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NSE Intra-day chart (12 October 2017)
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Market Commentary 13 October 2017
Markets to make a mildly positive start

Bulls which woke up in last leg of trade mainly helped the benchmarks to end near intraday high levels on Thursday, with frontline gauges ending near their crucial 10,100 (Nifty) and 32,200 (Sensex) levels, as investors took to hefty across the board buying ahead of macroeconomic data such as consumer price index (CPI)-based inflation for September and Index of Industrial Production (IIP) for August due later in the day. Markets, soon after a cautious start gained momentum and traded with traction through the session, as sentiments remained upbeat on report that direct tax collections in the first six months of the current fiscal stood at Rs 3.86 lakh crore, growing by 15.8 per cent over the same period last year. Gross collections (before adjusting for refunds) have increased by 10.3 per cent to Rs 4.66 lakh crore during April to September. Traders also took some encouragement with report that the newly constituted Economic Advisory Council to the Prime Minister (EAC-PM) wants the government to stick to its fiscal consolidation road map and has suggested that stimulus to the industry should not be at the cost of fiscal prudence. Markets extended gains in last leg of trade after index heavyweight Reliance Industries (RIL) hit its record high ahead of its second quarter earnings slated to be released on Friday. A strong rally in Tata Consultancy Services also contributed to the gains. TCS is scheduled to report its Q2 numbers later in the day. Some support also came with finance minister Arun Jaitley's statement that the series of reforms like demonetization and Goods and Services Tax (GST) has put Indian economy on a far stronger track. Jaitley added that these are structural changes. And these structural changes, I think have put the Indian economy on a far more sound track so that we can look forward for a much cleaner much bigger India economy in the days and years to come. Separately, Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg expressed hope that India's GDP might return to 7% plus growth by next year as all indicators point to an economic turnaround. The country's economic slowdown has hit its bottom and will be riding the growth wave one again. Finally, the BSE Sensex surged 348.23 points or 1.09% to 32,182.22, while the CNX Nifty was up by 111.60 points or 1.12% to 10,096.40.


The US markets heralded the beginning of third-quarter earnings season by finishing slightly lower on Thursday, even as Wall Street banks turned in generally upbeat results. Banks kicked off what is likely to be strong season of third-quarter corporate results. On the economy front, initial weekly jobless claims fell by 15,000 to 243,000 in early October to mark the lowest level in six weeks. The more stable monthly average of new claims dropped by 9,500 to 257,500 in the week ended October 7. The number of people already collecting unemployment benefits, known as continuing claims, fell by 32,000 to 1.89 million. That's the lowest since the end of 1973. Fewer Americans sought unemployment benefits as more people went back to work in Texas and Florida. Separately, the producer price index jumped 0.4% in September. Another measure preferred by economists, known as core PPI, rose a smaller 0.2%. The core rate strips out food, energy and trade margins. The increase in the PPI pushed the 12-month rate of wholesale inflation to 2.6%, the highest level since February of 2012. The Dow Jones Industrial Average lost 31.88 points or 0.14 percent to 22,841.01, the Nasdaq dropped 12.04 points or 0.18 percent to 6,591.51, and the S&P 500 edged lower by 4.31 points or 0.17 percent to 2,550.93.


Crude oil futures turned lower on Thursday on getting a bearish outlook on global oil demand for 2018. Traders even overlooked the data showing U.S. crude oil stockpiles fell for the third-straight week. Energy Information Administration (EIA) reported that inventories of U.S. crude fell by roughly 2.8m barrels in the week ended Oct. 6 Gasoline inventories rose by roughly 2.5m barrels, while distillate stockpiles fell by about 1.5m barrels, missing expectations of a decline of 2.2m barrels. Benchmark crude oil futures for November delivery ended lower by $0.70 or 1.4 percent at $50.60 a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 0.66 cent to $56.28 a barrel on the ICE.


Rising for the third straight day, Indian rupee closed at one-week high against US dollar on Thursday, on the back of dollar sales by banks and sustained flows in the domestic equity market. Besides, dollar struggled against some other currencies overseas, further supported the rupee sentiment. However, gains were limited as some caution lingered in the market ahead of release of crucial macro-economic data- August IIP and September CPI, which are scheduled to be released later in the day. On the global front, euro climbed to a two-week high against dollar on Thursday after a slew of strong data that supported a growing view that the European Central Bank will announce a plan to wind down its huge stimulus plan at a policy meeting later this month. Finally, the rupee ended at 65.08, 5 paise stronger from its previous close of 65.13 on Wednesday.


The FIIs as per Thursday's data were net buyers in equity and debt segments both. In equity segment, the gross buying was of Rs 6411.40 crore against gross selling of Rs 5541.86 crore, while in the debt segment, the gross purchase was of Rs 2355.08 crore with gross sales of Rs 1393.50 crore.


The US markets turned modestly lower in the last session after showing a lackluster performance and the major averages pulled back off yesterday's record closing highs. Negative reaction to earnings news from Citigroup and JPMorgan weighed on the market sentiments. The Asian markets have made a mixed start as confidence in American tax-cut plans waned somewhat and the Federal Reserve signaled that several policy makers are cautious about another 2017 interest-rate hike. The Chinese market was modestly in red ahead of Chinese Communist Party congress next week. The Indian markets showing a complete reversal of trend surged in the last session and the major benchmarks gained over a percent. Today, the start is likely to be mildly in green with traders getting encouragement from double dose of good economic news, while India's industrial production grew at a nine-month high of 4.3 percent in August due to good performance of mining, electricity and capital goods sectors, the retail inflation declined to 3.28 percent in September, compared to 4.39 percent during the same month last year and 3.36 percent in the previous month. Traders will also be getting some support with the International Monetary Fund lauding government's recent efforts to lower the compliance burden under the Goods and Services Tax, but it also said that efforts should also be made to lower the tax slabs and minimise exemptions. There will be some action in power sector stocks, as the Minister of State (Independent Charge) for Power and Renewable Energy, R K Singh has said that India's energy needs are going to double in the next 6-7 years at the present rate of growth of the economy. There will be some buzz in the telecom sector too, as the Tata Group has agreed to sell its mobile business to Bharti Airtel for free, on a 'debt-free, cash-free basis, intensifying the consolidation process underway in the telecom industry.



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Bharti Infratel





  • Tata Steel took a step which places it at the forefront of lower-carbon steel innovation by acquiring the full intellectual property rights in a revolutionary technology.
  • Yes Bank has inked a MoU with Abu Dhabi Global Market to further foster cross-border exchange between the FinTech ecosystems of the UAE and India. 
  • IndusInd Bank has reported 24.97% rise in its net profit at Rs 880.10 crore for second quarter ended September 30, 2017 as compared to Rs 704.26 crore for the same quarter in the previous year.
  • Hero MotoCorp has set a new global record clocking 2 million unit sales in the just-concluded second quarter of FY18.
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