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NSE Intra-day chart (18 January 2018)
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Market Commentary 19 January 2018
Markets to make a flat but positive start of the day

Extending their previous session's jubilation, Indian equity benchmarks traded with traction through the session and settled at all time closing high levels. Profit booking in last leg of trade took markets off day's high, but key gauges managed to end the session above their crucial 35,200 (Sensex) and 10,800 (Nifty) levels. Domestic bourses started the session with a huge gap on the up side, as traders took some encouragement with report that direct tax collections during the first nine-and-a-half months of the current fiscal have risen by 18.7 per cent to Rs 6.89 lakh crore. CBDT said that the collections till January 15, 2018 represent over 70 per cent of the Rs 9.8 lakh crore revenue target from direct taxes. Sentiments also got some support with Commerce and Industries Minister Suresh Prabhu expressing optimism that Indian economy is likely to grow to $5 trillion over the next eight to nine years, backed by government's focus on bridging digital divide which is also helping people scale up their income. Market participants continued to take some support from report that the government has reduced the additional borrowing requirement to Rs 20,000 crore for the financial year 2017-18. Prior to this, an additional loan of Rs 50,000 crore was estimated to be borrowed. However, traders booked some of their profit at higher levels in last leg of trade after the World Economic Forum (WEF) said in its annual Global Risks Report that the world will see risks related to environment, economy and international relations intensify this year with a majority of stakeholders expecting political or economic confrontations between major powers to worsen. Traders also remained watchful ahead of GST Council meet scheduled for the day which will consider a host of proposals to simplify procedure for filing of returns, registration of large entities and take stock of the GSTN's readiness for e-way bill rollout from February 1. The GST Council is expected to consider a reduction in tax rates for some items, about 80 going by some reports, and the inclusion of real estate in its 24th meeting. But, markets get strong support near 35,200 (Sensex) and 10,800 (Nifty) levels and managed to end comfortably above those levels. Finally, the BSE Sensex surged 178.47 points or 0.51% to 35,260.29, while the CNX Nifty was up by 28.45 points or 0.26% to 10,817.00.


The US markets closed lower on Thursday, pressured by worries over the possibility of a partial government shutdown, as investors sorted through a fresh batch of quarterly earnings results. Meanwhile, the lawmakers are working to carve out a deal to avoid a looming shutdown for Saturday. Democrats and Republicans looked to be making little headway though, with immigration a major sticking point. Republican leaders are scheduled to bring forward a short-term spending bill to keep the government running through mid-February.  On the economy front, a gauge of Philadelphia-area manufacturing fell to five-month low of 22.2 in January. That's still well above the zero reading, as any positive figure indicates improving conditions. Confidence in the manufacturing sector, while strong, is returning to more normal levels. The new-orders component slumped 18 points to a reading of 10.1. Shipments did rise, growing to 30.3. The Dow Jones Industrial Average lost 97.84 points or 0.37 percent to 26,017.81, the Nasdaq dropped 2.232 points or 0.03 percent to 7,296.05, and the S&P 500 edged lower by 4.53 points or 0.16 percent to 2,798.03.


Crude oil futures declined once again  and ended marginally lower on Thursday, as traders fretted over a sharp rebound in US production which offset data showing crude supplies fell for the ninth-straight week. The Energy Information Agency (EIA) reported that U.S. crude production rose by 258,000 barrels per day (bpd) to 9.75 million barrels per day last week. US output is expected to rise above 10 million bpd in the coming weeks. Separately, EIA reported that Inventories of U.S. crude fell by roughly 6.86 million barrels for the week ended Jan. 12. Benchmark crude oil futures for February delivery ended lower by $0.02 at $63.95 a barrel on the New York Mercantile Exchange. Brent crude for March delivery was down by 0.12 percent to $69.26 a barrel on the ICE.


Indian rupee surrendered some of its earlier gains and ended tad higher against dollar on Thursday, on bouts of greenback selling by exporters and banks. The sentiments got some support with India Ratings and Research's latest report that the country's economic growth  is expected to improve to 7.1 per cent next fiscal from 6.5 per cent this year, buoyed by robust consumption demand and low commodity prices. Besides, gains in the local equity markets along with dollar's slide against some currencies overseas, too supported the rupee. On the global front, Sterling steadied against dollar on Thursday, consolidating some of the recent gains that have propelled the pound to its highest levels since Britain voted to exit the European Union. Finally, the rupee ended at 63.87, 1 paise stronger from its previous close of 63.88 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 7934.70 crore against gross selling of Rs 7125.75 crore, while in the debt segment, the gross purchase was of Rs 2373.76 crore with gross sales of Rs 2662.14 crore. Besides, in the hybrid segment, the gross buying was of Rs 150.26 crore against gross selling of Rs 152.13 crore.


The US markets gave up some ground in the last session on concerns about a potential government shutdown, with a deadline to pass a spending bill looming on Friday. Profit taking also contributed to the pullback, with some traders cashing on the recent run to record highs. The Asian markets have mostly a positive start unfazed by the overnight decline in the US markets and headed for a sixth week of gains, though investors continue to monitor the possibility of a US government shutdown, with federal spending authority set to expire Friday. The Indian markets despite giving up some of their gains in the late trade, managed decent gains in the last session, with benchmarks notching their fresh record highs, amid reports that the government is considering a proposal to permit 100 percent FDI in private banks. Today, the start is likely to be mildly in green tailing the regional counterparts and the traders will be reacting to domestic development, where the GST Council decided to cut tax rates on 29 products and 53 services, in what is seen as the biggest overhaul since the launch of GST. Finance Minister Arun Jaitley also said that the panel at its next meeting may also consider bringing under the Goods and Services Tax (GST) purview items like petroleum and real estate which are currently outside the new regime. Though, there will be some cautiousness as well, as the tax rate cut on 29 goods and 54 services would result in a revenue loss of around Rs 1,000 crore. Meanwhile, in a pre-Budget meeting with Finance Minister Arun Jaitley, State ministers called for higher budgetary allocations and also offered suggestions on fiscal policy. There will lots of important earnings announcements to keep the market buzzing for the day.


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  • TCS has expended its strategic partnership with Shure Incorporated, a world-renowned audio equipment manufacturer.
  • Dr. Reddy's Laboratories has recalled a single lot of Docetaxel injection vials, used for treatment of breast cancer.
  • Yes Bank has reported 22.01% rise in its net profit at Rs 1076.87 crore for Q3FY18 as compared to Rs 882.63 crore for Q3FY17.
  • HDFC Bank's market capitalisation has crossed Rs 5 trillion for the first time ever after the share price of the bank hit a new high on January 18, 2018.
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