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NSE Intra-day chart (29 August 2017)
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Market Commentary 30 August 2017
Markets to make a positive start of penultimate session of F&O expiry

Tuesday turned out to be a daunting day of trade for Indian equity benchmarks, with frontline gauges shaving off over a percent, breaching their crucial 31,400 (Sensex) and 9,800 (Nifty) levels. After a negative opening, market never looked confident of recovering and gradually extended its losses till end to close near intraday lows, as the firing of a missile over Japan by North Korea rattled investors. Back on regional front, sentiments remained down-beat with NITI Aayog's report highlighting that there is a huge gap between what the state governments have done to improve ease of doing business and what the enterprises know of these improvements. NITI Aayog has recommended reforming labour laws and a greater flexibility in their implementation to enhance ease of doing business. Some selling also crept in on reports that RBI sent fresh list of defaulters to be send to NCLT by mid-December if unresolved. Videocon Industries, JP Associates, Uttam Galva, Monnet Power, Jai Balaji, Shakti Bhog, SEL Manufacturing, Castex, Visa Steel, Ruchi Soya, Orchid Chemicals and IVRCL are list of companies to be sent to NCLT. Market participants failed to get any sense of relief with domestic rating agency Care Ratings' report projecting acceleration in the Gross Domestic Product (GDP) growth to 6.5% in the first quarter (April-June) of fiscal year 2017-18 over the last year, up from the 6.1% in the preceding quarter. Traders shrugged off Moody's Investors Services' latest note where it has said that merging India's public sector banks will improve their ratings because it will provide efficiencies of scale and enhance the quality of corporate governance. Also, investors paid no heed towards the India Ratings and Research's (Ind-Ra) latest report which enlightened that a new nationwide goods and services tax (GST) rollout will have positive impact on state governments' finances in the medium to long term. Finally, the BSE Sensex lost 362.43 points or 1.14% to 31,388.39, while the CNX Nifty was down by 116.75 points or 1.18% to 9,796.05.


The US markets closed higher on Tuesday, as investors shake off geopolitical tensions. The dollar was trading flat amid uncertainty over Hurricane Harvey's impact on the US economy and future Federal Reserve rate decisions. On the economy front, consumers' confidence strengthened in August to the second highest level since late 2000. The consumer confidence index rose to 122.9, up from 120 in the prior month. This bodes well for consumer spending in the third quarter. Spending by households has contributed to gross-domestic-product growth in the first half of the year. The present situation index, a measure of current conditions, jumped to a cycle high of 151.2 in August from 145.4. The future-expectations index rose marginally to 104 from 103. The Dow Jones Industrial Average added 56.97 points or 0.26 percent to 21,865.37, the Nasdaq gained 18.87 points or 0.30 percent to 6,301.89, and the S&P 500 edged higher by 2.06 points or 0.08 percent to 2,446.30.


Crude oil futures once again ended lower on Tuesday, as investor concerns grew over a fall in demand for U.S. oil, after Hurricane Harvey tore through Texas, shutting down more than 16% of overall U.S. capacity. Benchmark crude oil futures for October delivery ended down by $0.13 or 0.3 percent to $46.44 on the New York Mercantile Exchange. In London, Brent crude for October delivery ended lower by $0.11 at $51.31 a barrel on the ICE.


Indian rupee depreciated against the US dollar on Tuesday, due to month-end dollar demand from importers and banks. Sentiments remained subdued with NITI Aayog's report highlighting that there is a huge gap between what the state governments have done to improve ease of doing business and what the enterprises know of these improvements. Besides, massive losses of domestic equity markets too impacted the rupee, but a weak dollar overseas kept the fall to a minimum. On the global front, dollar slumped to a four-month low against yen on Tuesday after North Korea fired a missile that passed over northern Japan, the latest act of provocation by Pyongyang that has ramped up tensions in the region over the past month. Finally, the rupee ended at 64.02, 11 paise weaker from its previous close of 63.91 on Monday.


The FIIs as per Tuesday's data were net buyers in equity and debt segments both. In equity segment, the gross buying was of Rs 5998.13 crore against gross selling of Rs 5901.74 crore, while in the debt segment, the gross purchase was of Rs 1252.70 crore with gross sales of Rs 1116.08 crore.


The US markets coming off their early weakness posted modest gains in the last session, with the Dow Jones Industrial Average representing the biggest single-day comeback of the year after President Donald Trump said in a statement that “all options are on the table” for dealing with North Korea. The Asian markets have made a mixed start, while Japanese market was flat in early trade as the yen weakened. The Indian markets suffered serious drubbing in the last session with Nifty50 wiping out all the gains logged in last four sessions and ending below the 9,800 mark, not only India, stock markets across the globe declined as escalating geopolitical tensions on the Korean Peninsula weighed on market sentiment. Today, the penultimate session of the F&O expiry is likely to be in green and markets will try to recover some losses of last session. Market may get some support with Finance Minister Arun Jaitley's statement that goods and services tax (GST) collections have exceeded estimates in the first month of the landmark levy's rollout despite a significant number of assessees not having filed returns yet. Finance Minister said that GST mopup in July pegged at Rs 92,283 crore and could rise further. Meanwhile, NITI Aayog has said that Enhancing access to low-cost capital to businesses could serve as an important vehicle for improving the business environment, especially in poor states like Bihar. There will be buzz in the infra sector stocks too, as the Prime Minister Narendra Modi has said India could no longer afford to delay modernisation of its infrastructure if the country was to scale new heights.


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  • Bharti Airtel has completed the proposed acquisition of shares of Tikona Digital Networks.
  • SBI led consortium has invited bids to sell 51% stake in Jindal India Thermal Power (JITPL) located in Odisha.
  • Reliance Industries has proposed to make an offer for issuance of Non-convertible Debentures on private placement basis on August 31, 2017 aggregating to Rs 5,000 crore, to be listed on the Stock Exchanges.
  • Bosch's Workmen's Union of Bengaluru and Bidadi facilities have declared a one day strike on August 30, 2017 sighting delay in the closure of the long-term wage settlement.
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