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NSE Intra-day chart (14 July 2017)
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Market Commentary 17 July 2017
Markets to make a flat-to-positive start

Record hitting streak comes to an end on Friday, with frontline gauges settling tad below their neutral lines, as traders opted to book some of their profits after four days of continues rally. Initially, Sensex opened at a new high of over 32,100 mark, while Nifty too hit a new peak of 9,900 mark for the first time ever on strong buzz that a policy rate cut may be on the anvil after inflation touched a ‘record low'. However, markets failed to hold on to their gains and entered into red terrain, breaching their respective crucial levels, as traders remained 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. Moreover, another IT bellwether firm Infosys reported a 3.3 per cent sequential drop in net profit at Rs 3,483 crore for June quarter. Investors also remained on sidelines ahead of 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. Losses remained capped with report that India is ranked 116 out of 157 nations on a global index that assesses the performance of countries towards achieving the ambitious sustainable development goals (SDGs). India with a score of 58.1, is behind countries such as Nepal, Iran, Sri Lanka, Bhutan and China. The SDG Index and Dashboards Report shows world leaders need to strengthen their efforts to realize the 17 global goals. Some solace also came with report that the wholesale price index based inflation fell to 0.9 percent in June from 2.17 percent in May. The fall in WPI as well as CPI inflation raised hopes for rate cut by RBI in August monetary policy. Finally, the BSE Sensex declined 16.63 points or 0.05% to 32,020.75, while the CNX Nifty was down by 5.35 points or 0.05% to 9,886.35.


The US markets closed higher on Friday, with several indexes posting all-time records, led by large gains in the tech sector. This was despite a mixed batch of second-quarter earnings from three major banks. The Atlanta Federal Reserve's GDP Now forecast model showed that the US economy is expanding at a 2.4 percent annualized pace in the second quarter based on unexpectedly weak data on retail sales and consumer prices in June. On the economy front, the cost Americans pay for goods and services was little changed in June, larger reflecting lower gasoline prices but also showing that a recent surge in inflation has crested. More important, the rate of inflation over the past 12 months slowed to 1.6% in June from 1.9% in the prior month, and it is down from five-year high of 2.7% just five months ago. A stripped-down measure of inflation that excludes the volatile food and energy categories rose 0.1% in June. Over the past 12 months the so-called core CPI is up 1.7%, unchanged from the prior month. Industrial production rose 0.4% in June, a touch ahead of expectations, as mining output surged 1.6%. Utilities output as flat and manufacturing output edged up 0.2%. The Dow Jones Industrial Average added 84.65 points or 0.39 percent to 21,637.74, the Nasdaq added 38.03 points or 0.61 percent to 6,312.47, while S&P 500 edged higher by 11.44 points or 0.47 percent to 2,459.27. 


Crude oil futures strengthened further on Friday despite a volatile trade, boosted by lower U.S. stockpiles, a slight slowdown in U.S. crude production and signs of increased Chinese demand. Crude prices gained by 5.2 percent for the week on a weaker dollar and hopes the Federal Reserve will goose the U.S. economy with low interest rates for the foreseeable future. Meanwhile, according data from oil services firm Baker Hughes showed an uptick in number of active U.S. oil rigs to 765, up by 2 from the previous week, though the pace of additions has slowed to its lowest this year. Benchmark crude oil futures for August delivery added $0.46 or 1 percent to $46.54 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended up by $0.49 or 1.01 percent at $48.91 a barrel on the ICE.


Indian rupee ended flat against US dollar on Friday, even as wholesale price index based inflation eased to 0.9 percent in June from 2.17 percent in May, on account of easing manufactured products and fuel prices. Besides, weak trade in domestic equity market too kept pressure on the local currency. Meanwhile, investors remained on sidelines ahead of 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. On the global front, the dollar struggled for direction on Friday, ahead of a set of closely watched inflation data that analysts say could help determine the next policy move from the Federal Reserve. Finally, the rupee ended unchanged from its previous close of 64.44 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 5292.17 crore against gross selling of Rs 5375.44 crore, while in the debt segment, the gross purchase was of Rs 1130.69 crore with gross sales of Rs 1402.47 crore.


The US markets moved higher in the last session with Dow and S&P climbing to new record highs, following the release of several key economic reports, with the data suggesting that the Federal Reserve will not be in any hurry to raise interest rates. The Asian markets have made mostly a positive start though the Chinese market was down amid concern that policies to reduce leverage in Asia's biggest economy will curb earnings. The Indian markets though recovered from the lows of the day but ended marginally in red in last session. Today, the start of the new week is likely to be mildly in green but cautiousness likely to prevail ahead of the start of the monsoon session of Parliament. A total of 21 Bills pending in Lok Sabha and 42 Bills pending in Rajya Sabha will be in focus. Markets may get some support with latest edition of the OECD`s economic outlook report on India stating that economic growth is projected to remain strong and India will remain the fastest growing G20 economy. It added that private consumption has been buoyant, boosted by the increase in public wages and pensions and by higher agricultural and rural incomes. Meanwhile, Prime Minister Narendra Modi held a meeting with senior government functionaries to review the country`s current foreign direct investment (FDI) policy, which discussed measures to further liberalise the policy, so as to attract more FDI in various sectors. Markets will also be getting some support with data that India's trade deficit narrowed more-than-expected to $12.96 billion in June as gold imports nearly halved from a month earlier. There will be lots of important earnings announcements to keep the markets buzzing for the day.


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  • Reliance Industries' telecom arm - Reliance Jio Infocomm has added 4.78 million subscribers in May 2017.
  • Mahindra & Mahindra's wholly-owned subsidiary, Mahindra USA is planning to set up a greenfield manufacturing facility for tractors in the US in the next three-five years.
  • TCS has reported 5.82% fall in its consolidated net profit at Rs 5,950 crore for the quarter ended June 30, 2017 as compared to Rs 6,318 crore for the corresponding quarter in the FY17.
  • Yes Bank has teamed up with the Overseas Private Investment Corporation and Wells Fargo on an agreement to increase lending to SMEs in India.
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