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NSE Intra-day chart (19 April 2017)
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Market Commentary 20 April 2017
Markets to make a mildly positive start

Indian stock markets ended the range bound day of trade on a flat note as investors gauged the impact from British Prime Minister Theresa May's surprise decision to hold early elections. There was no major buying in any corner that could lift the markets and traders remained on sidelines ahead of the first-round presidential polls in France this weekend and amid brewing geopolitical tensions. Market participants also remained cautious with the report that IMF trimmed India's annual growth forecast by 0.4 percentage points to 7.2% for 2017, citing the temporary negative consumption shock induced by cash shortages and payment disruptions from the recent demonetization move. Adding the woes, India's largest software services exporter, Tata Consultancy Services (TCS) missed estimates on both the profit and revenue front with negative growth in the BFSI and retail segments. The company's net profit for the Q4 fell 2.5% sequentially to Rs 6,608 crore, while revenues declined 0.3% to Rs 29,642 crore. It's for the second consecutive quarter that it has underperformed Infosys. Further, several banking stocks came under pressure after IndusInd Bank missed estimates on profit front and ahead of Yes Bank earnings later today. IndusInd Bank reported a rise of 21.16% in its net profit at Rs 751.61 crore for the quarter ended March 31, 2017 as compared to Rs 620.35 crore for the same quarter in the previous year. Net Profit was adversely impacted by sharp jump in provisions despite stable asset quality. Provisions and contingencies jumped 101.32% to Rs 430.13 crore in the quarter from Rs 213.66 crore in the same quarter last year. However, sentiments got some support with the report that India jumped one spot to 8th rank in the 2017 A.T. Kearney Foreign Direct Investment (FDI) Confidence Index. Finally, the BSE Sensex gained 17.47 points or 0.06% to 29336.57, while the CNX Nifty was down by 1.65 points or 0.02% to 9,103.50. 


The US markets closed mostly lower on Wednesday, as a drop in oil prices fueled a selloff in energy shares, while a drop in International Business Machines Corporation (IBM) was responsible for half the session's losses in the blue-chip average. The Federal Reserve's so-called Beige Book found a larger number of firms mentioned high turnover rates and more difficulty retaining workers.  Tight labor markets are broadening out wage gains but price pressures remain modest. A couple of districts said that worker shortages and increased labor costs were restraining growth in manufacturing, transportation and construction. Despite these pressures, overall inflation was modest. Selling prices rose only slightly. . Information from contacts collected before April 10 suggested somewhat softer readings in non-auto consumer spending and an expansion in the manufacturing sector. Home building accelerated and energy-related businesses reported improved conditions. The Dow Jones Industrial Average lost 118.79 points or 0.58 percent to 20,404.49, S&P 500 ended lower by 4.02 points or 0.17 percent to 2,338.17, while the Nasdaq added 13.56 points or 0.23 percent to 5,863.03.


Crude oil futures suffered sharp sell-off in the last session and lost around 4 percent on Wednesday, as concerns over rising levels of U.S. crude oil production returned, after the Energy Information Administration (EIA) reported U.S. crude inventories fell less than expected. The bearish inventory news overshadowed comments from OPEC head Barkindo, who said the cartel was seeing compliance with its supply quota plan. Meanwhile, the EIA said that crude oil inventories fell by 1.034 million barrels compared to estimates of a draw of 1.470 million barrels. Gasoline inventories grew by 1.542 million barrels, while distillate stockpiles fell by 1.955 million barrels. Benchmark crude oil futures for May delivery ended lower by $1.97 or 3.8 percent to $50.44 on the New York Mercantile Exchange. In London, Brent crude for May delivery ended down by $ 1.96 at $52.84 on the ICE.


Snapping two days losing streak, Indian rupee appreciated against dollar on Wednesday due to increased selling of American currency by exporters and banks. Investors took encouragement with India Meteorological Department's (IMD's) statement that India will get normal rainfall this monsoon season, somewhat allaying fears that an El Nino phenomenon may disrupt the weather system that's the lifeline for the country's rural economy. The June-September monsoon rainfall this year is expected to be 96% of the long-term average with a 5% error margin bringing relief to millions of farmers in the country. On the global front, dollar pulled away from five-month lows versus yen on Tuesday, with comments from U.S. Treasury Secretary Steven Mnuchin and higher debt yields giving the bruised greenback some breathing space. Finally, the rupee ended at 64.57, 6 paise stronger from its previous close of 64.63 on Tuesday.


The FIIs as per Wednesday's data were net sellers in equity segment, while they were net buyers in debt segment. In equity segment, the gross buying was of Rs 3509.28 crore against gross selling of Rs 4321.43 crore, while in the debt segment, the gross purchase was of Rs 833.72 crore with gross sales of Rs 580.48 crore.


The US markets made a mixed closing in last session, as traders reacted to the latest earnings news as well as a steep drop by the price of crude oil. The overall trading activity was somewhat subdued with lingering geopolitical uncertainty keeping some traders on the sidelines. The Asian markets have made mostly a positive start, the Japanese market was up as the country's exports grew at the fastest rate in more than two years in March, supporting a moderate economic recovery, on the other hand the Chinese market was flat after four days of losses. The Indian markets coming out of the choppiness managed a flat closing in the last session with Sensex ending in green. Today, the start is likely to be mildly positive, although the trade may remain range-bound lacking any major supportive cues. There will be some cautiousness with Chief Economic Adviser Arvind Subramanian's statement that India's high economic growth rate last fiscal may not reflect the actual impact of demonetisation particularly on the informal sector, and it may take a few months to assess its real fallout. The infra stocks will keep buzzing, as the government has approved the policy guidelines to allow financially sound state government entities to borrow directly from bilateral ODA (Official development Assistance) partners for implementation of vital infrastructure projects. There will be some reaction among the sugar stocks too, with the government's decision to extend stock limits on sugar traders by another six months till October 2017 to check sweetener prices that are ruling at Rs 42-44 per kg. The move will enable state governments to impose stock limits and licensing requirements in respect of sugar. There will be some important result reactions too, to keep the markets in action.


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  • Bharti Airtel has entered into a partnership with Amazon for Amazon's Fire TV Stick with Voice Remote, which was launched in India on April 19, 2017.
  • Indian Oil Corporation has bought 3 million barrels of Russian Urals crude for June loading in a tender.
  • SBI's joint venture - SBI Card has started charging Rs 100 for payment through cheque if the amount is up to Rs 2,000.
  • TCS has reported a rise of 4.23% in its consolidated net profit at Rs 6,608 crore for the quarter ended March 31, 2017 as compared to Rs 6,340 crore for the corresponding quarter in the FY16.
News Analysis