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NSE Intra-day chart (23 October 2017)
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Market Commentary 24 October 2017
Markets to make a flat-to- positive start


Indian equity benchmarks managed to end volatile session of trade in green terrain on Monday, with frontline gauges ending above their crucial 10,150 (Nifty) and 32,500 (Sensex) levels. Markets witnessed immense volatility during the trade as traders remained watchful ahead of F&O expiry and Infosys earnings due later this week. Key gauges kicked off the session on optimistic note with traders taking encouragement with Hasmukh Adhia's statement that policymakers are considering steps to ease the compliance burden related to the Goods and Services Tax (GST) on small businesses and to make product classification for taxation less complicated. Some support also came with report that foreign investors have poured a whopping $2 billion into the Indian debt markets so far this month due to lower currency volatility coupled with positive real interest rates. However, markets pared all of their early gains and entered into red terrain in noon deals on report that foreign portfolio investors (FPIs) however pulled out Rs 3,408 crore ($523 million) from equities on account of profit booking during this period. Fresh bout of buying in last leg of trade helped markets to end with a gain of over one third of a percent. Sentiments turned up-beat with Prime Minister Narendra Modi's statement that the Indian economy is on track and is going in the right direction on back of various reforms and hard decisions. He also assured that the government will continue to take important decisions regarding the economic reforms. Some support also came with Union Minister of Minority Affairs Mukhtar Abbas Naqvi's statement that the GST will remain as a Good and Simple Tax in the coming days to come. Adding some optimism, the private report stated that the Indian economy is expected to see a rebound in the July-September quarter of this year with a GVA growth rate of 6.3 percent. Finally, the BSE Sensex surged 116.76 points or 0.36% to 32,506.72, while the CNX Nifty was up by 38.30 points or 0.38% to 10,184.85.


The US markets closed lower on Monday, with the S&P 500 and the Dow snapping a six-day winning streak, as investors weighed prospects for tax cuts while parsing the latest corporate earnings for clues on where stocks are headed in the near term. A flurry of earnings reports drove individual stocks on Monday. Quarterly results are a key driver for stocks with nearly 200 S&P 500 companies slated to report earnings this week. According to a recent poll of economists, the US Federal Reserve will raise interest rates in December and twice next year, who now worry that the central bank will slow its tightening because of expectations that inflation will remain low. On the economy front, a snap back in factory activity from August to September accounted for a sharp improvement in the Chicago Fed's national activity index last month, but it will take a few more months of noticeable gains to rescue the report's less-volatile average, which remained negative. The Dow Jones Industrial Average lost 54.67 points or 0.23 percent to 23,273.96, the Nasdaq dropped 42.22 points or 0.64 percent to 6,586.83, and the S&P 500 edged lower by 10.23 points or 0.40 percent to 2,564.98.


Crude oil futures remained under pressure and exhibited mixed trend on Monday on reports that Iraq to mitigate the supply disruptions brought on by the Kurdish conflict. Iraqi forces recaptured disputed oil fields last week from the semi-autonomous Kurdistan region. Moreover, fall in US drilling activity too dampened sentiments. The number of U.S. rigs drilling for new oil fell by seven to 736 in the week to October 20, the lowest level since June. However, Oil has been steady above $50 lately, thanks in part to OPEC's supply quota plan which may be extended through 2018. Benchmark crude oil futures for December delivery ended higher by 6 cents at $51.90 a barrel on the New York Mercantile Exchange. However, Brent crude for December delivery weakened 38 cents to $57.37 a barrel on the ICE.


Indian rupee ended marginally higher against dollar on Monday on fresh selling of the American currency by banks and exporters. Sentiments got some support with the private report stating that the Indian economy is expected to see a rebound in the July-September quarter of this year with a GVA growth rate of 6.3 percent. The domestic unit also found support from gains in local equity markets. However, the rupee gains were, to some extent, capped due to strengthening in dollar against some other currencies overseas. On the global front, dollar touched a three-month high against yen on Monday, with investors betting that an emphatic election victory for Japan's ruling party would see a continuation of the ultra-loose Abenomics policy that have kept downward pressure on the yen. Finally, the rupee ended at 65.01, 2 paise stronger from its previous close of 65.03 on Wednesday.


The FIIs as per Monday's data were net sellers in equity and debt segments both. In equity segment, the gross buying was of Rs 5090.38 crore against gross selling of Rs 6210.55 crore, while in the debt segment, the gross purchase was of Rs 716.32 crore with gross sales of Rs 801.84 crore.


The US markets ended on lower on Monday, as traders seem reluctant to make significant moves amid a quiet day on the U.S. economic front. Asian markets have made a mixed start on Tuesday after US stocks lost steam overnight and the dollar edged down from three-month highs. The Indian markets managed to end the Monday's trade in green terrain supported by fresh buying in last leg of trade. Today, the start is likely to be flat to mildly in green. Traders will be taking some support with SBI's report that the government is likely to achieve its fiscal deficit target of 3.2 per cent this financial year as the budgeted disinvestment receipts are on track to realise Rs 72,500 crore. The report noted that the government will able to meet the disinvestment target of Rs 72,500 crore as Rs 60,000 crore has already been achieved and hence the fear of low disinvestment receipts is completely unwarranted. Traders will be eyeing India's second biggest software exporter Infosys' second quarter earnings to be released later in the day and all eyes will be on co-founder Nandan Nilekani, who took over as the non-executive chairman of the company after a boardroom reshuffle in August. Stocks related to infrastructure sector will remain buzzing on report that 331 infrastructure projects, each worth Rs 150 crore or above, have seen a cost overrun of Rs 1.72 lakh crore because of various reasons including delays. Ministry of Statistics and Programme Implementation monitors infrastructure projects worth Rs 150 and above. Meanwhile, there will be lots of earnings announcements too will keep the markets in action.


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



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Reliance Industries






  • ONGC has drawn a blueprint to raise crude oil production by 4 MT and almost double natural gas output by 2020 to meet Prime Minister's target of cutting India's import dependence by 10%.
  • HCL Technologies has collaborated with Volvo Ocean Race as the strategic IT services provider.
  • Maruti Suzuki India's compact sedan Dzire has overtaken Alto for the second month in a row to become the best selling model in the country.
  • Dr. Reddy's Laboratories has initiated voluntarily recall of over half a million Famotidine tablets bottles from the US market as the drug failed impurities or degradation specifications.
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