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NSE Intra-day chart (22 August 2017)
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Market Commentary 23 August 2017
Positive start on cards on supportive global cues

Indian equity benchmarks ended the choppy day of trade with marginal gains, where frontline gauges, despite some hiccups, managed to keep their head above water, as traders opted for bargain hunting after registering losses in the preceding two trading sessions. Markets traded mostly in green through the session with traders taking support with DIPP's report that FDI flow into the country grew 37% to $10.4 billion during the first quarter of this financial year. India received $7.59 billion FDI during April-June 2016-17. Some support also came with foreign brokerage firm's report that India is expected to see a modest recovery in GDP growth at 6.6% for the April-June quarter as compared to 6.1% in January-March, which was affected by demonetization. Meanwhile, Prime Minister Narendra Modi is slated to interact with 200 CEOs to attain their views and suggestions to carry forward the 'New India' initiative. The two-day discussion involves groups consisting of around 35 industry leaders and government secretaries, who will deliberate on an array of topics, namely- New India by 2022, Make in India, Cities of Tomorrow, World Class Infrastructure, Doubling Farmers Income and Fixing Finance: Reporting the Financial Sector. However, gains remained capped as some cautiousness crept in on report that leading stock exchange BSE announced on Monday that it will ‘compulsorily' delist 200 firms this week and bar their promoters from the markets for 10 years as trading in these shares have remained suspended for over a decade. All these companies will be delisted from August 23. Traders also remained concerned with a private survey stating that consumer confidence in India declined in the second quarter of this year amid concerns regarding job security and lower optimism on employment prospects. Finally, the BSE Sensex gained 33.00 points or 0.11% to 31,291.85, while the CNX Nifty was up by 11.20 points or 0.11% to 9,765.55.


The US markets closed higher on Tuesday, with the Dow industrials and the Nasdaq turning in their best session in months, as a surge in appetite for technology shares and health-care stocks underlined a measure of bullishness returning to markets after a rough patch. Stocks gained momentum following a Politico report that President Donald Trump's top aides and congressional leaders are making progress on shaping a tax-reform plan. Traders were already focusing on the Kansas City Federal Reserve Bank's central bank symposium in Jackson Hole, Wyo., which starts Thursday and runs through Saturday. Federal Reserve Chairwoman Janet Yellen and European Central Bank President Mario Draghi are among top speakers, with investors hoping to get hints on the future monetary policy path from both institutions. The minutes from a discussion of the discount rate showed that all of the Federal Reserve's 12 regional banks wanted to hold steady the rate commercial banks are charged for emergency loans ahead of the US central bank's last policy meeting. The Dow Jones Industrial Average added 196.14 points or 0.90 percent to 21,899.89, the Nasdaq gained 84.35 points or 1.36 percent to 6,297.48, while the S&P 500 edged higher by 24.14 points or 0.99 percent to 2,452.51.


Crude oil futures moved higher on Tuesday ahead of the inventory data with traders expecting the data to show US supplies of crude oil fell for an eighth-straight week. Gasoline inventories are expected to be closely watched, as gasoline demand tends to ease, following the end of the U.S. 'summer driving season'. Meanwhile OPEC is meeting this week in Vienna to discuss its supply quota plan. OPEC officials estimated the cartel and other producing countries in July have delivered 94 percent of their pledged oil output cuts. Benchmark crude oil futures for October delivery ended up by $0.27 or 0.5 percent to $47.64 on the New York Mercantile Exchange. In London, Brent crude for October delivery ended higher by $0.32 at $51.98 a barrel on the ICE.


Indian rupee ended marginally higher against the American currency on Tuesday on continued dollar selling by banks and exporter. Though, trades were thin as public sectors banks were on strike. Investors took some support with report that Foreign Direct Investment (FDI) into the country grew by 37% to $10.4 billion during the first quarter of the current fiscal. According to DIPP, India had received $7.59 billion FDI during April-June 2016-17. The domestic unit also found some support from dollar weakened overseas along with gains in the local equity markets. On the global front, dollar pushed higher against a basket of the other major currencies on Tuesday as investors awaited the annual gathering of central bankers in Jackson Hole later this week for clues on how policymakers view the economy. Finally, the rupee ended at 64.10, 3 paise stronger from its previous close of 64.13 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 4312.11 crore against gross selling of Rs 6101.47 crore, while in the debt segment, the gross purchase was of Rs 1781.12 crore with gross sales of Rs 491.28 crore.


The US markets surged in the last session, with tech-heavy Nasdaq rebounding strongly after ending the previous session at its lowest closing level in well over a month, amid easing concerns about recent political turmoil in Washington. The Asian markets have made mostly a positive start, tracking overnight gains on Wall Street, as political tensions took a back seat to optimism about U.S. tax reform and global central bankers' commitment to loose monetary policy. The Indian markets after dilly-dallying throughout the day, managed a modestly positive close in last session, supported by some firmness in the global markets. Today, the start is likely to be in positive terrain on supportive global cues. Traders will be getting some support with a blog on Asian Development Bank's website, stating that the goods and services tax in India will benefit the lower and lower-middle income class as it is likely to reduce the tax rate on goods. It further stated that in general, GST is likely to reduce the tax rate on goods as compared to previously, while tax rates on services are expected to increase. Meanwhile, the Financial Stability & Development Council (FSDC) has said that India has macro-economic stability today on the back of improvement in its macro-economic fundamentals and structural reforms with the launch of the Goods and Services Tax (GST). The Council, comprising regulators, took note of the overall stability that has been achieved on the back of improvements in macro-economic fundamentals, structural reforms with the launch of the Goods and Services Tax (GST), action being taken to address the twin balance sheet challenge and financial market confidence. There will be some buzz in the market with BSE compulsorily delisting 200 companies with effect from today and bar promoters of these companies from accessing the securities market for 10 years. There will be some action in the telecom stocks, as the Inter-Ministerial Group (IMG) on telecom industry has hinted on extending the timeline for deferred spectrum payment by telcos to 16 years instead of 10 at present.



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  • Lupin has received notification that the inspection carried out by the USFDA in April 2017 at its Aurangabad facility is now closed and the agency has issued an EIR.
  • ONGC has received an in-principle approval to acquire the government's 51.11% stake in HPCL.
  • SBI has unveiled processing fee waiver of up to 100% on car loans, gold loans and personal loans for a limited period.
  • Axis Bank has tied-up with the worldwide cab hailing firm Uber for Unified Payments Interface-based payments.   
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