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NSE Intra-day chart (21 July 2017)
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Market Commentary 24 July 2017
Markets to make a cautious start of the new week

Buying in final hour of trade helped markets to end the session with gain of around half a percent, with frontline gauges recapturing their crucial 32,000 (Sensex) and 9,900 (Nifty) bastions. Markets started the day on optimistic note with traders taking some encouragement with an Asian Development Bank's (ADB) supplement report stating that India is expected to achieve the projected growth rate of 7.4% in 2017 and further up 7.6% next year on strong consumption demand, with South Asia leading the growth chart in Asia and the Pacific. Upbeat earnings from market heavyweight Reliance Industries too aided sentiments with company reporting a consolidated quarterly net profit increase of 28%, helped by higher-than-expected refining and petrochemicals margins and a one-time gain. Net profit rose to Rs 9,079 crore in the quarter ended June from Rs 7,077 crore a year earlier. Revenue rose to Rs 92,661 crore, an increase of 25.5% from Rs 73,829 crore a year ago. Markets in the second half took U-turn and entered into red terrain, as anxiety spread among the investors with ADB's statement that the goods and services tax is expected to boost growth in the medium term, however there may be some teething pains as firms adjust to the new system. Domestic bourses even went to test psychological 31,800 (Sensex) and 9,850 (Nifty) levels, but the key gauges got some support near those intraday low levels as they trim their losses from thereon and ended near intraday high levels, as investors continued hunt for fundamentally strong stocks. Some support also came with the private report stating that strong import growth in June points to continued recovery in India's domestic demand and highlighted that economic expansion will accelerate from the April-June quarter. Finally, the BSE Sensex surged 124.49 points or 0.39% to 32,028.89, while the CNX Nifty was up by 41.95 points or 0.42% to 9915.25.


The US markets ended the Friday's trade slightly in red, as a lack of major U.S. economic data kept some traders on the sidelines. Uncertainty about the near-term outlook for the markets too contributed to the choppy trading following the recent move to record highs by the major averages. Market participants also stayed away from investing in risky assets ahead of Federal Reserve meet next week, with the central bank due to announce its latest monetary policy decision next Wednesday. Moreover, a negative reaction to earnings news from some big-name companies weighed on Wall Street, with shares of General Electric (GE) showing a notable decline. GE slumped by 2.9 percent after the conglomerate reported better than expected second quarter earnings but warned of full-year profits at the low end of its forecasts. Shares of Microsoft (MSFT) also moved lower on the day even though the software giant reported fiscal fourth quarter results that exceeded forecasts. The Dow Jones Industrial Average lost 31.71 points or 0.15 percent to 21,580.07, S&P 500 slipped by 0.91 points or 0.04 percent to 2,472.54 and Nasdaq was down by 2.25 points or 0.04 percent to 6,387.75.


Crude oil futures tumbled on Friday, losing over 2 percent for the day, amid concerns that next week's OPEC meeting will fail to address the global supply glut. Sentiment soured after data indicated that Opec's supply was set to rise compared to June reduced investor confidence in Opec's ability to curb production. Though, reports suggested Saudi Arabia will insist on compliance from Libya and Nigeria, the two OPEC nations that have been thus far exempt from supply cuts. Meanwhile, oilfield services firm Baker Hughes reported its weekly count of oil rigs operating in the United States ticked down by one rig to a total of 764. Benchmark crude oil futures for August delivery declined by $1.15 or 2.5 percent to $45.77 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended lower by 2.76 percent at $47.94 a barrel on the ICE.




Snapping its previous session's losses, Indian rupee ended stronger on Friday, on heightened selling of the US currency by banks and exporters. The domestic currency looked strong from the very beginning and was supported by the positive gains in the local equity markets. Some support also came with the private report stating that strong import growth in June points to continued recovery in India's domestic demand and also indicating that economic expansion will accelerate from the April-June quarter. On the global front, dollar headed for weekly losses on Friday, wallowing at its lowest levels against euro in nearly two years after what markets perceived as hawkish talk from European Central Bank chief Mario Draghi. Finally, the rupee ended at 64.31, 12 paise stronger from its previous close of 64.43 on Thursday.


The FIIs as per Friday'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 4314.40 crore against gross selling of Rs 4139.31 crore, while in the debt segment, the gross purchase was of Rs 494.90 crore with gross sales of Rs 1639.16 crore.


The US markets ended marginally in red in the last session, mainly reacting to some weak earnings by big names, while the Asian markets have mostly made a soft start ahead of a Federal Reserve interest-rate decision later in the week. Japanese market was down by about a percent as the yen rose for a fifth day. The Indian markets supported by some late hour buying ahead of the weekend, posted decent gains in the last session. Today, the start of the F&O expiry week is likely to remain cautious amid sluggish global cues, though some good earnings during the weekend will support the market from any major fall. Meanwhile, Finance Minister Arun Jaitley has said demonetisation and GST will make cash transactions a lot more difficult and lead to greater compliance as well as expansion of tax base.  The banking sector will keep buzzing, as RBI Deputy Governor Viral Acharya has said the cleaning of banks' balance sheet is the "number one priority" for the central bank. Last month, he had said that targeted interventions like reducing standard asset provisions for home loans, which will make them cheaper, will help revive the sagging growth rather than rate cuts. The aviation stocks will be in action on reports that domestic air traffic were up 20% in June. Domestic airlines flew 95.86 lakh passengers in June, registering a growth of 20 per cent over the 79.75-lakh passengers flown during the same month in the previous year. Port and Shipping's stocks too will be buzzing, as the Major Port Authorities Bill, introduced in Parliament, seeks to convert 11 of the 12 ports owned by the Centre from trusts into authorities, as part of a compromise plan drafted by the Nitin Gadkari-led Shipping Ministry. There will be lots of important earnings announcements that will keep the markets in action.



Support and Resistance: NSE (Nifty) and BSE (Sensex)



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  • Wipro has reported 1.15% rise in its consolidated net profit at Rs 2,082.60 crore for the quarter ended June 30, 2017 as compared to Rs 2,059.00 crore for the corresponding quarter in the FY17.
  • Kotak Mahindra Bank has received an approval from its shareholders for raising up to Rs 65,000 crore to fund business expansion.
  • Tata Motors has rolled out the first batch of its soon-to-be launched 5-seater SUV, the Nexon from its Ranjangaon facility.
  • Reliance Industries has reported 28.29% rise in its consolidated net profit at Rs 9,079 crore for the quarter ended June 30, 2017 as compared to Rs 7,077 crore for the corresponding quarter in the FY17.
News Analysis