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NSE Intra-day chart (28 November 2017)
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Market Commentary 29 November 2017
Markets to make a cautious but positive start

Indian equity benchmarks ended the Tuesday's trade with a cut of around one third of a percent, as traders opted to book profit after eight day winning streak ahead of November derivatives expiry and release of September-quarter GDP data later in the week. Markets started the session on pessimistic note on report that tax collection under the Goods and Services Tax (GST) was lower at Rs 83,346 crore in October, against a mop-up of over Rs 90,000 crore in September. The Finance Ministry said that total collection stood at Rs 83,346 crore till November 27 for the month of October and 50.1 lakh returns were filed for the month. Sentiments also remained dampened with rating agency CRISIL enlightening that India's competitiveness in the labour intensive export sectors has been on a declining path in the last decade and needs significant structural reforms that need to be addressed. The agency analyzed the competitiveness of the labour intensive export sectors namely, gems & jewellery, leather & leather products and readymade garments which showed that these have become less competitive over the last decade. However, markets witnessed recovery and gained green terrain with traders taking some solace with report that the government sticking to its promise to lower the tax burden on India Inc is exploring the possibility of reducing the corporate tax rates for larger firms as well. The exact quantum of the cut in corporate tax rate is expected to be finalised closer to the presentation of the Union Budget 2018-19, but revenue implications also have to be factored in. Some comfort also came with report that Asian Development Bank is expecting the Indian economy to pick up in the coming quarters and grow by 7 per cent this fiscal. Meanwhile, the Industry body, Federation of Indian Chambers of Commerce and Industry (FICCI) in its latest Economic Outlook Survey forecasted India's GDP growth to improve to 6.2 percent in Q2FY18 and rise further to 6.7 percent in Q3FY18. Though, the recovery proved short lived with selloff in last leg of trade once again pulled key gauges back into red trajectory to end near intraday lows. Finally, the BSE Sensex declined 105.85 points or 0.31% to 33,618.59, while the CNX Nifty was down by 29.30 points or 0.28% to 10,370.25.


The US markets closed higher on Tuesday, after bouncing around during the regular session as geopolitical tensions and domestic developments pulled the market in different directions. All three main indexes traded in record territory earlier but came off highs as North Korea tested a ballistic missile for the first time in more than two months. North Korea fired a ballistic missile which is believed to have flown about 620 miles before landing in the water between the Korean Peninsula and Japan. On the economy front, consumer confidence surged yet again in November, with the index jumping to 129.5 from 125.9 in October. That's the highest reading since November 2000 and easily exceeded the 124.8 forecast. Consumers were even more optimistic about the next six months. An index of future expectations rose to 113.3 from 109, besting a smaller increase in a gauge of current conditions. The present situation index edged up to 153.9 from 152. The S&P/Case-Shiller national index rose a seasonally adjusted 0.7% during the three-month period ending in September, and was up 6.2% compared to the same period a year ago. The Dow Jones Industrial Average added 255.93 points or 1.09 percent to 23,836.71, the Nasdaq gained 33.837 points or 0.49 percent to 6,912.36, and the S&P 500 edged higher by 25.62 points or 0.98 percent to 2,627.04. 


Crude oil futures declined further on Tuesday ahead of U.S. inventories data and amid ongoing investor uncertainty concerning the outcome of the OPEC meeting this week with reports suggesting Russia is reluctant to join in extending output curbs beyond March. Traders remain uncertain about whether OPEC will announce a meaningful extension of its supply quota plan with Russia. Earlier a joint OPEC and non-OPEC Committee reportedly recommended extending output cuts through the end of 2018. Benchmark crude oil futures for January delivery ended lower by $0.12 or 0.2 percent at $57.99 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was down by $ 0.13 to $63.25 a barrel on the ICE.


Rising for the second straight day, Indian rupee ended marginally stronger against dollar, owing to dollar sale by exporters and banks. Traders took some support with FICCI's latest Survey that India's GDP growth rate is expected to rise to 6.2 percent in the second quarter of the current fiscal as the adverse impact of demonetisation and GST appears to be bottoming out. Though, lackluster trade in the equity markets limited further appreciation of Indian currency. On the global front, dollar held steady versus yen on Tuesday and held above a two-month low, with the near-term focus on a possible Senate vote on a US tax plan later in the week. Finally, the rupee ended at 64.41, 9 paise stronger from its previous close of 64.50 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 7521.88 crore against gross selling of Rs 4518.00 crore, while in the debt segment, the gross purchase was of Rs 603.79 crore with gross sales of Rs 696.82 crore.


The US markets ended higher in the last session and the major averages climbed to new record closing highs, due to news the Republican tax reform bill took another key step forward, as the legislation was approved by the Senate Budget Committee. The Asian markets have made a mixed start and some of the indices are trading in red after a North Korean missile test.  The Japanese market was up as the yen declined with Federal Reserve chair nominee Jerome Powell signal of a lighter touch on financial regulations. The Indian markets lost their way completely in the final hours and ended with cut of over a quarter percent in the last session, as traders went for profit taking following recent sharp gains. Today, the start of the penultimate session of F&O series expiry is likely to remain cautious on mixed regional cues and there will be some concern with a private report, stating that both goods and services tax (GST) collections as well as its compliance in the first four months since the rollout of the new tax regime remain well be below the target, and the situation is unlikely to improve in the near- term. Though, traders will be taking some encouragement with Prime Minister Narendra Modi's statement who called upon entrepreneurs from across the globe to make India their base for the world. He said, India has emerged as one of the fastest-growing economies and a happening place with immense opportunities in a number of areas. I assure you of government support to ensure your success. Meanwhile, Minister for Petroleum and Natural Gas, Dharmendra Pradhan has made a strong case for inclusion of natural gas in the Goods and Services Tax, saying that if polluting coal can be included, then the environment-friendly fuel certainly deserves a place in the new regime. There will be buzz in the insurance pack, as the global rating agency Moody's in its latest report has said that non-life insurance sector is likely to maintain its double digit growth over the next three to four years, aided by a higher economic expansion and increased household spending.


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Power Grid





  • Infosys has entered into a multi-year partnership with the State of Rhode Island to establish an Infosys Design and Innovation Hub.
  • Reliance Industries' retail arm -- Reliance Retail -- has restarted the process of booking for JioPhone.
  • Maruti Suzuki India has unveiled a social campaign across India to promote use of seat belt in cars and enhance the safety of all occupants.
  • ITC is planning to invest around Rs 10,000 crore in the coming years to strengthen food processing business.
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