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NSE Intra-day chart (21 November 2017)
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Market Commentary 22 November 2017
Markets to extend gains with a positive start

Indian equity benchmarks extended their gaining streak for fifth straight day and settled with a gain of around one third of a percent amid sanguine global cues. Markets traded in fine fettle throughout the session, though markets ended off day highs on late hour profit booking. Sentiments remained up-beat since beginning of the trade with traders taking support with international rating agency Moody's report which expecting growth to revive next year, has said a 7.6% GDP expansion can result in corporates reporting a pre-tax profit growth of 5-6% over the next 12-18 months. The rating agency over the weekend had revised upwards sovereign ratings to Baa2 after almost 14 years. According to the rating agency, growth will “rebound strongly in 2018 because the supply chain disruptions of 2017 will end soon”. Some support also came with report that investors pumped over Rs 51,000 crore into various mutual fund schemes in October after pulling out more than Rs 16,000 crore in the preceding month. Market participants also took some encouragement with chief economic adviser Arvind Subramanian hinting that the government may combine the 12% and 18% slabs under the goods and services tax (GST) into one in the near future and reserve the 28% rate only for demerit goods. Investors took note that the government has moved a notch closer to achieving its disinvestment target through minority stake sales in state-run companies as it has garnered around Rs 14,500 crore through its latest offering - the Bharat-22 Exchange Traded Fund (ETF). The Bharat-22 ETF, which comprises shares of 22 firms, was oversubscribed four times and saw bids of nearly Rs 32,000 crore coming in, with foreign institutional investors (FII) putting in nearly one-third of the amount bid. Finally, the BSE Sensex surged 118.45 points or 0.36% to 33,478.35, while the CNX Nifty was up by 28.15 points or 0.27% to 10,326.90.


The US markets closed higher on Tuesday, finding support on another round of strong earnings, with technology shares leading the way. Investors focused on a number of corporate earnings and positive economic data. Trading volumes were expected to thin out this week as investors prepare for the long weekend following Thanksgiving holiday. On the economy front, the Chicago Fed's index of national economic activity surged to positive 0.65 in October from a sharply upwardly revised positive 0.36 in September. Even August weak reading was revised to show a smaller decline than previously reported. October's reading is the highest for the volatile index since positive 0.94 in December 2006. The index's less-volatile, three-month moving average improved to positive 0.19 in October from a negative 0.05 in September. Sales of previously-owned homes jumped to a seasonally adjusted annual pace of 5.48 million in October. Existing-home sales ran at a 5.48 million annual rate in October, up 2% to the best monthly rate since June. The Dow Jones Industrial Average gained 160.5 points or 0.69 percent to 23,590.83, the Nasdaq added 71.763 points or 1.06 percent to 6,862.48, and the S&P 500 edged higher by 16.89 points or 0.65 percent to 2,599.03.


Crude oil futures moved higher on Tuesday ahead of the inventory data and as the traders weighed the prospect of an extension to the production-cut agreement against expectations of higher US output. Prices moved higher amid expectations that the Organization of the Petroleum Exporting Countries (OPEC) will agree to extend output curbs beyond the March 2018 deadline at its upcoming meeting on Nov 30. Benchmark crude oil futures for December delivery ended higher by $0.41 at $ 56.83 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was up by $0.37 to $62.59 a barrel on the ICE.


Indian rupee appreciated against US dollar on Tuesday, as fresh sale of the US currency by exporters paced up. Sentiments remained up-beat with international rating agency Moody's report which expecting growth to revive next year, has said a 7.6% GDP expansion can result in corporates reporting a pre-tax profit growth of 5-6% over the next 12-18 months. Some solace also came with report that investors pumped over Rs 51,000 crore into various mutual fund schemes in October after pulling out more than Rs 16,000 crore in the preceding month. Moreover, the local unit also got some support from gains in domestic equity market, but a strong dollar overseas kept the rupee in check. On the global front, dollar strengthened against euro after news that Germany has been unable to form a coalition government, adding to political uncertainty in the European Union. Finally, the rupee ended at 64.90, 19 paise stronger from its previous close of 65.09 on Monday.


The FIIs as per Tuesday'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 4760.51 crore against gross selling of Rs 4977.81 crore, while in the debt segment, the gross purchase was of Rs 2151.06 crore with gross sales of Rs 1171.22 crore.


The US markets surged in the last session and the major averages reached new record closing highs. Upbeat earnings news from several well-known companies and bigger than expected jump in existing home sales in the month of October, led the gains in the market. The Asian markets have made a jubilant start with most of the indices showing gains of over half a percent in early deals, buoyed by fresh all-time highs for U.S. equities with investors energized by the outlook for profits and tax reform. The Indian markets despite losing some strength in the final hours managed a decent closing in the last session, extending their gaining streak for the fourth day. Today, the start is likely to be in green on firm global cues. On the domestic front traders will be getting some encouragement with report that GST tax returns filed increased. Filings of the summary returns GSTR-3B - with which the tax needs to be paid or nil liability claimed - have increased over the months since July. Till the August 20 deadline for filing GSTR-3B for the month of July without fine, 34 lakh returns were filed; the returns filed before the respective deadline for September was higher at 39.4 lakh and the number for October grew further to 43.7 lakh. Traders will also be getting some support with report that earnings of companies in the September quarter surprised investors and analysts, who almost doubled their upgrade ratings on the stocks they cover after the results. There will be buzz in the telecom stocks, as in a move that promotes optimum spectrum efficiency and utilisation as well as encourages consolidation in the sector, the Telecom Regulatory Authority of India (TRAI) has recommended the removal of the intra-band cap of 50% spectrum holding by operators in a circle.



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Yes Bank





  • TCS has entered into a multi-year partnership with Fairfax Events on three major running events in Australia.
  • Maruti Suzuki India's Alto has retained the top slot as the top-selling passenger vehicle model in the country in October. 
  • Yes Bank is raising $400 million through two Syndicated loan transactions in Taiwan and Japan.
  • Wipro is all set to open Rs 11,000 crore share buyback scheme on November 29 for Rs 320 a unit, at 8.6 per cent premium over current price.
News Analysis