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NSE Intra-day chart (17 July 2017)
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Market Commentary 18 July 2017
Soft start on cards tailing weak global cues

Resuming their record setting spree, Indian equity benchmarks ended the session with decent gains, with Sensex closing at new peak and Nifty ending above 9,900 mark for the first time. Markets after making an optimistic start traded in tight band throughout the session. Sentiments remained up-beat with latest edition of the Organisation for Economic Co-operation and Development's (OECD) 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. Traders also took some support with report that India's trade deficit narrowed in June after swelling to a 30-month high in May even as exports grew slowly in the month. Exports grew 4.39%, a four-month low in the 10-months of continuous growth, to $23.5 billion. Trade deficit was $8.1 billion in the year ago period and $13.84 billion in May. Some support also came with report that 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. Adding to the optimism, foreign investors have poured nearly Rs 11,000 crore in the capital markets in the first two weeks of July, supported by the trouble-free rollout of GST and stimulating Indian economy. The latest inflow comes following a net infusion of over Rs 1.62 lakh crore in the previous five months (February-June) on several factors. Finally, the BSE Sensex gained 54.03 points or 0.17% to 32,074.78, while the CNX Nifty was up by 29.60 points or 0.30% to 9,915.95. 


The US markets closed mostly lower on Monday, after a session of struggle to push higher, only to fall short of records, as investors looked toward key quarterly results that will be released this week to set the tone. On the economy front, a reading of New York-area manufacturing cooled in July from a two-year high. The New York Fed's Empire State manufacturing index fell to a seasonally adjusted reading of 9.8 from 19.8 in June. Readings in July for new orders, shipments, inventories, delivery times and number of employees all decelerated. That said, the Empire State index has been positive for six out of seven months in 2017. Manufacturing of late has showed some tentative signs of strength, helped by a recovery in the oil sector as prices have stabilized. Industrial production rose for the fifth month in June. The Dow Jones Industrial Average lost 8.02 points or 0.04 percent to 21,629.72, the S&P 500 edged lower by 0.13 points or 0.01 percent to 2,459.14, while Nasdaq added 1.96 points or 0.03 percent to 6,314.43. 


Crude oil futures ended lower on Monday, as investors fretted about oversupply in the industry despite recent data showing strong refinery demand from China and a slowdown in U.S. output. Weak economic data too weighed on the sentiments; activity in the New York manufacturing sector grew at a notably slower pace in the month of July, while the New York Fed said its general business conditions index dropped to 9.8 in July from 19.8 in June. Though, China's refinery activity continued to indicate strong fuel demand, as data showed oil refineries increased throughput in June to the second highest on record. Benchmark crude oil futures for August delivery declined by $0.52 or 1.12 percent to $46.02 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended down by 0.94 percent at $48.45 a barrel on the ICE.


Indian rupee strengthened against dollar on Monday, on lower trade deficit data and a positive domestic equity market. India's trade deficit narrowed more-than-expected to $12.96 billion in June as gold imports nearly halved from a month earlier. Some support also came 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. The local currency also received a boost from a weakness in US greenback against some major currencies overseas. On the global front, dollar was wallowing near 10-month lows on Monday after data showing that China's economy gained momentum in the second quarter amid lingering doubts over the Federal Reserve's plans to raise interest rates again this year.  Finally, the rupee ended at 64.35, 9 paise stronger from its previous close of 64.44 on Friday.


The FIIs as per Monday's data were net buyers in equity and debt segments both. In equity segment, the gross buying was of Rs 4307.53 crore against gross selling of Rs 3771.99 crore, while in the debt segment, the gross purchase was of Rs 1505.56 crore with gross sales of Rs 724.65 crore.


The US markets ended mostly in red in the last session, though Nasdaq ended with positive bias, the Dow and S&P declined marginally from their record highs reached on Friday, as investors looked toward key quarterly results that will be released this week to set the tone. The Asian markets have started mostly in red, halting a six-day surgeon concern that the U.S. health-care reform bill is effectively dead in its current form, casting a cloud on President Donald Trump's broader economic revitalization agenda. The Indian markets posted modest gains in last session, hitting their fresh closing highs, as weak US inflation and retail sales data dimmed prospects of more Fed rate hikes this year. Today, the start is likely to be soft tailing the weak global cues, investors would keep an eye on the monsoon session of Parliament, which is expected to be stormy. Markets however, may get some support with a private survey stating that Indian CEOs are confident about the growth prospects of the country over the next three years, compared to that of global economy. Further, they believe technology will be one of the top factors impacting growth of their organisations in the next three years. Meanwhile, the Supreme Court granted one week's time to the Reserve Bank of India (RBI) to respond to a report of a committee appointed to deal with bad loans with banks that have crossed Rs 8 lakh crore. The cigarette stocks will remain under pressure, as the GST Council raised the cess on cigarettes to take away an estimated Rs 5,000 crore annual 'windfall' manufacturers could have reaped from lower GST rates. The telecom stocks too will be in focus, as the Telecom Minister Manoj Sinha has said that the Communications Ministry will 'analyse' the impact of Goods and Services Tax on telecom subscribers, and approach the Finance Ministry in case consumers or players face "genuine problems".


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  • M&M is all set to launch its two new models in order to consolidate its position in the Indian passenger vehicle segment.
  • BPCL has made its first purchase of US oil, buying high sulphur crudes Mars and Poseidon in a tender.
  • Tata Motors has introduced two new engines and a gear box for its all new SUV Nexon that will be launched bofore the Diwali.
  • ACC has reported 32.58% rise in its consolidated net profit at Rs 326.23 crore for the quarter ended June 30, 2017 as compared to Rs 246.07 crore for the corresponding quarter in the FY17. 
News Analysis