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NSE Intra-day chart (10 November 2017)
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Market Commentary 13 November 2017
Markets likely to get a soft-to-cautious start

Indian equity benchmarks managed to end the extremely volatile day of trade with modest gains on Friday, with frontline gauges holding their crucial 10,300 (nifty) and 33,300 (Sensex) levels. Markets altered between green and red throughout the session and somehow managed to end in positive zone, as traders took some comfort with Union Minister of State for Water Resources Arjun Ram Meghwal's statement that the agriculture sector's contribution to the country's GDP has increased under the present government's rule. Some support also came with the global president of the Association of Chartered Certified Accountants (ACCA), Brian McEnery's statement that India has made significant strides towards ethical standards in business and enforcing provisions around corporate governance. However, up-side remained capped as sentiments remained downbeat with Moody's Investors Service latest Global Macroeconomic Update (2018-19) stating that India is the only G20 emerging market country where growth has slowed sharply for six consecutive quarters. But it expects economic growth in 2017 to average 6.2% before accelerating to around 7.5% in 2018 and 2019. It said that the slowdown in economy was due to the temporary negative impact of last year's demonetization, temporary disruption related to the rollout of the Goods and Service Tax (GST) and weak bank lending for investment-related activity due to a high proportion of delinquent loans on bank balance sheets. Sentiments also remained dampened as the Congress-ruled states have sought a complete overhaul of the indirect tax regime with the highest slab at 18% instead of 28%. Meanwhile, the GST Council decided to keep only 50 items, mostly demerit, sin and luxury goods in top 28% tax bracket. Lower 18% GST will be levied on chewing gums, chocolates, after shave, deodorant, washing power, detergent, marble. The all-powerful council pruned the list of items attracting the top 28% tax rate to just 50 from 227 previously. Finally, the BSE Sensex gained 63.63 points or 0.19% to 33,314.56, while the CNX Nifty was up by 12.80 points or 0.12% to 10,321.75.


The US markets ended mostly in red terrain on Friday, as traders digested the details of the Senate Republican version of tax reform legislation. The Senate bill includes some significant differences from the House version, including a delay in the implementation of a cut in the corporate tax rate. While the Senate version still reduces the corporate tax rate to 20 percent from 35 percent, the new rate would not take effect until 2019. The House bill would start the 20 percent rate next year. A number of other differences related to issues such as deductions and the estate tax have raised some questions about the outlook for tax reform. House Republicans could pass their version as early as next week, although it remains to be seen if GOP lawmakers can overcome the differences in the two bills to get legislation to the president's desk. However, downside remained capped on report from the University of Michigan showing a bigger than expected pullback in consumer sentiment in the month of November. The report said the preliminary reading on the consumer sentiment index for November came in at 97.8 compared to the final October reading of 100.7. The Dow Jones Industrial Average lost 39.73 points or 0.17 percent to 23,422.21 and the S&P 00 was down by 2.32 points or 0.09 percent to 2,582.30, while the Nasdaq was up by 0.89 points or 0.01 percent to 6,750.94.


Crude oil futures ended in red on Friday, trimming strong recent gains as data showed the US oil rig count jumped last week. Also, as investors fretted over an uptick in US production but losses were limited as expectations grew that Opec would extend its agreement on output curbs. Trade was also weighed down by a report from Baker Hughes showing the number of oil rigs operating in the US rose to the highest in almost a month by 9 to 738. It was the biggest one-week jump since June. Benchmark crude oil futures for December delivery ended lower by 0.7 percent at $ 56.74 a barrel on the New York Mercantile Exchange. Brent crude for January delivery lost 0.37 percent to $63.56 a barrel on the ICE.


Indian rupee ended considerably weaker against the US dollar on Friday due to dollar demand from banks and importers. The sentiments were in pessimistic mood with the Moody's latest report stating that India is the only G20 emerging market country where growth has slowed sharply for six consecutive quarters. But it expects economic growth in 2017 to average 6.2% before accelerating to around 7.5% in 2018 and 2019. Some concern also came with the report that India's retail inflation is forecast to have sped up to a seven-month high in October, led by a rebound in food prices as unexpected rains destroyed crops. Meanwhile, investors have maintained cautious approach ahead of Index of Industrial Production (IIP) data for September scheduled to be released today. However, dollar weakened against some currencies overseas due to likely delay in the implementation of a major corporate tax cut limited the rupee's losses. Finally, the rupee ended at 65.16, 22 paise weaker from its previous close of 64.94 on Thursday.


The FIIs as per Friday's data were net sellers in equity and debt segments both. In equity segment, the gross buying was of Rs 5722.60 crore against gross sell of Rs 6389.84 crore, while in the debt segment, the gross purchase was of Rs 1174.40 crore with gross sales of Rs 2523.46 crore.


The US markets made a mixed closing in the last session, as traders continued to digest the details of the Senate Republican version of tax reform legislation and largely overlooked a report from the University of Michigan showing a bigger than expected pullback in consumer sentiment in the month of November. The Asian markets have made a mixed start and some of the indices are in red as investors seemed seeking fresh catalysts after last week's run to record highs. Japanese market was down ahead of its October PPI. The Indian markets ended a choppy session slightly higher in the last session. Today, the start is likely to be a bit cautious and weakness can be seen reacting to the industrial production data announced after market hours on Friday. Industrial output growth fell to 3.8 percent during the month of September from a revised 4.5 percent rise in August. However, the markets will keep buzzing and there will be action in GST related stocks whose rates were tinkered at GST Council's 23rd meeting in Guwahati. The Council decided to reduce the tax rate on 178 of the current 228 items from 28% to 18%, with effect from November 15. All restaurants will be taxed at 5%, except those in hotels with a tariff of ?7,500 or more, which will be taxed at 18% with input tax credit (ITC). The PSU banking stocks will be in action, as Finance Minister Arun Jaitley has said that the government has decided to inject more capital into state-owned banks to strengthen the banking system and spur economic growth. Steel stocks too will be in focus as the export of total finished steel saw an annual jump of 45 per cent to 0.778 million tonnes during October 2017. The overall exports of finished steel stood at 0.537 million tonnes in the same month last year. There will some important result announcements too, to keep the markets buzzing.


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  • Bharti Airtel has entered into a strategic partnership with software solutions provider Amdocs to bring Artificial Intelligence-based services to its customers in India.
  • Tech Mahindra has entered into a partnership with Unity Technologies to open a Centre of Excellence at its Bengaluru campus.
  • Tata Motors Group global wholesales in October 2017, including Jaguar Land Rover, stood at 1,03,761 units, higher by 2.7%, over October 2016.
  • SBI has reported around 89-fold jump in its net profit after minority interest at Rs 1,840.43 crore for Q2FY18 as compared to Rs 20.70 crore for Q2FY17.
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