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NSE Intra-day chart (22 November 2017)
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Market Commentary 23 November 2017
Markets likely to make a flat-to-positive start

Extending their northward journey for fifth straight session, Indian equity benchmarks ended the Wednesday's trade with a gain of around quarter a percent. Despite some hiccups in first half of the session, markets traded with traction for most part of the day with traders taking some support 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. Some support also came 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. The sentiments also remained positive with ICRA's report highlighting that the economic expansion in terms of gross value added (GVA) is expected to improve to 6.3% in the three months to September from 5.6% in the previous quarter, on the back of a rise in industrial growth. Headline GVA growth, however, is likely to trail the 6.8% recorded in the second quarter of FY17. Investors also took some comfort with the report that the government has set up a 14-member panel to identify and suggest ways to address issues faced in implementation of the law. Meanwhile, the Cabinet approved a policy framework for central public sector enterprises (CPSEs) to negotiate the next round of wage revision with their workers. However, gains remained capped, as investors took note of a report that S&P said India's activity indicator looks lackluster indicating they might not barge on the BBB- rating on India any time soon. Finally, the BSE Sensex gained 83.20 points or 0.25% to 33,561.55, while the CNX Nifty was up by 15.40 points or 0.15% to 10,342.30.


The US markets closed mostly lower on Wednesday, maintaining a soft tone after the Federal Reserve minutes indicated that an interest-rate hike is likely but the pace of future tightening could be more moderate than expected given muted inflation. The Nasdaq bucked the broader trend to finish at a record, logging its third gain in a row. Tepid moves on Wednesday follow solid gains during the previous session when all three gauges finished at all-time closing highs. The market is closed Thursday for Thanksgiving. Meanwhile, according to the Fed minutes, the Fed viewed a near-term increase in interest rates as possible but central bank officials also expressed concerns about persistently low inflation, hinting that the bank may dial back its rate increases in 2018. The language from the Fed's October 31-November 1 meeting was comparatively softer than in the September discussions, reflecting worries that tepid inflation might also be a result of developments that could prove more persistent. On the economy front, initial jobless claims, a tool to measure US layoffs, fell by 13,000 to 239,000 in the week ended November 18. The more stable monthly average of claims rose 1,250 to 239,750. The Dow Jones Industrial Average lost 64.65 points or 0.27 percent to 23,526.18, the S&P 500 edged lower by 1.95 points or 0.08 percent to 2,597.08, while the Nasdaq added 4.88 points or 0.07 percent to 6,867.36.


Crude oil futures extended their gains on Wednesday, after data showed crude stockpiles fell for the first time in three weeks, while a disruption to a major pipeline in Canada too lifted sentiment. The Energy Information Administration said stockpiles dwindled by 1.9 million barrels for the week to November 17. Gasoline inventories rose by 44,000 barrels, while supplies of distillate unexpectedly rose by about 269,000 barrels. Prices have been rising in anticipation of OPEC's November 30 meeting. The cartel is expected to extend its supply quota plan through 2018, but Russia may not follow suit. Benchmark crude oil futures for December delivery ended higher by $1.19 or 2.1 percent at $58.02 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was up by 1.17 percent to $63.30 a barrel on the ICE.


Reversing early gains, Indian rupee concluded marginally weaker against US dollar on Wednesday, on account of buying of American currency by banks and importers. Report that S&P said India's activity indicator looks lackluster indicating they might not barge on the BBB- rating on India any time soon, too affected the rupee. However, downside remained capped as some support came with ICRA's report highlighting that the economic expansion in terms of gross value added (GVA) is expected to improve to 6.3% in the three months to September from 5.6% in the previous quarter, on the back of a rise in industrial growth. On the global front, euro edged higher for a second consecutive day on Wednesday, recouping more than half of its losses sustained after the German coalition collapse as investors bought the single currency on expectations of strong economic growth. Finally, the rupee ended at 64.92, 2 paise weaker from its previous close of 64.90 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 6071.71 crore against gross selling of Rs 6317.74 crore, while in the debt segment, the gross purchase was of Rs 1819.11 crore with gross sales of Rs 458.29 crore.


The US markets made a mixed closing in the last session; the trade remained light ahead of holiday. The trade showed lack of direction following the release of the minutes of the Federal Reserve's latest monetary policy meeting. The Asian markets have made mostly a positive start as the latest Federal Reserve meeting minutes highlighted a dovish tilt that showed divisions over the future path for U.S. monetary policy. Hong Kong's benchmark gauge for stocks moved past the 30,000 level for the first time in a decade. The Indian markets despite a choppy trade extended their gains in the last session and euphoria of Moody's decision to upgrade India's sovereign rating after a gap of 14 years, kept supporting the local markets. Today, the start is likely to remain in green however, there will be some cautiousness too with the government likely to tighten the Insolvency and Bankruptcy Code (IBC) through an ordinance to ensure that wilful defaulters and promoters of companies in loan default over an extended period of time won't be able to get their hands back on assets during the resolution process. Also, there will be buzz with the Cabinet giving its nod for constitution of the 15th Finance Commission that will decide the tax-sharing formula between the Centre and states for five years beginning FY21. Its recommendations will have to be in place before April 1, 2020. Meanwhile, the government has constituted a task force for redrafting the 50-year old income tax law in sync with the economic needs of the country. Markets may get some support with rating agency Moody's in its latest report expecting an improvement in the credit profiles of India Inc next year, driven by better sales as it expects GST-related disruptions to wane, leading to an all-round recovery in economic activities. The aviation stocks will be in action, as to provide a major boost to air connectivity in the Northeast, 92 new routes will be opened in the region in the second round of the government's 'Udaan' scheme.


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  • ONGC's wholly owned subsidiary - ONGC Videsh has acquired 15% stake in a oil block in Namibia. 
  • IOC is all set to start exporting aviation turbine fuel to Myanmar from December 2017.
  • Hindustan Unilever has reduced price for Bru Gold coffee from Rs 145 to Rs 111 on a 50 gm pack.
  • HDFC Bank has launched SmartUp zone, in a bid to offer tailor-made banking and advisory solutions to entrepreneurs.
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