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NSE Intra-day chart (14 June 2017)
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Market Commentary 15 June 2017
Markets to make a soft start on weak regional cues

Indian equity markets started the session on a sluggish note but managed to eke out some gains by the end of trade, as the benchmark indices clawed back into the green terrain in the late afternoon trade on getting some supportive leads from the European markets ahead of US Federal Reserve's policy outcome. Besides, sentiments got a boost after the report that Inflation based on the wholesale price index (WPI) slipped to a five-month low of 2.17% in May, as food inflation turned negative and prices of manufactured items rose at their weakest pace in the past five months. Some support also came with reports that the government is working on a new industrial policy with a view to promoting and developing frontier technologies, innovation and enhancing competitiveness of domestic products. However, gains remained capped with a private report stating that  Indian employers expect steady hiring outlook for next three months, but their confidence have dipped to the least optimistic level since 2005 amid uncertainties in global markets. Further, traders remained cautious over the private report indicating that over 65% of the total Rs 9.50 lakh crore of agri debt may potentially get written-off. Maharashtra followed Uttar Pradesh in announcing a debt waiver for the farmers, which is expected to drill Rs 30,000 crore hole for the state exchequer. Meanwhile, India's engineering exports to Doha have been hit following sanctions imposed on Qatar by some nations including Saudi Arabia. Middle East and West Asia are one of the key destinations for Indian engineering exports, accounting for 13% of the country's total engineering exports. Finally, the BSE Sensex gained 52.42 points or 0.17% to 31155.91, while the CNX Nifty was up by 11.25 points or 0.12% to 9,618.15. 


The US markets closed mostly lower on Wednesday, as the Federal Reserve hiked the fed-funds futures rate after its two-day policy meeting, as expected, and indicated that it would reduce its $4.5 trillion balance sheet this year. The Federal Reserve raised interest rates for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year, signaling its confidence in a growing US economy and strengthening job market. In lifting its benchmark lending rate by a quarter percentage point to a target range of 1.00 percent to 1.25 percent and forecasting one more hike this year, the Fed seemed to largely brush off a recent run of mixed economic data. On the economy front, the cost of goods and services for American consumers fell in May for the second time in three months as inflation continued to recede from a recent high-water mark. The consumer price index, or cost of living, fell by a seasonally adjusted 0.1% last month. A big drop in gasoline prices played a big part. More important, the rate of inflation over the past 12 months slowed to 1.9% in May from a five-year high of 2.7% just four months ago. Annual inflation is now running a tick below the Federal Reserve's goal of 2%. US business inventories fell 0.2% in April. The inventory-to-sales ratio, an indication of demand, was unchanged at 1.37 months. The Nasdaq was down 25.48 points or 0.41 percent to 6,194.89, S&P 500 edged lower by 2.43 points or 0.10 percent to 2,437.92, while the Dow Jones Industrial Average added 46.09 points or 0.22 percent to 21,374.56. 


Crude oil futures snapped their gaining streak and ended at seven month low on Wednesday, after US government data showed a smaller-than-expected weekly decline in domestic supplies and an increase in gasoline stockpiles and crude production. The US Energy Information Administration (EIA) reported that domestic crude supplies fell by 1.7 million barrels for the week ended June 9. Gasoline stockpiles rose 2.1 million barrels, while distillate stockpiles edged up by 300,000 barrels last week, according to the EIA. Benchmark crude oil futures for July delivery ended lower by $1.73 or 3.7 percent to $44.73 on the New York Mercantile Exchange. In London, Brent crude for July delivery ended lower by $ 1.72 or3.5 percent to $47 on the ICE.


Indian rupee ended marginally stronger against dollar for the second straight day on Wednesday, owing to dollar sale by exporters and banks. Local currency got some support with the report that the wholesale price index based inflation eased to 2.17 percent in May this year from 3.85 percent in April, as prices of fuel and food articles declined. Some support also came with the report that the government is working on a new industrial policy to promote and develop frontier technologies, innovation and enhance competitiveness of domestic products. Moreover, some gains in the domestic equity markets too supported the domestic unit but the dollar strengthened against some currencies overseas capped further gains. On the global front, dollar steadied against yen on Wednesday, ahead of a Federal Reserve policy statement widely expected to raise interest rates for the third time in six months but also to signal doubts over how soon it may make its next move. Finally, the rupee ended at 64.29, 5 paise stronger from its previous close of 64.34 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 9326.45 crore against gross selling of Rs 4417.08 crore, while in the debt segment, the gross purchase was of Rs 2818.69 crore with gross sales of Rs 606.61 crore.


The US markets made a mixed closing in the last session, after the Federal Reserve raised its benchmark interest rate for the third time in three months despite signs the US economy cooled off in 2017. The Asian markets have made mostly a soft start with some indices witnessing cut of over half a percent tailing the US markets and on a report that investigators are probing whether President Donald Trump attempted to obstruct justice. The Indian markets despite choppiness managed a modestly positive close in the last session, led by the banking sector on reports that RBI is pushing for bankruptcy proceedings against 12 corporate borrowers. Today, the start is likely to be in red on weak regional cues, as the US Federal Reserve raised interest rates, citing continued US economic growth and job market strength, and announced it would begin cutting its holdings of bonds and other securities this year. On the domestic front some support can come with the Union Cabinet approving the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017. The Bill would provide for a comprehensive resolution framework for specified financial sector entities to deal with bankruptcy situation in banks, insurance companies and financial sector entities. There will be some buzz in the agri and banking stocks, as the Union Cabinet has also approved the interest subvention scheme (ISS) for farmers for the year 2017-18 which will help farmers getting short term crop loan up to Rs 3 lakh payable within one year at only 4 percent per annum. The government has earmarked a sum of Rs 20,339 crore for this purpose. The telecom stocks too will be buzzing, as the four large banks, including the SBI, called on the government to boost liquidity in troubled telecom companies, cautioning that the financial stress may lead to potential defaults.


Support and Resistance: NSE (Nifty) and BSE (Sensex)



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Reliance Industries





Bank of Baroda





  • Mahindra & Mahindra has entered into tie-up with leasing and finance firm ORIX India to provide vehicle finance on purchase of medium and heavy trucks of the automaker.
  • Reliance Industries' telecom arm - Reliance Jio Infocomm has added around 3.9 million subscribers during April 2017.
  • Coal India is planning to enter into joint venture with government-controlled Paradip Port to sell blended coal as per consumer's requirement for better value realization.
  • NTPC has energized 150 kWp Canal Top Solar PV System on cooling water channel at its 2320 MW Mouda Thermal Power Project, near Nagpur in Maharashtra.
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