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NSE Intra-day chart (24 July 2017)
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Market Commentary 25 July 2017
Markets to make a flat-to-cautious start on mixed global cues

Bulls tightened their grip on Dalal Street and frontline gauges ended the Monday's trade at fresh all time closing high levels, with Sensex and Nifty surpassing their crucial 32,200 and 9,950 marks respectively. Traders remained optimistic since morning with markets making a positive opening on report that retaining its growth forecast of 7.2% for India for the current fiscal year, the International Monetary Fund (IMF), in its latest update report ‘World Economic Outlook, July 2017' said that the country would grow at 7.7% in 2018-19, keeping growth rates forecast in line with the April 2017 forecast. Traders also took some encouragement with India Meteorological Department's (IMD) statement that the cumulative rainfall received till Sunday across the country was 103% of the benchmark long period average (LPA). Both the north-west and central parts of the country have received ‘excess' rainfall with 116% and 113% of LPA, respectively. Markets extended their northward journey and hit all time highs in noon deals, as some support came with Union minister Nitin Gadkari's statement that the Goods and Services Tax (GST) will accelerate the growth and ease of doing business and help in nation building. Besides, as per Reserve Bank of India (RBI) data, the country's foreign exchange reserves rose by $2.681 billion to touch a new life-time high of $389.059 billion in the week to July 14, helped by increase in foreign currency assets (FCAs). Meanwhile, NITI Aayog Vice Chairman Arvind Panagariya, despite acknowledging creation of "good jobs" in India remains a big challenge, has said that India's economic growth rate is likely to be 7.5% for the current financial year. Finally, the BSE Sensex surged 216.98 points or 0.68% to 32,245.87, while the CNX Nifty was up by 51.15 points or 0.52% to 9,966.40.


The US markets extending the lacklusture trade of last week made a mixed closing on Monday, with the major averages spending the day bouncing back and forth across the unchanged line, as traders seemed reluctant to make any significant moves ahead of the Federal Reserve's monetary policy announcement on Wednesday. Though, the Fed is widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement. On the economy front, the National Association of Realtors released a report showing a bigger than expected drop in existing home sales in the month of June. NAR said existing home sales slumped by 1.8 percent to an annual rate of 5.52 million in June from 5.62 million in May. The Dow Jones Industrial Average lost 66.90 points or 0.3 percent to 21,513.17 and S&P 500 declined by 2.63 points or 0.1 percent to 2,469.9, while Nasdaq was up by 23.05 points or 0.4 percent to 6,410.81.


Crude oil futures bounced back and surged on Monday after Opec producer Saudi Arabia pledged to lower crude exports in August while Nigeria agreed to curb production. At a gathering of ministers from major crude-producing nations, Saudi Energy Minister Khalid al-Falih said his country would limit crude oil exports at 6.6 million barrels per day (bpd) in August, almost 1 million bpd below levels a year ago. Also adding to positive sentiment on oil, were reports suggesting that Nigeria committed to take part in production if it reaches a production level of 1.8m bpd. Benchmark crude oil futures for August delivery surged by $0.61 or 1.3 percent to $46.34 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended higher by 1.21 percent at $48.64 a barrel on the ICE.


Indian rupee pared some of its early losses but still ended marginally weaker against the American currency on Monday, due to fresh dollar demand from banks and importers. Traders maintained cautious approach ahead of the US Federal Reserve's two-day policy meeting that is schedule to begin tomorrow. However, dollar weakness against other currencies overseas and firm domestic equity market limited the rupee's fall. On the global front, the dollar fell to a 13-month low against a trade-weighted basket of currencies on Monday, weighed down by softening US Treasury yields and weak data that is undermining the case for a further rise in interest rates this year. Finally, the rupee ended at 64.34, 3 paise weaker from its previous close of 64.31 on Friday.


The FIIs as per Monday'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 5481.45 crore against gross selling of Rs 5583.40 crore, while in the debt segment, the gross purchase was of Rs 2177.36 crore with gross sales of Rs 986.52 crore.


The US markets made a mixed closing in the last session; the trade remained lackluster ahead of the Federal Reserve's monetary policy announcement on Wednesday. The Asian markets have made a mixed start too and some of the indices are marginally in red. Though, some others are trading higher led by energy stocks as oil extended gains after Saudi Arabia promised deep cuts to crude exports next month to help ease a global glut. The Indian markets extending their gaining momentum surged by over half a percent in the last session, with Nifty coming very close to the record highs of 10000. Today, the start is likely to be flat but in green and all eyes will be on the two-day policy review of the US Federal Reserve beginning later today. On the domestic front, traders will be eyeing lots of important earnings to get direction. The major will be Bharti Airtel, which may report over 80 per cent year-on-year fall in net profit for the first quarter ended June 30, 2017. Telecom stocks will also be in action on report that telecom operators could get some relief, as a draft recommendations of the government-appointed inter-ministerial group's (IMG) were discussed at a recent meeting between the finance ministry and the department of telecommunications, wherein it was decided to provide some cash flow relief to the operators. The auto sector too will be in focus, as the Deputy Chairman of Rajya Sabha PJ Kurien has called for an all-party meeting today to discuss the Motor Vehicle (Amendment) Bill. Meanwhile, Union Road Transport and Highways Minister Nitin Gadkari has said that driverless cars will not be allowed in India because they will lead to more unemployment.



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Reliance Industries





  • Bajaj Auto is planning to start shipments of its bikes and three-wheelers to Thailand in next couple of months.
  • ITC has hiked cigarette prices of its three brands effect from July 18, following GST Council hiked cess to pre-GST level.
  • HDFC Bank has reported 20.22% rise in its net profit at Rs 3893.84 crore for the quarter ended June 30, 2017 as compared to Rs 3238.91 crore for the same quarter in the previous year.
  • Maruti Suzuki has introduced automatic option in the top-end Alpha trim of its premium hatchback Baleno, priced at Rs 8.34 lakh.


News Analysis