NSE Intra-day chart (06 September 2019)
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Market Commentary 09 September 2019
Benchmarks to make positive start tracking Asian peers


Indian equity bourses gained traction on the last trading day of the week to end at higher note, with Sensex and Nifty gaining over 0.90% each. After a positive start, key indices remained bullish throughout the day, aided by Union Minister Nitin Gadkari's statement that the government will soon take a call on the recommendations of U K Sinha committee to strengthen micro, small and medium enterprises sector. Traders took encouragement with Union Minister of state for heavy industries and public enterprises, Arjun Ram Meghwal's statement that the government will do everything to ensure that the economy remains on track and is not weakened so that the country reaches its target of $5 trillion economy. Markets extended their gains in the second half of the session, on the back of positive cues from global markets. Domestic sentiments remained positive, as Agriculture Minister Narendra Singh Tomar said that the condition of Kharif (summer-sown) crops is good and the country is likely to have bumper production of foodgrains. The street paid no heed towards report that credit rating agency, CARE Ratings revised the India's gross domestic products (GDP) estimate downward from 6.7-6.8% earlier to 6.4-6.5% for current financial year (FY20) with the underlying gross value added (GVA) growth of 6.3-6.4% on account of subdued growth in the industrial sector and weakness in the agricultural sector during Q1FY20. Finally, the BSE Sensex gained 337.35 points or 0.92% to 36,981.77, while the CNX Nifty was up by 98.30 points or 0.91% to 10,946.20.


The US markets ended the volatile day of trade mostly in green on Friday. The major averages spent much of the day bouncing back and forth across the unchanged line before closing mixed. Markets traded choppy for most part of the trade following the release of a closely watched report from the Labor Department showing weaker than expected job growth in the month of August. The report said non-farm payroll employment rose by 130,000 jobs in August after climbing by a downwardly revised 159,000 jobs in July. The street had expected employment to increase by about 158,000 jobs compared to the addition of 164,000 jobs originally reported for the previous month. The weaker than expected job growth came as notable increases in employment in healthcare and financial activities were partly offset by the loss of mining and retail jobs. The report said government employment climbed by 34,000 jobs, largely reflecting the hiring of temporary workers for the 2020 Census. Meanwhile, the Labor Department said the unemployment rate held at 3.7 percent in August, unchanged from July and in line with street's estimates. The report also said average hourly employee earnings climbed by $0.11 to $28.11 in August following 9-cent gains in both June and July. However, markets managed to end mostly in green as traders took some support with comments from Federal Reserve Chairman Jerome Powell, who argued the central has helped keep the economy on solid ground amid the uncertainty caused by President Donald Trump's trade war with China.


Crude oil futures ended higher on Friday, rebounding from early losses, after a report from Baker Hughes said the oil rig count dropped for a third straight week. Recent data showing a drop in U.S. crude stockpiles played a role as well in pulling oil prices up from lower levels. The oil rig count in the U.S. dropped by 4 to 738 this week. Prices had moved lower earlier in the session due to concerns about near-term energy demand outlook. Oil prices was also supported by comments from the Federal Reserve Chairman Jerome Powell who said the economy remained strong and that the central bank would act appropriate to support economic expansion. Benchmark crude oil futures for October added 22 cents or 0.4 percent to settle at $56.52 a barrel on the New York Mercantile Exchange. November Brent gained 59 cents or 1 percent to settle at $61.54 a barrel on London's Intercontinental Exchange.

Indian rupee trimmed most of its early gains but still managed to end higher against the American currency on Friday, on continued selling of the US currency by banks and exporters. This was the third consecutive sessions when the rupee closed higher. Traders took some solace with Union Minister of state for heavy industries and public enterprises, Arjun Ram Meghwal's statement that the government will do everything to ensure that the economy remains on track and is not weakened so that the country reaches its target of $5 trillion economy. Besides, good going in the local equity markets supported the rupee. However, gains were capped as anxiety remained among the traders with CARE Ratings revised the India's GDP estimate downward from 6.7-6.8% earlier to 6.4-6.5% for FY20 with the underlying GVA growth of 6.3-6.4% on account of subdued growth in the industrial sector and weakness in the agricultural sector during Q1FY20. On the global front, dollar was higher against haven currencies on Friday in Europe, after signs of robust job creation in the U.S. last month. Finally, the rupee ended at 71.72, 12 paise stronger from its previous close of 71.84 on Thursday.


The FIIs as per Friday'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 3703.37 crore against gross selling of Rs 4118.93 crore, while in the debt segment, the gross purchase was of Rs 1419.09 crore with gross sales of Rs 673.23 crore. Besides, in the hybrid segment, the gross buying was of Rs 11.46 crore against gross selling of Rs 18.14 crore.


The US markets ended mostly higher on Friday as investors digested a mixed US jobs report and bet on a Federal Reserve interest rate cut this month, while China's stimulus plan helped ease some concerns around global growth. Asian markets are trading in green on Monday as investors pinned expectations on likely stimulus to support growth in the world's major economies. Indian markets ended higher with gains of around a percent on Friday amid buying in industry heavyweights such as Reliance Industries, Axis Bank, Maruti, Infosys and HDFC Bank. Today, the start of holiday-truncated week is likely to be in green tracking positive leads from Asian peers. Investors will be looking ahead to the macro-economic data, factory output (IIP) for July and retail inflation (CPI inflation) for August, scheduled to be out later in the week. Traders will be taking encouragement as amid ongoing slowdown of the economy, Union finance Minister Nirmala Sitharaman said that the government will respond to the challenges faced by all the sectors. Market participants may take note of report that the Central Government said that the current slowdown is temporary and the fundamentals of the Indian economy remain strong. Union Minister Prakash Javadekar said Indian economy is on a strong footing as the fundamentals are strong. Slowdown is a cyclical process. Some support will also come with Niti Aayog Chief Executive Officer Amitabh Kant's statement that states will have to become key agents of growth to help achieve India's target of becoming a $5 trillion economy. Meanwhile, the government has constituted a high-level task force to identify infrastructure projects for Rs 100 lakh crore investment by 2024-25 as India aims to become a $5 trillion economy. There will be some buzz in the auto stocks as automotive industry body SIAM sought government intervention to help the sector in the smooth transition to BS-VI emission norms from April next year, saying the prospect of abrupt stoppage of manufacturing and sales of BS-IV vehicles overnight posed a monumental challenge. There will be some reaction in power stocks with Power Minister R K Singh's statement that the government is in the process of rolling out a new tariff policy and UDAY 2.0 to address the issue of losses of discoms, which is the only difficulty in ensuring round the clock electricity supply for all.



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