source locally and have limited pricing power. Finally, the BSE Sensex gained 57.73 points or 0.18% to 31,804.82, while the CNX Nifty was up by 30.05 points or 0.31% to 9,816.10. 


The US markets closed higher on Wednesday, with the Dow industrials setting its first closing record in nearly a month, as Federal Reserve Chairwoman Janet Yellen emphasized the central bank's gradual approach to normalizing monetary policy and expressed optimism about the economy in congressional testimony. According to the central bank's latest deep dive on the economy, a shortage of qualified workers in the US has limited hiring, but there's little evidence firms are raising wages to attract jobseekers. The so-called Beige Book, the Fed's regular survey of business conditions around the country, said economic growth was slight to moderate from late May through June. On the economy front, Mortgage Bankers Association data released showed that US mortgage application activity recorded its steepest drop since December as interest rates on 30-year fixed-rate home loans climbed to their highest level in nearly two months. The Washington-based group said its seasonally adjusted index for mortgage applications fell to 391.9 in the week ended July 7, down 7.4 percent from the prior week which marked its biggest decline since a 12.1 percent fall in the December 23 week. The Dow Jones Industrial Average added 123.07 points or 0.57 percent to 21,532.14, the Nasdaq added 67.86 points or 1.10 percent to 6,261.17, while S&P 500 edged higher by 17.72 points or 0.73 percent to 2,443.25. 


Crude oil futures strengthened further on Wednesday, supported by data showing that supplies of U.S. crude fell by more than expected. The U.S. Energy Information Administration (EIA) reported that domestic crude supplies dropped 7.6 million barrels for the week ended July 7, confounding expectations of draw of about only 2.9m barrels. Gasoline inventories unexpectedly fell by roughly 1.65m barrels, while distillate stockpiles rose by 3.13m barrels. But total U.S. crude production edged up by 59,000 barrels a day to 9.397 million barrels a day last week, according to the EIA figures. Benchmark crude oil futures for August delivery added $0.45 or 1percent to $45.49 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended up by 0.44 percent at $47.73 a barrel on the ICE.


Indian rupee appreciated against US dollar on Wednesday, ahead of key economic data i.e. May IIP and June CPI data, scheduled to be released later in the day. Traders took some support with statement of Revenue Secretary Hasmukh Adhia that the Goods and Services Tax (GST) will help bring down the inflation by one to two percent by the end of this year. He also said that the government's objective is to ensure that inflation does not increase, and added that the government has tried to keep items frequently used by the consumers under the lower tax bracket. Moreover, positive gains in domestic equities along with dollar's weakness against other currencies overseas buoyed the rupee sentiment. On the global front, US dollar fell against yen and languished at 14-month lows against euro on Wednesday ahead of Federal Reserve Chair Janet Yellen's appearance in Congress to give testimony on monetary policy. Finally, the rupee ended at 64.53, 5 paise stronger from its previous close of 64.58 on Tuesday.


The FIIs as per Wednesday's data were net buyers in equity and debt segments both. In equity segment, the gross buying was of Rs 5676.71 crore against gross selling of Rs 5516.09 crore, while in the debt segment, the gross purchase was of Rs 8907.26 crore with gross sales of Rs 1054.28 crore.


The US markets bounced back and posted good gains in the last session with Dow reaching a record closing high in reaction to Federal Reserve Chair Janet Yellen's remarks before the House Financial Services Committee. Yellen noted that there remains uncertainty about the outlook for inflation and said the Fed will be monitoring inflation developments closely in the months ahead. The Asian markets have made mostly a positive start and some of the indices are up by over half a percent in early deals after Janet Yellen signaled the Federal Reserve won't rush to tighten monetary policy. The Indian markets after a choppy day of trade ended with modest gains in the last session, caution ahead of key macro data as well as Fed Chair Janet Yellen's testimony kept the gains under check. Today, the start is likely to be in green on positive global cues and on hopes of rate cut by Reserve Bank of India after the industrial output growth dropped to 1.7 percent in May from 8 percent in the same month last year. On the other hand, retail inflation hit new low of 1.54 percent in June, down from 2.18 per cent in May. Tepid data of industrial output coupled with record low inflation figures have rekindled hopes of a rate cut when the RBI reviews its monetary policy on August 2. Though, there will be some cautiousness too, with Chief Economic Adviser Arvind Subramanian's statement that the historically low level of retail inflation at 1.54 percent in June reflects the firm and ongoing consolidation of macro-economic stability and that all policy makers look at data "very, very carefully".  There will be some support to the markets with ratings agency Fitch report that the global sovereign credit cycle is likely to turn less negative in 2017 as the global GDP growth forecast for 2017 and 2018 had improved. The whole IT sector stocks will be buzzing today, with TCS, the largest domestic IT firm by sales slated to announce its first quarter numbers.


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  • Yes Bank is aiming to serve 2.5 lakh retail borrowers through digital interventions in FY18 which should reduce processing times.
  • Axis Bank has entered into collaboration with Inter- American Investment Corporation, which will help traders boost relations between India and Latin America and the Caribbean.
  • Tata Motors has launched three new products in the SCV Range with the XL portfolio - Ace Mega XL, Ace Zip XL and Ace XL.
  • Reliance Industries has received environment clearance for expansion of its petrochemical complex in Gujarat, entailing an investment of Rs 2,100 crore.
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