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NSE Intra-day chart (26 December 2017)
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Market Commentary 27 December 2017
Markets likely to make a flat-to-green start

Bulls which woke up in last leg of trade mainly helped the benchmarks to end at fresh all time closing highs levels on Tuesday, with frontline gauges ending above their crucial 34,000 (Sensex) and 10,500 (Nifty) marks for the first time ever amid thin volume as most traders are away on year-end holiday. The market's rally was mainly led by ADAG group's stocks which surged after Anil Ambani's announcement that the debt-ridden company has achieved full resolution and is expected to reduce its debt of Rs 45,000 crore to Rs 6,000 crore. Earlier, markets after a positive start turned choppy and traded near neutral lines for most part of the day's trade. Sentiments remained dampened with report that the overseas investors have pulled out a massive Rs 7,300 crore from the country's stock markets this month so far, primarily due to rising crude prices and widening fiscal deficit. Investors took note that firming crude oil prices in the global market is likely to cast its shadow on retail inflation, which has began to move northwards after hitting a low of 1.46 percent in June, and may prompt the RBI to hold interest rates at least for some time in 2018. However, markets took U-turn and entered into green terrain in last leg of trade with traders turning optimistic on hopes of revival in quarterly earnings and a favourable Budget. Reports that India looks set to leapfrog Britain and France next year to become the world's fifth-largest economy in dollar terms, too aided sentiments. Traders also took some encouragement with industry body Assocham's Year-Ahead Outlook report, which has said that India's economic growth may touch 7 percent next year as the government's policies tilt towards the country's stress-ridden rural landscape in the penultimate year before the 2019 general elections. It said that against GDP growth of 6.3 percent in the second quarter of 2017-18, the economic expansion may reach the crucial 7 percent mark by the end of September 2018 quarter, while inflation may range between 4 to 5.5 percent towards the second half of the next calendar year with the monsoon being a key imponderable. Some support also came from a private report stating that Indian economy is expected to witness sharp recovery in the January-March quarter and its GDP growth likely to be around 7.5 percent for 2018. Finally, the BSE Sensex surged 70.31 points or 0.21% to 34,010.61, while the CNX Nifty was up by 38.50 points or 0.37% to 10,531.50.


The US markets closed lower on Tuesday, as a decline in Apple Inc. more than offset post-holiday gains in the retail sector and a surge in crude-oil futures that took the commodity to a 2½-year high. In a holiday shortened stretch, with most global markets closed Monday, volumes were low, given that many traders are likely to remain on vacation until after the New Year's holiday. Oil futures surged on reports of supply disruptions in the Middle East and Europe, while gold settled at its highest level in four weeks as the dollar index softened around 93.24.  On the economy front, the S&P/Case-Shiller national index rose a seasonally adjusted 0.7% in the three-month period ending in October. It was up 6.2% compared to the same period a year ago. The 20-city index also rose a seasonally adjusted 0.7% for the month and it's up 6.4% for the year. Both indexes advanced 0.2% in raw or unadjusted terms. Prices rose in more than half of the largest U.S. markets, led by San Francisco and Las Vegas, reflecting once again the high cost of US housing, especially in tech hotbeds. The Case-Shiller national index is now 6% above its prior year-to-year peak. The 20-city index that skews toward the biggest metro areas is still 1.3% below its all-time high, though. Big cities generally experienced even bigger booms before 2006 and the ensuing housing bust and some have not climbed all the way back. The Dow Jones Industrial Average lost 7.85 points or 0.03 percent to 24,746.21 and the Nasdaq dropped 23.711 points or 0.34 percent to 6,936.25, and the S&P 500 edged lower by 2.84 points or 0.11 percent to 2,680.50.


Crude oil futures surged on Tuesday on reports of an attack on a Libyan oil pipeline. Islamist militants from the Benghazi Defense Brigade were accused of causing a blast that targeted the main pipeline linking the al-Waha company's Sidrah terminal and oil fields in Libya. Meanhwhile, Saudi Arabia expects oil revenue to jump about 80 percent by 2023 thanks to increased production and $75 oil. Benchmark crude oil futures for January delivery ended higher by $0.31 or 0.53 percent at $58.78 a barrel on the New York Mercantile Exchange. Brent crude for February delivery was up by $0.28 or 0.43 percent to $65.01 a barrel on the ICE.


Indian rupee ended marginally lower against US dollar on Tuesday, due to fresh demand for the American currency from banks and importers. Trading sentiments remained subdued with report that foreign investors have pulled out Rs 7,300 crore from the country's stock markets this month so far, primarily due to rising crude prices and widening fiscal deficit. However, the home unit managed to restrict fall, taking support from industry body ASSOCHAM's Year-Ahead Outlook report stating that Indian economy is likely to touch 7% growth in 2018 with the government policies tilting towards the country's stress-ridden rural landscape in the penultimate year before the 2019 general elections. Besides, last hour recovery in local equity markets, too aided the rupee to minimize its losses. On the global front, dollar was steady in holiday-thinned trading on Tuesday, shrugging off upbeat Japanese economic data as most market participants have already closed their books for the year. Finally, the rupee ended at 64.08, 4 paise weaker from its previous close of 64.04 on Friday.


The FIIs as per Tuesday'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 6628.50 crore against gross selling of Rs 7764.06 crore, while in the debt segment, the gross purchase was of Rs 1299.51 crore with gross sales of Rs 254.14 crore. Besides, in the hybrid segment, the gross buying was of Rs 0.70 crore against gross selling of Rs 2.72 crore.


The US markets made a modestly lower closing in the last session, following the long holiday weekend. Tech heavy Nasdaq was weighed down by a notable decline by shares of Apple. Selling pressure was relatively subdued, however, limiting the downside for the major averages. The Asian markets have made mostly a positive start though trading remained thin in a holiday-shortened week. Energy stocks were higher after oil prices breached $60 a barrel for the first time since 2015 after a pipeline blast in Libya. The Indian markets surged to record highs in the last session and the BSE Sensex touched the record closing highs of 34000. It was the last hour pull back that led the markets higher from the sluggish day of trade. Today, the start is likely to be flat-to-green on mixed global cues. There will be some concern in the markets with the GST collections slipping to their lowest in November as rates were cut on dozens of goods to make the new national sales tax regime more acceptable. Total collections under the Goods and Services Tax (GST) in November slipped for the second straight month to Rs 80,808 crore, down from over Rs 83,000 crore in the previous month. There will be buzz in the India Inc with report that the Securities and Exchange Board of India (Sebi) board will consider proposals to ease compliance norms for insolvent firms - especially with regard to trading, listing and de-listing, and declaring results-at its meeting on Thursday. Tech stocks are likely to remain under pressure following their global counter parts, while the energy stocks too will see some action with the spike in international crude prices.


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



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Yes Bank





  • Yes Bank has established a Medium Term Note programme to raise $1 billion by issuing debt securities on private placement basis.
  • Wipro has made a strategic investment of $ 2.05 million in Imanis Data (formerly Talena) taking total investment to $ 4.05 million.
  • Dr. Reddy's Laboratories has launched Melphalan Hydrochloride for Injection in the United States market approved by the USFDA.
  • L&T's construction arm -- L&T Construction -- has bagged orders worth Rs 3355 crore under buildings & factories business.
News Analysis