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NSE Intra-day chart (27 November 2018)
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Market Commentary 28 November 2018
Markets likely to make positive start on Wednesday


Equity benchmarks remained in better form for the second straight session on Tuesday, with Sensex and Nifty surpassing their crucial psychological levels of 35,500 and 10,650, respectively. After a cautious start, the markets remained volatile during first half of the session, with SBI research report stating that the Gross Domestic Product (GDP) growth in the September quarter is expected to decelerate to 7.5-7.6% over the previous three-month period mainly due to a slowdown in rural demand. Adding some concerns, SEBI's latest report showed that Indian companies raised funds worth Rs 36,176 crore by issuing securities on public and private placement basis during October, registering a decline of 17% compared to September. Domestic sentiments were impacted by India Ratings and Research's statement that India is set to miss its fiscal deficit target for the year ending March 2019 due to a shortfall in revenues and lower-than-targeted disinvestment proceeds. The country's 2019 fiscal deficit target has been pegged at 3.3% of its GDP or 6.24 trillion rupees ($88.45 billion). But the credit rating agency estimated fiscal deficit at 6.67 trillion - or 3.5% of GDP. However, key indices recovered from the losses to build notable gains in the second half of the session, supported by the think-tank's Vice-Chairman Rajiv Kumar's statement the Niti Aayog is exploring ways to encourage more domestic companies to be among the top multinational corporations in the world. Some comfort also came with CRISIL Research expecting 2018-19 to be a good one for India's small and medium enterprise (SME) leather exporters, given a pick-up in demand from the US and expectations of the Donald Trump administration imposing tariffs on Chinese leather footwear - not in the tariff list currently - early next calendar year. Adding more comfort, International Labour Organisation (ILO) report showed that India recorded the highest average real wage growth in South Asia during 2008-17. The report also showed that in South Asia, India led the average real wage growth in 2008-17 at 5.5 against a regional median of 3.7. Finally, the BSE Sensex surged 159.06 points or 0.45% to 35,513.14, while the CNX Nifty was up by 57.00 points or 0.54% to 10,685.60.


The US markets ended marginally higher on Tuesday as comments from President Donald Trump's top economic advisor sparked some hope the US and China will strike a compromise on trade. National Economic Council Director Larry Kudlow said the White House was having a lot of communication with the Chinese government at all levels ahead of a meeting between Trump and his Chinese counterpart, Xi Jinping. Further, he stated that Trump thinks there is a good possibility the two countries can reach an agreement. Besides, some support also came in with Federal Reserve Vice Chairman Richard Clarida stating that the central bank was much closer to a neutral rate than it was in December 2015, the first time the Fed hiked since the financial crisis. Clarida's remarks come ahead of Fed Chairman Jerome Powell's speech on Wednesday at the Economic Club of New York. On the economic front, reflecting a pullback in expectations, the Conference Board released a report showing a bigger than expected decrease in US consumer confidence in the month of November. The Conference Board said its consumer confidence index dropped to 135.7 in November after rising to 137.9 in October. Street had expected the index to dip to 136.5. The bigger than expected decrease by the consumer confidence index came after it reached its highest level since September of 2000 in the previous month. The pullback by the headline index came as the expectations index slid to 111.0 in November from 115.1 in October, indicating a decline in consumer optimism about the short-term future. Dow Jones Industrial Average gained 108.49 or 0.44 percent points to 24748.73, S&P 500 added 8.72 points or 0.33 percent to 2682.17 and Nasdaq was up 0.85 points or 0.01 percent to 7082.70.


After gaining in the previous session, crude oil futures ended lower on Tuesday on account of concerns surrounding a slowdown in the global economy, on the heels of the ongoing US-China trade dispute, raised expectations for a decline in energy demand and strength in the US dollar. Those factors outweighed support from expectations of a crude output cut at next week's meeting of major oil producers. Benchmark crude oil futures for January declined 7 cents or 0.1 percent to settle $51.56 a barrel on the New York Mercantile Exchange. January Brent crude dropped 27 cents or nearly 0.5 percent to settle at $60.21 a barrel on London's Intercontinental Exchange.


Paring all its initial losses, Indian rupee ended slightly higher against the US dollar due to selling of American currency by exporters as well as banks. Fresh fund inflows boosted rupee sentiments. Some support also came with report that the government will inject Rs 42,000 crore into debt-laden PSBs by March-end, in order to improve financial health of the public sector banks (PSBs). However, losses were capped as investors remain cautious with India Ratings and Research's statement that India is set to miss its fiscal deficit target for the year ending March 2019 due to a shortfall in revenues and lower-than-targeted disinvestment proceeds. On the global front, the pound weakened following US President Donald Trump's warning that the Brexit deal is bad for the UK. Finally, the rupee ended at 70.79, 8 paise stronger from its previous close of 70.87 on Monday.


The FIIs as per Tuesday's data were net buyers in equity segment, while they were net sellers in debt segment. In equity segment, the gross buying was of Rs 5922.03 crore against gross selling of Rs 4637.13 crore, while in the debt segment, the gross purchase was of Rs 1949.02 crore with gross sales of Rs 2947.52 crore. Besides, in the hybrid segment, the gross buying was of Rs 4.32 crore against gross selling of Rs 3.50 crore.


The US markets ended Tuesday's choppy session in green territory as comments from President Donald Trump's top economic advisor sparked some hope the US and China will strike a compromise on trade. Asian markets were trading mixed on Wednesday as risk assets rowed back amid conflicting signals on prospects for de-escalating the Sino-US trade dispute. Indian markets settled higher for second straight session on Tuesday, with Sensex reclaiming 35,500 mark, as falling oil prices and an appreciating rupee boosting investors sentiment. Today, the markets are likely to make optimistic start amid positive leads from Wall Street following the developments in US-China trade deal after White House economic adviser Larry Kudlow said a meeting between the two was an opportunity to turn the page on a trade war. Traders will be getting encouragement with a report that the Reserve Bank of India (RBI) Governor Urjit Patel told law makers that the note ban's impact was transient and the economy is robust. He said the economy would get a boost from oil prices cooling off from four-year highs and asserted that the fundamentals were robust. Also, there will be some support with Commerce and Industry Minister Suresh Prabhu's statement that he has taken up the issue of declining credit to exporters with the finance ministry to ensure adequate availability of funds to them. Meanwhile, the Reserve Bank of India has decided to inject a higher amount of Rs 40,000 crore through purchase of government securities under open market operations (OMOs) in December 2018. However, there may be cautiousness with a private report that the collections from goods and services tax (GST) was projected to be Rs 12 trillion in the current financial year. In other words, each month is expected to yield Rs 1 trillion from GST on an average. However, only two months - April and October - have so far hit the monthly target. There will be some reaction in telecom sector stocks with report that regulator Trai will meet top officials of telecom companies on November 28 to discuss the major issues that should be taken up for deliberation during 2019. Also, there will be some buzz in power sector stocks with report that stressing on tough steps to reform power sector, Niti Aayog CEO Amitabh Kant pitched for ban on use of fossil fuel based gensets saying that the government needs to do it before a court order six months down the line.


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  • Housing Development Finance Corporation is planning to raise up to Rs 8500 crore by issuing bonds on a private placement basis to shore up long-term capital needs. 
  • Sun Pharmaceutical Industries and one of its wholly-owned subsidiaries have entered into settlements with certain plaintiffs in the In re Modafinil Antitrust Litigation matter pending in the United States District Court for the Eastern District of Pennsylvania. 
  • Maruti Suzuki's iconic brand Swift has registered a momentous two million sales landmark since its first launch in India in May 2005. 
  • Tata Consultancy Services and Discovery Education have far surpassed joint goals for the first year of Ignite My Future in School.
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