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NSE Intra-day chart (13 July 2017)
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Market Commentary 14 July 2017
Market to make a cautious but positive start

Bulls tightened their grip on Dalal Street, with frontline gauges extending their record hitting streak for fourth straight session with Sensex conquering 32,000 mark, while Nifty settled just shy of 9,900 mark. Sentiments remained up-beat throughout the session and markets traded with traction, as 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. Industrial output growth of India slowed down to 1.7% in the month of May 2017, as compared to 8% in the same month last year and 3.1% in April 2017, mainly due to poor performance of mining and manufacturing, while India's retail inflation hit a record low of 1.54% in June 2017, down from 2.18% in May and 5.77% in June last year. June's retail inflation was lowest since the government began issuing data based on the consumer price index (CPI) in 2012. Some support to the markets also came with rating agency Fitch's 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. Traders also took some encouragement with report that India's overseas shipments to top 10 destinations worldwide which include the countries like US, Japan, Hong Kong and UAE have gained strength in the passing financial year. According to the industry body, the PHD Chamber of Commerce and Industry (PHDCCI), the country's share of exports to top 10 destinations grew to 51.6% in the financial year 2016-17 from 49% in the financial year 2013-14. Finally, the BSE Sensex surged 232.56 points or 0.73% to 32,037.38, while the CNX Nifty was up by 75.60 points or 0.77% to 9,891.70. 


The US markets closed higher on Thursday, with the Dow closing at a record for the 24th time in 2017, as gains in the financial sector helped the broader market book modest gains ahead of a roster of corporate results from the US's biggest banks. Thursday trading action came as Federal Reserve Chairwoman Janet Yellen delivered a second day of testimony on Capitol Hill, reiterating dovish comments that appeared to bolster investor confidence on Wednesday. Yellen told a Senate Banking Committee that the federal-funds rate wouldn't need to rise significantly to get to a neutral policy stance. On the economy front, the number of Americans who applied for unemployment benefits fell slightly in early July, reflecting an extremely low level of layoffs that has become the norm as an economic recovery stretches into its ninth year. Initial jobless claims in the period running from July 1 to July 8 dropped by 3,000 and stood to a seasonally adjusted 247,000. Initial claims count people who apply for benefits after losing their jobs. The Dow Jones Industrial Average added 20.95 points or 0.10 percent to 21,553.09, the Nasdaq added 13.27 points or 0.21 percent to 6,274.44, while S&P 500 edged higher by 4.58 points or 0.19 percent to 2,447.83. 


Crude oil futures shrugging off the data showing Opec compliance with production cuts fell to its lowest level in six months, moved higher on Thursday, as data showed an uptick in global demand for oil. According to the International Energy Agency (IEA) supply of oil rose by 720,000 barrels a day (bpd) in June, nearly half - 340,000 barrels per day - of the uptick in supply came from Opec countries. The IEA said that Saudi Arabia increased its flows,  as well as Libya and Nigeria who are not part of the production freeze. Benchmark crude oil futures for August delivery added $0.59 or 1.3 percent to $46.08 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended up by $0.63 at $48.37 a barrel on the ICE.


Indian rupee ended stronger against dollar for the second straight day on Thursday, on increased selling of the US currency by exporters and banks. Traders remained optimistic as sluggish industrial output numbers bolstered hopes of a rate cut in August. Also, with a sustained dip in food prices, India's retail inflation hit a record low of 1.54% in June 2017, down from 2.18% in May and 5.77% in June last year . Moreover, dollar's weakness against other currencies overseas, foreign fund inflows and good going in the local equity markets, mainly aided the currency's appreciation. On the global front, dollar was lower against most of the other major currencies on Thursday after comments from Federal Reserve Chair Janet Yellen on inflation spurred investors to lower their expectations on the pace of US rate increases. Finally, the rupee ended at 64.44, 9 paise stronger from its previous close of 64.53 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 4631.63 crore against gross selling of Rs 4084.63 crore, while in the debt segment, the gross purchase was of Rs 2640.25 crore with gross sales of Rs 690.10 crore.


The US markets managed another positive close in last session despite a lackluster trade, as traders seemed reluctant to make more significant moves ahead of the release of some key economic data and earnings news. The Asian markets have made a mixed start and some of the indices are marginally in red, though others are heading for strongest week since March. The Indian markets rallied in last session to close at fresh record highs, on rate cut hopes by the RBI in its upcoming policy review on lower inflation and weak industrial production data. Today, the start is likely to be in green but a bit cautious and traders will be concerned with disappointing earnings by the Tata Consultancy Services, India's largest software services exporter whose quarterly profit fell 10 percent sequentially while revenues declined 0.2 percent. The whole IT pack will be in focus as another IT bellwether Infosys will be announcing its numbers today. All eyes will be on a high-profile meeting chaired by Prime Minister Narendra Modi to review the country's foreign direct investment policy, where further easing of restrictions may also be discussed.  Traders will also be eyeing the inflation data based on wholesale price index (WPI) for June slated to be announced later in the day.  There will be some buzz in the insurance space on reports that HDFC Life Insurance may call off its proposed takeover of the Max group's life insurance business as the two have not been able to arrive at a mutually agreeable alternative structure for the transaction.


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  • M&M has launched Jeeto Minivan in domestic market on July 13, 2017 to redefine last mile transportation.
  • SBI has cut the National Electronic Funds Transfer and Real Time Gross Settlement charges up to 75%, with effect from July 15, 2017.
  • Tata Steel has commissioned a mine air cooling system, first of its kind in the Eastern India, at its Digwadih colliery in Dhanbad district to rescue the miners working in a depth of more than 400 meters.
  • TCS has reported 10.1% fall in its net profit at Rs 5,950 crore for Q1FY18 as compared to Rs 6,318 crore for Q1FY17.
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