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NSE Intra-day chart (26 April 2018)
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Market Commentary 27 April 2018
Markets likely to make positive start on firm global cues


Thursday turned out to be a fabulous day of trade for Indian equity benchmarks with frontline gauges recapturing their crucial 34,700 (Sensex) and 10,600 (Nifty) levels. Markets started the session on positive note as sentiments remained upbeat on report that India's global trade increased by 16.32% to $767.9 billion in 2017-18. According to the Commerce Department data, in 2016-17, the trade stood at $660.2 billion. The data further highlighted that while India's global trade grew by 16.32% between FY17 and FY18, India's total trade with LAC (Latin American countries) grew by 19.63%. It said that bilateral trade with LAC including Bolivia, Peru, Chile and Brazil has recorded healthy growth in 2017-18 as per the provisional numbers. Traders also got some support with report that Indian economy is expected to witness a cyclical recovery driven by investments as well as consumption, and the average GDP growth is expected to rise to 7.8% in the first half of this year. Meanwhile, India has inked a loan agreement of $125 million with World Bank's investment arm to fund Innovate in India for Inclusiveness project. Buying which took place in final hour of trade helped markets to end near intraday high levels on account of roll-over of long position in Futures & Options (F&O) segment. Some support also came with report that the agriculture ministry has targeted a record 283.7 million tonnes of foodgrain production in 2018-19, about 6 million tonnes or 2% higher than the estimated 277.5 million tonnes produced the year before. If these targets are met, it would mean the third straight year of food production surpassing the previous year's record. Meanwhile, bolstering the government's credentials on job creation, for the first time, payroll data released by the Employees' Provident Fund Organisation (EPFO) and the National Pension System (NPS) showed at least 2.2 million formal jobs were added over the six months to February. The EPFO data shows 3.1 million new additions across age groups over this period. Finally, the BSE Sensex surged 212.33 points or 0.62% to 34,713.60, while the CNX Nifty was up by 47.25 points or 0.45% to 10,617.80.


The US markets closed higher on Thursday, with the Dow Jones Industrial Average booked its best one-day gain in about two weeks and the broader market all saw gains of at least 1% on the back of better-than-expected quarterly results and a retreat of government bond yields. Traders focused on the latest run of earnings from major tech companies, which managed to instill some confidence in the earnings season. So far this season, more than 80% S&P 500 companies have beaten forecasts, but the better-than-expected results have often failed to lift the companies' share prices. The Atlanta Federal Reserve's GDPNow forecast model showed that the US economy likely grew at a 2.0 percent annualized rate in the first quarter as a drop in advanced trade goods in March offset a decline in core capital goods orders last month. The latest estimate on gross domestic product was unchanged from the growth rate estimated on April 17. On the economy front, the trade deficit in goods narrowed 10.3% to $68 billion, according to the government's advanced report released. This was the first narrowing of the deficit in seven months and came in well below the $73.4 billion estimate. The Dow Jones Industrial Average added 238.51 points or 0.99 percent to 24,322.34, the Nasdaq gained 114.94 points or 1.64 percent to 7,118.68, and the S&P 500 was up by 27.54 points or 1.04 percent to 2,666.94.d


Crude oil futures edged higher on Thursday as traders looked beyond a surprise increase in U.S. supplies, and instead focused on the possibility that the U.S. will re-impose sanctions on Iran. Recent comments from French President Emmanuel Macron indicate his belief that President Donald Trump will move to pull the U.S. out of the Iranian nuclear deal, despite Macron's efforts to secure continued partnership from the U.S. That move would risk some of the oil supply gains that Iran has seen following the removal of sanctions more than two years ago, and is a fundamentally bullish factor for oil futures. Benchmark crude oil futures for June delivery rose 14 cents or 0.2 percent to settle at $68.19 a barrel on the New York Mercantile Exchange. June Brent crude gained 74 cents or 1 percent to settle at $74.74 a barrel on London's Intercontinental Exchange.


After yesterday's steep losses, Indian rupee gained ground against dollar and ended higher on Thursday, due to selling of the US currency by exporters and banks. Sentiments turned optimistic with report that India's global trade increased by 16.32% to $767.9 billion in 2017-18. According to the Commerce Department data, in 2016-17, the trade stood at $660.2 billion. The data further highlighted that India's total trade with LAC (Latin American countries) grew by 19.63%. Besides, dollar's weakness against other currencies in the global market largely helped the rupee to rebound from early plunge. On the global front, euro edged off eight-week lows on Thursday as traders prepared for a European Central Bank meeting from which investors will be searching for any signals about when the bank will begin unwinding its stimulus. Finally, the rupee ended at 66.75, 15 paise stronger from its previous close of 66.90 on Wednesday.


The FIIs as per Thursday's data were net sellers in equity and debt segments both. In equity segment, the gross buying was of Rs 4708.95 crore against gross selling of Rs 4808.75 crore, while in the debt segment, the gross purchase was of Rs 844.69 crore with gross sales of Rs 1450.02 crore. Besides, in the hybrid segment, the gross buying was of Rs 0.15 crore against gross selling of Rs 5.85 crore.


The US markets ended higher on Thursday, following release of upbeat earnings news from several big-name companies, with shares of Facebook (FB) surging up by 9.1 percent. Asian markets rallying in early deals as investor concerns over geopolitical risks eased on looming trade talks between the U.S. and China and the leaders of North and South Korea meeting Friday. Indian stock markets closed higher on Thursday as Yes Bank delivered good quarterly numbers and traders covered their short positions on eve of derivative expiry. Today, the markets are likely to make an optimistic start, mirroring firm global markets after some of the biggest U.S. companies reported strong quarterly results. Traders will also get some support with private report that India's economic growth will accelerate to 7.2 per cent in the current fiscal buoyed by manufacturing activity even as rising oil prices and high government debt remain a challenge. The agriculture sector is expected to grow higher than the estimated 2.1 per cent in the current fiscal year on account of positive prospects on Rabi harvest and a normal monsoon. Traders will also took some strength with NITI Aayog's statement that 3.53 million (35.3 lakh) new jobs were generated between September 2017 and February this year. The EPFO data shows that from September 2017 to February 2018, 3.1 million (31.10 lakh) new payroll additions were made across all age groups. Stocks related to gems and jewellery sector will be in focus on report that the gems and jewellery exports have declined by 8.67 percent to Rs 2,64,130.64 crore in financial year 2017-18, mainly due to drop in demand from the UAE. There will be some important earnings announcements too, to keep the markets buzzing.


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  • Bharti Airtel has received an approval for transfer / sale of submarine cables to Network i2i, a wholly owned subsidiary of the company.
  • Yes Bank has partnered with FICCI for The Great Indian Travel Bazaar'18 held in Jaipur on April 22-24, 2018.
  • Vedanta has incorporated a wholly owned subsidiary Vedanta Star with effect from April 23, 2018.
  • Wipro has received an approval for the merger of its wholly owned subsidiaries with itself.
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