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NSE Intra-day chart (20 April 2017)
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Market Commentary 21 April 2017
Markets to extend gains on positive global cues

Indian equity markets witnessed a fairly stable day of trade on Thursday as investors picked beaten down counters, including technology stocks that lost ground on disappointing quarterly results from software services exporters Infosys and TCS. Sentiments got some support with the report that a normal monsoon this year should continue to revive rural demand and allow the RBI to cut rates by 25 bps in August. According to the report, rural demand is already reviving and the autumn kharif farm income has jumped by 26 percent last year. However, overall gains remained muted ahead of the first round of the French presidential election over the weekend. Opinion polls suggest that the election will be a close call. Investors also remained nerves 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. Meanwhile, shares of aviation companies like InterGlobe Aviation, SpiceJet and Jet Airways gained tractions after data showed that air traffic during March quarter was almost 18.6% higher than the corresponding period last year. Sugar stocks surged after the government decided 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. Furthermore, private sector banks witnessed selling pressure after lower than expected result posted by two leading private banks namely Yes Bank and IndusInd Bank, while good buying was observed in PSU banks after new NPA policy received in-principle nod as Prime Minister's Office, Finance Ministry and RBI have reached a consensus. Finally, the BSE Sensex surged 85.82 points or 0.29% to 29422.39, while the CNX Nifty was up by 32.90 points or 0.36 % to 9,136.40.


The US markets closed mostly higher on Thursday, with the Nasdaq closing at a record, as investors welcomed a deluge of stronger-than-expected corporate earnings reports and economic data. Federal Reserve Governor Jerome Powell, speaking about capital markets and the economy, said now was a good time to review the raft of banking regulations put in place since the financial crisis. On the economy front, the number of out-of-work people collecting unemployment checks fell to a 17-year low in April, underscoring the strongest US labor market in years. So-called continuing jobless claims fell by 49,000 to 1.98 million, marking just the second time they've fallen below 2 million during the current eight-year-old economic expansion. Continuing claims also dipped below the 2 million mark in March. Meanwhile, the gap between an index of leading and one of current economic indicators is at its highest since the eve of the recession - suggesting either a sharp upward turn in the economy is imminent, or that on a number of measures, confidence gauges have gotten ahead of themselves. The Conference Board on Thursday reported that its leading economic index rose 0.4% in March. The Dow Jones Industrial Average added 174.22 points or 0.85 percent to 20,578.71, Nasdaq gained 53.75 points or 0.92 percent to 5,916.78, while S&P 500 ended higher by 17.67 points or 0.76 percent to 2,355.84.


Crude oil futures extended their fall for the fourth straight session on Thursday, though the Nymex crude managed to hold above the psychologically important $50 mark. Traders were concerned over rising US oil production that offset bullish comments from oil producers on a possible extension to the OPEC-led deal to cut global supply.  Saudi Energy Minister Khalid al-Falih said “there is consensus building, concerning a possible extension to the OPEC-led deal but it's not done yet”. OPEC members are scheduled to meet in Vienna on May 25. Benchmark crude oil futures for May delivery ended lower by $0.17 or 0.3 percent to $50.27 on the New York Mercantile Exchange. In London, Brent crude for June delivery ended up by $ 0.03 at $52.96 on the ICE.


Indian rupee, after making a weak start, recouped all its losses and ended marginally stronger on Thursday on fresh selling of American currency by banks and exporters. Local currency got some support with the report that a normal monsoon this year should continue to revive rural demand and allow the RBI to cut rates by 25 bps in August. According to the report, rural demand is already reviving and the autumn kharif farm income has jumped by 26 percent last year. Besides, positive gains in the equity market along with dollar struggled against some other currencies overseas too supported the rupee. On the global front, dollar inched lower against a basket of major currencies on Thursday, suffering from a solid performance by the euro before the first round of French presidential elections and from an improvement in sentiment towards Britain's pound this week. Finally, the rupee ended at 64.56, 1 paise stronger from its previous close of 64.57 on Wednesday.


The FIIs as per Thursday'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 3838.67 crore against gross selling of Rs 4403.49 crore, while in the debt segment, the gross purchase was of Rs 1745.48 crore with gross sales of Rs 1146.57 crore.


The US markets coming out of their consolidation mood surged in last session, reacting positively to the latest batch of corporate results. Positive sentiment was also generated by comments from Treasury Secretary Steven Mnuchin, who indicated the Trump administration plans to unveil a major tax reform plan 'very soon.' The Asian markets have made a green start and some of the indices are up by 0.50-1.00 percent in early deals on optimism for a U.S. tax overhaul and the yen weakness after Bank of Japan Governor Haruhiko Kuroda said he will keep accommodative policy in place. The Indian markets after showing a choppy trade posted gains of over a quarter percent in last session, supported by realty and material stocks. Today, the start is likely to be in green on sanguine global cues. Commerce and Industry Minister Nirmala Sitharaman has said that currency fluctuation has become the new normal and there is a need to focus on other factors like infrastructure and raw material cost to enhance export competitiveness. Banking stocks may continue to remain under pressure, as global ratings agency Fitch in its latest report has said that RBI's updated 'prompt corrective action' (PCA) rules can potentially impact more than half of the NPA-laden state-run banks. It said that more than half of state-owned banks would breach at least one of the new thresholds, mainly owing to high NPLs, based on their latest financial reports. Meanwhile, deputy governor of RBI SS Mundra has said that the Indian government and the Reserve Bank of India had not yet reached an agreement on a new plan to clean up the record troubled debt accumulated at the country's lenders. There will be some important result announcements to keep the markets in action.


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  • Yes Bank has posted a rise of 30.20% in its net profit at Rs 914.12 crore for the quarter ended March 31, 2017 as compared to Rs 702.11 crore for the same quarter in the previous year.
  • Tata Motors has launched buses with automated manual transmission technology in its Starbus and Ultra ranges with price starting at Rs 21 lakh.
  • Coal India has reported 1.3% rise in supply of coal to power sector to 420.2 million tonnes in 2016-17.
  • Tata Steel is looking at higher exports this year and seeking opportunities in South East Asian market following strong prices.
News Analysis