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NSE Intra-day chart (19 January 2017)
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Market Commentary 20 January 2017
Markets to make a soft-to-cautious start


Indian benchmarks indices carried forward their northbound journey for yet another session on Thursday, ended slightly higher as investors awaited fresh triggers amid an uncertain global scenario. It turned out to be a rather volatile day of trade as the indices rebounded after drifting to lower levels in the morning session as sustained position build up was witnessed in several frontline stocks. Sentiments got some support with Minister for Road Transport and Shipping Nitin Gadkari's statement that it is the appropriate time to invest in India and added that the country is also working on ways to improve purchasing power of common men as that will present further opportunities. Further, market participants got some comfort with the private report indicating that strong domestic demand and cost competitiveness in exports will help Indian companies to overcome uncertainties from global geopolitical changes and domestic policy-making. According to report, faster economic growth as well as reforms will make India a good macroeconomic story and this, coupled with the stable credit profile of companies, bodes well for foreign currency bonds by Indian issuers. However, gains remained capped over policy uncertainties about the incoming Donald Trump administration in the U.S. and depreciation in rupee value against the dollar. Extending the previous session losses, the rupee plunged by another 14 paise to 68.22 against the previous close of 68.08 at the Interbank Foreign Exchange market today. On the global front, Asian markets ended mixed on Thursday, as investors turned cautious after Federal Reserve Chair Janet Yellen hinted that interest rates in the United States could rise quickly this year. Back home, finally, the BSE Sensex surged 50.96 points or 0.19% to 27308.60, while the CNX Nifty rose 18.10 points or 0.22% to 8,435.10.


The US markets closed lower on Thursday, with the Dow Jones Industrial Average suffering its worst losing streak since November as investors remained cautious a day ahead of Donald Trump's presidential inauguration. Federal Reserve Chairwoman Janet Yellen said that signs of overheating in the broader economy are scarce at the moment and risks are small that such conditions could suddenly emerge, signaling she saw no reason to rapidly raise interest rates. On the economy front, first-time claims for US unemployment benefits unexpectedly declined in the week ended January 14. The report said initial jobless claims fell to 234,000, a decrease of 15,000 from the previous week's revised level of 249,000. Manufacturing activity in the Philadelphia region expanded at the fastest pace in more than two years in January. The Philadelphia Federal Reserve's index of business conditions rose to 23.6 this month from a revised 19.7 in December, marking the fastest pace since November 2014. The Dow Jones Industrial Average lost 72.32 points or 0.37 percent to 19,732.40, the Nasdaq dropped 15.58 points or 0.28 percent to 5,540.08, while S&P 500 was down by 8.20 points or 0.36 percent to 2,263.69.


Crude oil futures witnessed some recovery and ended higher on Thursday, after several members of the Organization of Petroleum Exporting Countries said they've already made their pledged reductions. Benchmark crude oil futures for February delivery moved up by $0.29 or 0.6 percent to $51.37 on the New York Mercantile Exchange. In London, Brent crude for March delivery ended higher by $0.46 or 0.9 percent at $54.27 on the ICE.


Indian rupee weakened on Thursday due to fresh demand for American currency from banks and importers. The domestic currency remained weak since opening tracking weakness in the other Asian currency markets. Investors failed to get solace with Minister for Road Transport and Shipping Nitin Gadkari's statement that it's the right time for investing in India. He added that the country is working on ways to improve purchasing power of common men as that will help to boost further opportunities. Investors also remained anxious ahead of Trump's inauguration on Friday and waited for more clarity in an uncertain global scenario. On the global front, dollar rallied against other major currencies overseas on Thursday as dealers took a speech by Federal Reserve boss Janet Yellen as a hint that US rates will rise further this year. Finally, the rupee ended at 68.12, 5 paise weaker from its previous close of 68.07 on Wednesday.


The FIIs as per Thursday's data were net buyers in equity and debt segments both. In equity segment, the gross buying was of Rs 4140.79 crore against gross selling of Rs 3804.86 crore, while in the debt segment, the gross purchase was of Rs 1070.69 crore with gross sales of Rs 505.83 crore.


The US markets ended modestly lower in the last session, partly due to uncertainty about President-elect Donald Trump's policies ahead of his inauguration on Friday. Though indices came off the day's low on report that first-time claims for U.S. unemployment benefits unexpectedly declined in the week ended January 14. The Asian markets have once again made a mixed start though the Shanghai Composite Index held gains after Chinese gross domestic product for the fourth quarter topped economist forecasts. The Indian markets posted modest gains in the last session despite choppy trade, as investors remained optimistic of upbeat corporate earnings results. Today, the start is likely to be soft to cautious on mostly unsupportive global cues. However, markets may see recovery in latter trade and shore up with India emerging as the 'sweet spot' along with neighbour China to rev up the global economic growth at the World Economic Forum (WEF) Annual meet in Davos. Along with China, India was also applauded as a major driving force for world growth with leaders and economists emphasising the need for increased regional cooperation. IT and pharma stocks will be under pressure ahead of Donald Trump's swearing-in as US President today. There will be caution on talks of pricing pressure on pharma, and new H1B norms for IT companies. The aviation stocks will be in action, as more than three dozen airports across India, which today do not handle a single flight, may get connected under the government's UDAN (Ude Desh Ka Aam Naagrik) scheme. Bids by interested airlines have been received to connect 43 such new airports for 190 routes. There will be lots of individual result reactions too, to keep the markets buzzing for the day.


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  • Yes Bank has reported 30.62% rise in its net profit at Rs 882.63 crore for the quarter ended December 31, 2016 as compared to Rs 675.74 crore for the same quarter in the previous year.
  • HDFC has reduced retail prime lending rate by 15 basis points for its existing customers, with effect from January 19, 2017.
  • Coal India will hold long-term special forward auction for power producers with flexible lifting period of up to 3 years.
  • Bajaj Auto has launched new range of KTM RC motorcycles in India on January 19, 2017.
  • AXIS Bank has reported 73.36% fall in its net profit at Rs 579.57 crore for the quarter ended December 31, 2016 as compared to Rs 2175.30 crore for the same quarter in the previous year.


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