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NSE Intra-day chart (29 June 2017)
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Market Commentary 30 June 2017
Markets to make a weak start on feeble global cues

Indian stocks markets showed a volte-face on the final day of June F&O series, as what started on a promising note ended as a dismal show. The frontline indices pared most of intraday gains to close marginally in green, with the S&P BSE Sensex ending below its crucial 31,000 mark, while the Nifty50 settled just a tad above 9,500 mark. Sentiments got some support with the report that India's GDP growth witnessed a trough in January-March quarter, but going forward the economy is expected to see gradual improvement in growth numbers primarily driven by consumption. The report added that consumption has recovered from the demonetization shock and while external demand may be down, it remains supportive of growth. Some support also came with the report that investments in domestic capital markets via participatory notes (P-notes) have surprisingly surged to a seven-month high of Rs 1.81 lakh crore at the end of May despite stringent norms put in place by SEBI to curb inflow of illicit funds. According to Sebi data, total value of P-note investments in Indian markets - equity, debt and derivatives - increased to Rs 1,80,718 crore at May-end after hitting a four-month low of Rs 1,68,545 crore at the end of April. However, the sanguinity in local markets was under check as profit booking in Energy and Healthcare counters exerted downside pressure on the frontline indices and dragged them even below to the psychological 9,550 (Nifty) and 30,900 (Sensex) levels. Investors remained cautious after hawkish comments from major central banks signaled rate hikes and that the era of stimulus might be coming to an end. In Britain, Bank of England Governor Mark Carney surprised many by conceding a hike was likely to be needed as the economy came closer to running at full capacity. Further, some weakness also came with the private report indicating that Loan waiver schemes being doled out to farmers could have a significant impact on state government finances and pose risk of further fiscal slippages. Finally, the BSE Sensex gained 23.20 points or 0.08% to 30857.52, while the CNX Nifty was down by 12.85 points or 0.14% to 9,504.10.


The US markets closed lower on Thursday, with the S&P 500 and Dow industrials logging their worst one-day declines since May, as the technology sector resumed its selloff, overshadowing advances in financials. St. Louis Federal Reserve chief James Bullard said that the US Federal Reserve needs solid data to maintain a monetary policy that diverges from the world's other major developed economies. Bullard added that it was disconcerting that market measures of inflation in the world's largest economy had fallen despite the central bank raising interest rates twice so far this year. On the economy front, the US economy didn't perform all that badly in the first three months of 2017, growing twice as fast as the government originally reported. Gross domestic product, the official scorecard for the economy, expanded at a 1.4% annual pace in the first quarter, revised figures show. The economy saw little change amid a switchover from the Obama administration to the Trump White House. The US grew 2.1% at the end of 2016. The US has been growing close to 2% annually during most of the current eight-year-old recovery, showing little sign it's about to rapidly speed up - or slow down. The Dow Jones Industrial Average lost 167.58 points or 0.78 percent to 21,287.03, Nasdaq dropped 90.06 points or 1.44 percent to 6,144.35, while S&P 500 edged lower by 20.99 points or 0.86 percent to 2,419.70.


Crude oil futures inched higher for sixth straight session on Thursday after a decline in weekly U.S. crude production temporarily eased concerns about deepening oversupply. U.S. crude production dropped 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016. However, and Global oil supplies remain ample despite output cuts of 1.8 million bpd by the Organization of the Petroleum Exporting Countries (OPEC) and other producers since January. Benchmark crude oil futures for August delivery ended up by $0.19 or 0.4 percent to $44.93 on the New York Mercantile Exchange. In London, Brent crude for September delivery ended up 11 cents at $47.42 a barrel on the ICE.


Extending losses for the third day in a row, Indian rupee ended weaker against the US dollar on Thursday, due to increased demand of the greenback from the importers and the banks. Investors remained cautious after Fitch Ratings in its latest report raised concerns over the recent spate of declarations of farm loan waivers across the country, adding that these moves could have a significant impact on state government finances and might undermine efforts to bring down general government debt. The rating agency noted that the farm loan waivers will also lead to further fiscal slippage at the state level or will reduce the funds available for public investment. However, positive gains in equity market as well as dollar weakness against other currencies overseas arrested some of the rupee's fall. On the global front, euro its highest level in almost 14-months against dollar on Thursday, as investors shrugged off efforts by the European Central Bank to moderate the message in a speech given by President Mario Draghi earlier this week. Finally, the rupee ended at 64.62, 7 paise weaker from its previous close of 64.55 on Wednesday.


The FIIs as per Thursday'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 5205.96 crore against gross selling of Rs 5569.06 crore, while in the debt segment, the gross purchase was of Rs 1982.54 crore with gross sales of Rs 500.47 crore.


The US markets ended in red terrain on Thursday, as traders shrugged off report showing stronger than previously estimated U.S. economic growth in the first quarter. Asian markets were trading mostly in red despite China manufacturing activity beating expectations as select tech shares around the region sold off. Indian shares gave up early gains to end on a flat note on Thursday on the eve of F&O contract expiry. Today, the start is likely to be in red on weak global cues. On the domestic front, traders will be eying Goods and Services Tax (GST) roll out on midnight today. Market participants will also remain concerned after Asian Development Bank said that implementation of Goods and Services Tax (GST) will remain a challenge for the government, as here can be some transitional issues like filing of returns and its scrutiny. Another issue might be that of enforcement by state and central government tax officials. However, traders will get some support with Industry body Ficci's statement that GST will bring about significant gains to India's economy and it looks forward to working with the Government for successful implementation of the crucial tax reform. Meanwhile, the Department of Industrial Policy and Promotion (DIPP) is holding consultations with industry on revamping the country's manufacturing and industrial policy. Stocks related to construction sector will be in focus after the government hiked the GST rate for construction of complex, building, civil structure, including a complex or building intended for sale to a buyer, wholly or partly, to 18 per cent from 12 per cent. GST, however, will not be imposed on fully constructed properties, where completion certificate as been issued by competent authority. Telecom stocks will be buzzing with ICRA stating that intense competition and pricing pressure will continue to take a toll on the telecom sector with industry revenue expected to fall another 6 percent during the current financial year.


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Axis Bank





Tata Motors






  • Reliance Industries has refinanced $2.3 billion of syndicate and club loans resulting in substantial interest savings.
  • IndusInd Bank has inaugurated its second branch in Kota, India's technical education hub.
  • YES Bank along with Yes Global Institute has launched a tailor-made programme in order to prepare MSMEs for migration to the new GST system.
  • Coal India will generate 1 GW power from renewable energy during the current fiscal as part of its plan to produce around 10 GW power overall from renewables.
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