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NSE Intra-day chart (16 November 2017)
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Market Commentary 17 November 2017
Markets likely to continue their upmove with a strong start

Thursday turned out to be a remarkable day of trade for Indian equity benchmarks where bulls tightened their grip on Dalal Street, with Nifty and Sensex recapturing their crucial 10,200 and 33,100 levels, respectively. The markets' mood remained up-beat throughout the day and benchmarks fervently gained from strength to strength to end near intraday high levels, as investors continued hunt for fundamentally strong stocks. Key gauges made a positive opening with Finance Minister Arun Jaitley's statement that with greater digitisation and formalisation of financial activities and businesses, India is set to become an “extremely attractive” country to do business. He, however, acknowledged short-term challenges for the country in implementing strategic initiatives such as demonetisation and the GST. Adding to the optimism, Arun Jaitley said that India's economic slowdown has bottomed out and now it should start moving upwards after recovering from the temporary blip seen during the recent structural changes. The finance minister also assured investors of a strong banking sector in India. Some support also came with Chief economic adviser (CEA) Arvind Subramanian's statement that recent move by the Goods and Services Tax (GST) Council to cut tax on 178 items, though, will have marginal impact on the revenue but that will be compensated by compliance benefits. He also feels that fall in prices will also help keep inflation under control. Investors took note of a private survey which showed that Prime Minister Narendra Modi remains by far the most popular figure in Indian politics, releasing the main findings of its latest survey conducted among 2,464 respondents in India. The report enlightened that the public's positive assessment of Modi is buoyed by growing contentment with the Indian economy: more than eight-in-ten say economic conditions are good. Finally, the BSE Sensex soared 346.38 points or 1.06% to 33,106.82, while the CNX Nifty was up by 96.70 points or 0.96% to 10,214.75.


The US markets closed higher on Thursday, with earnings-inspired gains by Cisco and Wal-Mart helping to set the pace, while House passage of a Republican-sponsored tax cut plan helped cement the rally. The passage of the tax bill is widely expected but it does not enjoy bipartisan support and in all likelihood, the final version is likely to look much different given that the Senate Finance Committee is proposing a bill that differs with it in key areas. On the economy front, industrial production in October jumped 0.9%. There also were upward revisions to July, August and September readings, enough so that production is now estimated to have dropped at annual 0.3% rate in the third quarter, against a prior estimate that production dropped 1.5% during that period. Over the past 12 months, industrial production has climbed 2.9%. Capacity utilization rose to 77% from 76.4% in September, compared with the 76.3% reading that economists forecast. Separately, the Philadelphia Fed's manufacturing index slowed to a reading of 22.7 in November from 27.9 in October. Meanwhile, initial jobless claims, a tool to measure US layoffs, rose by 10,000 to 249,000 in the week ended November 11. The Dow Jones Industrial Average added 187.08 points or 0.80 percent to 23,458.36, the Nasdaq gained 87.083 points or 1.30 percent to 6,793.29, and the S&P 500 edged higher by 21.02 points or 0.82 percent to 2,585.64.


Crude oil futures continuing their bearish trend ended lower on Thursday amid a flurry of U.S. economic data and as investors fretted over a potential uptick in global supply amid reports that Turkey and Iraq discussed resuming exports from the Kirkuk-Ceyhan pipeline. The resumed talk sparked fears of oversupply as many said a possible uptick in exports would forced OPEC to rein in production. Meanwhile, Energy Information Administration (EIA) Energy Agency's preliminary US production figures showed weekly output rose by 25,000 to an all-time high of 9.65 million barrels per day, as crude oil stockpiles rose for second week in arrow. Benchmark crude oil futures for December delivery ended lower by $0.19 or 0.4 percent at $ 55.14 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was down by $ 0.52 to $61.35 a barrel on the ICE.


Indian rupee ended marginally weaker against the American currency on Thursday, due to fresh dollar demand from banks and importers amid foreign fund outflows. Investors failed to get solace with Arun Jaitley's statement that India's economic slowdown has bottomed out and now it should start moving upwards after recovering from the temporary blip seen during the recent structural changes. Besides, strength in the US dollar against some other currencies overseas too weighed on the rupee sentiment. Though, splendid gains of local equities limited further depreciation of Indian currency. On the global front, dollar trimmed losses against a basket of major currencies after data showed a surprise rise in retail sales last month as well as an uptick in underlying inflation, raising expectations for an interest rate hike in December. Finally, the rupee ended at 65.31, 9 paise weaker from its previous close of 65.22 on Wednesday.


The FIIs as per Thursday's data were net buyers in equity segment, while they were net sellers in debt segment. In equity segment, the gross buying was of Rs 7564.20 crore against gross selling of Rs 5733.42 crore, while in the debt segment, the gross purchase was of Rs 1591.20 crore with gross sales of Rs 1746.32 crore.


The US markets got a strong bounce back and with the upward move on the day, the Nasdaq reached a new record closing high. The gains reflected a positive reaction to better than expected quarterly results from Wal-Mart and Cisco Systems. The Asian markets have made mostly a positive start, building up on their last session rally, as risk appetite returned amid rising odds of U.S. corporate tax cuts and encouraging earnings.  The Indian markets rallied in the last session recovering some ground from the last few sessions slump, on firm global cues and expectations for further rationalization of Goods and Services Tax (GST) rates. Today, the start is likely to be in green and the markets will be extending their gains on positive global cues and as Moody`s Investor Services, pinning faith in the continued progress on economic front backed by institutional reforms has lifted the Government of India's local and foreign currency debt ratings to Baa2 from Baa3. The rating agency said that the reforms will improve the business climate in the country and raise productivity. Traders will also be getting some support from statement of former RBI Governor C Rangarajan who said the inflation, which rose to 3.58 percent in October, may ease by December and end up below 4 percent by the end of the current fiscal. However, there will be some cautiousness too in India Inc. as the Reserve Bank of India is likely to come up with a fresh list of around 50 loan accounts that are either under stress or close to being classified as non-performing assets. The regulator may set a March 31 deadline for banks to find a resolution on these or commence bankruptcy proceedings against the borrowers. There will be buzz in the realty stocks, as the government has decided to increase the carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) for the Middle Income Group (MIG) under Pradhan Mantri Awas Yojana (PMAY). The move also means that the private developers will have incentives to increase scale.


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  • Infosys has entered into a partnership with global online learning company Udacity to train Infosys employees in its Self-Driving Car Engineer Nanodegree program.
  • Coal India in collaboration with Indian Railways has loaded 250 rakes in a day on November 14.
  • NTPC's arm - PVUNL and REC have signed a loan agreement for establishing the 3x800 MW Patratu Super Thermal Power Project Phase-I in Jharkhand.
  • Bharti Airtel has launched two new android powered 4G smartphones at the price of a feature phone in partnership with Karbonn Mobiles.
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