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NSE Intra-day chart (13 April 2017)
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Market Commentary 17 April 2017
Geopolitical worries to weigh on the markets opening

Thursday's trading session turned out to be an abysmal end of the week for the Indian equity markets as they prolonged the somber run for yet another session and deposed over half a percent on disappointing macroeconomic data. Industrial growth contracted unexpectedly in February, while consumer inflation quickened to a five-month high in March, a double setback for the Indian economy as it enters the new financial year. Industrial production shrank 1.2% in February against a 3.3% rise in January, while Consumer inflation accelerated to 3.81% in March largely due to increased fuel prices. The decline in Industrial production was broad-based with manufacturing contracting 2%, mining reporting a 3.3% rise in February and electricity generation stagnant at 0.3%. Besides, a weak trend in other global markets on continued geopolitical tensions and comments by President Donald Trump expressing concern about a strong greenback, also dampened trading sentiment. Adding the woes, the country's second-largest software services company Infosys has posted lower-than-expected January-March earnings. Infosys has reported marginal rise of 0.17% in its consolidated net profit at Rs 3603 crore for the quarter ended March 31, 2017 as compared to Rs 3597 crore for the corresponding quarter in the FY16. Furthermore, the company's revenue outlook and plan to return cash to shareholders fell short of expectations, raising concerns at the start of the earnings-reporting season. The company expects its 2017-18 revenue to grow between 6.1% and 8.1% in dollar terms and 6.5-8.5% in constant currency terms. Finally, the BSE Sensex decreased 182.03 points or 0.61% to 29461.45, while the CNX Nifty was down by 52.65 points or 0.57% to 9,150.80. Indian markets remained closed on Friday.


The US markets closed lower on Thursday, cementing a three-day losing streak and a decline for the holiday-shortened week as investors dealt with the start of earnings season and intensifying geopolitical jitters. The US dropping the largest nonnuclear weapon in its arsenal on a complex of caves in Afghanistan did little to encourage traders into a buying mood, with stocks extending losses after reports of the bombing mission. Trading volumes were light in advance of market closures in observance of Good Friday, and ahead of Easter. On the economy front, a gauge of consumer sentiment improved in April, as most Americans were upbeat about current conditions, although the partisan divide about the outlook for the economy remains stark. The University of Michigan said that consumer sentiment rose to 98 in a preliminary April reading, compared with March's final result of 96.0. The Dow Jones Industrial Average lost 138.61 points or 0.67 percent to 20,453.25, the Nasdaq was down 31.01 points or 0.53 percent to 5,805.15, while S&P 500 dropped 15.98 points or 0.68 percent to 2,328.95.US markets remained closed on Friday on account of Good Friday.


Crude oil futures recovered some ground on Thursday after slipping in the previous session. The trade though remained choppy and oil prices showed a lack of direction over the course of the trading day, as traders stuck to the sidelines following the strong upward move seen over the past few weeks. Some strength came with the International Energy Agency's (IEA) statement that the oil demand and supply imbalance was close to breakeven, after several developed countries reined in production. Meanwhile, Oilfield services firm Barker Hughes reported its weekly U.S. rig count rose by 11 to 683, it was the thirteenth straight weekly increase. Benchmark crude oil futures for May delivery ended up by $0.07 to $53.18 on the New York Mercantile Exchange. In London, Brent crude for May delivery ended tad higher by $0.01 at $55.87 on the ICE.


Indian rupee ended considerably stronger on Thursday as the dollar fell to a two-week low against a basket of other currencies after US President Donald Trump said that the currency was too strong and that he would prefer interest rates to stay low. The local currency shrugged off the domestic data showed that industrial production contracted in February and consumer price inflation edged up in March. The March retail inflation rose to highest level in 5 months of 3.81%, while the February IIP contracted to 1.2% from 3.3% in January. Besides, weak trade in local equities failed to cast any impact on the currency. Finally, the rupee ended at 64.41, 26 paise stronger from its previous close of 64.67 on Wednesday.


The FIIs as per Thursday's data were net sellers in equity segment, while they were net buyers in debt segment. In equity segment, the gross buying was of Rs 4120.24 crore against gross selling of Rs 4615.84 crore, while in the debt segment, the gross purchase was of Rs 2510.61 crore with gross sales of Rs 1088.38 crore.


The US markets continued their weakness in the last session for the third straight day, following comments by President Donald Trump, who told the Wall Street Journal he thinks the US dollar "is getting too strong." Trump also said he likes a low interest rate policy and noted he has not decided whether to reappoint Federal Reserve Chair Janet Yellen. The Asian markets have made a mixed start with some indices trading lower as geopolitical concerns offset data showing China's economy accelerated for a second month. The Japanese market was down by around half a percent after yen strengthened at a five-month high amid persistent concern over the situation with North Korea. The Indian markets before going for a long weekend lost substantial ground, today the start is likely to remain soft-to-cautious with the geopolitical tensions on North Korea that impacted the other Asian markets on Friday, weighing down the domestic market too. Also on  a Reserve Bank of India report that credit growth plunged to a whopping six-decade low of 5.08 percent in the financial year 2016-17, as against 10.7 percent a year ago. Traders will however be getting some support with growth in exports of goods from India reaching its peak in the last month of fiscal 2016-17 with a 27.59 per cent increase, year-on-year, to $29.23 billion in March 2017. After two continuous years of decline, exports in April-March 2016-17 posted an increase of 4.71 per cent to $274.64 billion compared to the previous fiscal. Meanwhile, Moody's Investors Service has said that India's credit profile would improve if it follows the fiscal discipline path and set up a fiscal council as recommended by the FRBM panel. Traders will be eyeing the wholesale price-based inflation for March to be announced later in the day. Oil marketing companies will be in action as the price of petrol has been hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre in sync with firming international rates.


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  • Cipla's wholly owned subsidiary - Cipla Medpro South Africa has completed the acquisition of Anmarate, South Africa on April 12, 2017.
  • Infosys has reported a rise of 5.04 percent in its net profit at Rs 3562 crore for the quarter ended March 31, 2017 as compared to Rs 3391 crore for the same quarter in the previous year.
  • ITC is planning to overhaul its foods portfolio in a bid to increase its market share in categories that have been showing signs of fatigue more than a decade.
  • Wipro will sign contract worth Rs 615.82 crore with Karnataka government to connect government offices from the Gram Panchayat level in the State.
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