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NSE Intra-day chart (23 January 2018)
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Market Commentary 24 January 2018
Markets likely to get a flat but positive start

Indian equity benchmarks ended the Tuesday's trade at record high levels with frontline gauges conquering fresh highs for fifth straight day, settling above their crucial 36,100 (Sensex) and 11,050 (Nifty) levels for the first ever time. Sentiments remained up-beat on report that the International Monetary Fund (IMF) has revised its forecast for world economic growth in 2018 and 2019, saying sweeping US tax cuts were likely to boost investment in the world's largest economy and help its main trading partners. Traders took encouragement from report that International Monetary Fund (IMF) in its latest World Economic Outlook (WEO) has projected that India will grow at 7.4% in 2018 as against China's 6.8%, making it the fastest growing country among emerging economies following last year's slowdown due to demonetization and the implementation of the Goods and Services Tax (GST). Markets continued to extend gains on the back of report that India has moved up on a global index of talent competitiveness to the 81st position, but remains a laggard among the BRICS nations. Some support also came after the United Nations Conference on Trade and Development (UNCTAD), in its latest Investment Trends Monitor report has stated that India has been ranked at the tenth position among the top host economies for Foreign Direct Investment (FDI) inflows in 2017, backed by inflow of $45 billion overseas investment, while US, China and Hong Kong secured top three places in the list. Investors took note that India's oil ministry is pushing for a cut in excise duty on petrol and diesel in the upcoming 2018-19 budget to cushion the impact of rising oil prices on its vast consumer base. Prime Minister Narendra Modi, who faces elections in key states later this year, and a nationwide election in early 2019, has faced pressure over a rise in retail prices of petrol and diesel to a record level. Finally, the BSE Sensex surged 341.97 points or 0.96% to 36,139.98, while the CNX Nifty was up by 117.50 points or 1.07% to 11,083.70.


The US markets closed mostly higher on Tuesday, with the S&P 500 and Nasdaq closing at fresh record highs, as a spate of upbeat earnings bolstered sentiment even as the Dow edged lower. The S&P 500 has set a new milestone for most record finishes in January at 12. The end of a partial government shutdown also removed an element of political uncertainty from the market, allowing investors to focus more fully on corporate earnings, which have so far been generally strong, albeit with the variable of the recently passed tax law. The agreement keeps the government running up to February 8, though underlying disagreements between the Republicans and the Democrats on immigration and other topics remain. Meanwhile, the US Commerce Department said its Advance Economic Indicators report would be delayed until Friday, as a result of the government shutdown that occurred earlier this week. The Nasdaq gained 52.257 points or 0.71 percent to 7,460.29, the S&P 500 edged higher by 6.16 points or 0.22 percent to 2,839.13, while the Dow Jones Industrial Average slipped 3.79 points or 0.01 percent to 26,210.81.


Continuing its upward trend, Crude oil futures ended higher on Tuesday, as Organization of the Petroleum Exporting Countries (OPEC) officials continued to signal their determination to re-balance oil markets via supply cuts. Saudi oil minister Khalid al-Falih said, I am still anxious about the fragility of the market (and) about the potential black swans that may spring in front of us. By and large, we are on our way but we are not there yet. The upward movements also get some support after the International Monetary Fund (IMF) released its 2018 World Economic Outlook forecasts at the World Economic Forum in Davos, Switzerland, on Monday and its bullish outlook for the global economy could carry through to the oil complex. Benchmark crude oil futures for February delivery gained by 90 cents or 1.4% at $64.47 a barrel on the New York Mercantile Exchange. Brent crude for March delivery was up by 24 cents to $69.27 a barrel on the ICE.


Indian rupee appreciated against US dollar on Tuesday, as fresh sale of the US currency by exporters paced up. Local currency got support with International Monetary Fund's (IMF) projection that India will grow at 7.4% in 2018 as against China's 6.8%, making it the fastest growing country among emerging economies following last year's slowdown due to demonetisation and the implementation of the Goods and Services Tax (GST). It has also projected a 7.8% growth rate for India in 2019. Besides, strong rally in local equity market too supported the rupee. On the global front, dollar edged higher as some investors judged that its recent decline to a three-year low may be coming to a close amid growing concern over the US stance on global trade. Finally, the rupee ended at 63.78, 10 paise stronger from its previous close of 63.88 on Monday.


The FIIs as per Tuesday's data were net buyers in equity segment, while they were net sellers in debt segment. In equity segment, the gross buying was of Rs 6986.64 crore against gross selling of Rs 5442.82 crore, while in the debt segment, the gross purchase was of Rs 919.71 crore with gross sales of Rs 1169.70 crore. Besides, in the hybrid segment, the gross buying was of Rs 51.48 crore against gross selling of Rs 26.49 crore.


The US markets continued previous session's northward journey and ended higher on Tuesday, as lawmakers managed to re-open the government following a brief shutdown, passing a stopgap bill funding the government until February 8th. Asian markets have made mostly a negative start despite Wall Street higher closing, as investors stateside focused on earnings releases. Japanese market edged lower, as traders reacted negatively to weaker than expected Japanese trade data for the month of December. The Indian markets continued their jubilant run for yet another session and ended at new record closing high levels in previous session, with Nifty and Sensex surpassing their crucial 11,050 and 36,100 levels for the first time ever. Today, the start is likely to be mildly in green, tailing mixed global cues. Traders will get some encouragement with former Niti Aayog vice chairman Arvind Panagariya's statement that India has the potential to achieve 10 per cent growth rate, but it needs major reforms in areas in labour laws and land acquisition. He said Indian economy grew 7.5 cent in the first three years of the Narandra Modi government, but two major reforms - demonetisation and goods and services tax - brought the growth rate down a little. Traders will also get some support with Prime Minister Narendra Modi's showcasing India's growth story to world leaders and called out for tackling the three major challenges the world faces currently - climate change, terrorism and threat to globalisation. Meanwhile, expressing confidence about the economy's potential, Finance Minister Arun Jaitley hoped that it would become the third largest economy over the next 25 years. He said, We have moved from the seventh to the fifth largest economy. Unquestionably in the next 25 years India would perhaps be the largest economy. Oil stocks will be buzzing on report that Petrol prices hit the highest level since the BJP government came to power in 2014, and diesel touched a record high of Rs 63.20 a litre, prompting the oil ministry to seek a cut in excise duty.


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Hindalco Industries






  • Bajaj Auto has launched the all-new 2018 Avenger range in Cruise 220 and Street 220 variant
  • Axis Bank has reported 25.34% rise in its net profit at Rs 726.44 crore for Q3FY18 as compared to Rs 579.57 crore for Q3FY17.
  • ONGC has got approval from the government for selling its stake in IOC and GAIL to help fund the Rs 36,915 crore acquisition of HPCL.
  • Maruti's parent Suzuki will be exclusively manufacturing the next-generation Swift at its plant in Gujarat for sale in India and abroad.
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