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NSE Intra-day chart (27 April 2017)
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Market Commentary 28 April 2017
Markets to make a soft-to-cautious start of the new series

Indian equity markets truly depicted the choppiness of F&O expiry session and ended the session slightly in red on Thursday. Final hour of trade mainly played spoil sports for the markets and bourses settled below their crucial 30,100 (Sensex) and 9,350 (Nifty) levels. However, for the April series, Nifty garnered gains of 1.84 percent, while Sensex ended the series with a gain of 1.29 percent. Today, markets made a cautious start after Finance Minister Arun Jaitley expressed concern over the worrying signs of economic protectionism and has said the continued unpredictability in ties between major powers has brought new uncertainties to the fore. Separately, investors took note that a stronger rupee can help check inflation as it will pull down commodity prices, but export-reliant companies such as IT firms and drug makers are likely to take up to 4% hit on their earnings. Exporters' body Federation of Indian Export Organisations (FIEO) said the rupee appreciation during the last two months has negatively impacted the country's exports, and demanded immediate support from the government. However, markets made smart recovery and entered into green terrain in afternoon session, as some support with the report that the Securities and Exchange Board of India (Sebi) approved a slew of reform measures to provide a fillip to the domestic markets, which include approval to options trading in commodity derivatives, unified licence for brokers, mutual fund investments through digital wallets, stricter public offer norms and enhanced safeguards to curb illicit fund flows. Sentiments also got soothed with report that bank credit growth improved to 5.52 percent in the first fortnight of the financial year (FY18), after falling to a whopping six-decade low of 5.08 per cent in the previous financial year (FY17). Some support also came with Finance Minister Arun Jaitley asserting that the government was giving top priority to addressing the issue of bad loans while acknowledging that the problem of non-performing assets was ‘adversely impacting' the Indian banking system. Finally, the BSE Sensex declined 103.61 points or 0.34% to 30,029.74, while the CNX Nifty was down by 9.70 points or 0.10% to 9342.15. 


The US markets closed higher on Thursday, with tech-heavy Nasdaq composite closing at a record high. President Donald Trump downplayed the severity of a potential government shutdown, just two days shy of a deadline for Congress to reach a spending deal to avert temporary layoffs of federal workers. Congress has until on Saturday to pass a bill to fund the government or face a shutdown, which would temporarily lay off hundreds of thousands of federal workers. On the economy front, the number Americans who recently lost their jobs and sought unemployment benefits rose last week to a one-month high, though the increase appeared largely concentrated in New York state. Initial jobless claims jumped by 14,000 to 257,000. New claims in New York spiked by more than 600,000 on a raw basis, an increase that is almost certain to be reversed soon. Still, layoffs nationwide remain extremely low. Applications for unemployment benefits have registered less than 300,000 for 112 straight weeks, the longest run since the early 1970s. The Dow Jones Industrial Average added 6.24 points or 0.03 percent to 20,981.33, Nasdaq gained 23.71 points or 0.39 percent to 6,048.94, while S&P 500 edged higher by 1.32 points or 0.06 percent to 2,388.77.


Crude oil futures despite coming off their day's low ended lower on Thursday. There was jitter among traders, pressured by an increase in global production after two of Libya's key oilfields resumed output. Libya's Sharara and El Feel oilfields, which combined produced 390,000 barrels per day, have restarted after protests that had blocked pipelines came to an end. Further, the slump in oil prices came amid renewed hopes that the Organization of the Petroleum Exporting Countries would agree to extend the supply-cut agreement. Benchmark crude oil futures for June delivery ended lower by $0.65 or 1.3 percent to $48.97 on the New York Mercantile Exchange. In London, Brent crude for June delivery ended down by $ 0.38 at $51.97 on the ICE.


Snapping three-day winning streak, Indian rupee ended marginally lower against dollar on Thursday, due to fresh demand for the American currency from banks and importers. Sentiments remained dampened after Finance Minister Arun Jaitley expressed concern over the worrying signs of economic protectionism and has said the continued unpredictability in ties between major powers has brought new uncertainties to the fore.  Besides, weak trade in the domestic equity market also kept pressure on the local currency. On the global front, dollar pushed higher against yen on Thursday after the Trump administration outlined its tax plan and traders awaited the European Central Bank's monetary policy decision later in the day. Finally, the rupee ended at 64.15, 4 paise weaker from its previous close of 64.11 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 5441.78 crore against gross selling of Rs 5506.07 crore, while in the debt segment, the gross purchase was of Rs 661.30 crore with gross sales of Rs 845.86 crore.


The US markets managed mostly a positive close in last session, though the trade remained lackluster, as traders digested the latest batch of earnings news. There was some cautiousness with the Labor Department report showing an unexpected increase in initial jobless claims in the week ended April 22nd. The Asian markets have made mostly a lower start, as geopolitical concerns lingered and investors assessed corporate earnings before a report on growth in the world's largest economy. The Indian markets after a choppy day of trade ended lower by over a quarter percent in last session, there was profit taking in recent outperformers on the eve of derivatives expiry. Today, the start of the new series is likely to be somber on weak regional cues, though some recovery can be seen with the International Monetary Fund Managing Director's statement that the Goods and Services Tax to be implemented from July 1 would help raise India's medium-term growth to above eight per cent, as it will enhance production and the movement of goods and services across Indian states. Meanwhile, Prime Minister Narendra Modi has flagged off the first UDAN flight under regional connectivity scheme (RCS), a scheme launched in order to make air travel accessible to citizens in regionally important cities. There will be some buzz in the gems and jewellary stocks on report that Exports of gems and jewellery from the country increased by about 10 per cent in FY2017 to $43.156 billion from $39.286 billion in FY2016. Pharma sector stocks too may see some action on reports that the Pharmaceutical Export Promotion Council (Pharmexcil) is working jointly with the Centre for harmonisation of export norms with African countries. There will be lots or earnings reaction based on the performance of the companies.


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Tata Motors






  • Indian Oil Corporation has received green nod for up-gradation of its Bongaigaon Refinery for production of BS-VI grade fuels in Assam at a cost of Rs 4,185 crore.
  • State Bank of India's joint venture-SBI Card has revised fuel surcharge from 2.5% to 1% with effect from April 26, 2017.
  • AXIS Bank has posted a fall of 43.13% in its net profit at Rs 1225.10 crore for the quarter ended March 31, 2017 as compared to Rs 2154.28 crore for the same quarter in the previous year.
  • Tata Motors has signed a contract for supply of 3,192 units of the Tata Safari Storme 4×4 to the Indian Armed Forces, under a new category of vehicles- General Service 800.
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