NSE Intra-day chart (21 June 2019)
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Market Commentary 24 June 2019
Benchmarks to make a cautious start amid weakness in Asian peers


Friday turned out to be a horrible day for the Indian equity markets, as both the larger peers, Sensex and Nifty closing lower by over 400 and 100 points, respectively. The markets made a weak start of the day, affected by Reserve Bank of India Governor Shaktikanta Das' statement that the Indian economy has been clearly losing traction and needs a decisive monetary policy to promote growth. He also favoured shifting the stance of monetary policy from neutral to accommodative to send a clear signal, indicating that more measures could be taken in the near future to boost growth. Traders were also worried with the Reserve Bank of India's (RBI) report stating that both bank credit and deposits slowed to 9.92 percent and 12.31 percent at Rs 96.52 lakh crore and Rs 125.40 lakh crore, respectively, for the fortnight ending June 7. Key Indices remained under the grip of bears throughout the day, with a report indicating that the merger and acquisition activity recorded an 87 percent fall in terms of value and a 27 per cent drop in volume last month, due to weakness in the rupee, spike in crude oil prices and indecisiveness among investors until results of the general elections. The street paid no heed towards the Retirement fund body, Employment Provident Fund Organisation's (EPFO) latest Provisional Estimate of Net Payroll data report which showed that India created 10,43,044 new jobs in the first month of current fiscal i.e. April 2019. The job creation for the last fiscal (2018-19) stood at 61,12,223. Finally, the BSE Sensex lost 407.14 points or 1.03% to 39,194.49, while the CNX Nifty was down by 107.65 points or 0.91% to 11,724.10.


The US markets ended marginally lower on Friday as traders were looking ahead to next week's G20 summit in Japan, where Trump and Chinese President Xi Jinping are due to meet in an effort to revive trade talks. The outcome of the Trump-Xi meeting could have a significant impact on the perception of the likelihood for an eventual US-China trade deal. Traders also seemed cautious amid escalating tensions between the US and Iran after Iran's Revolutionary Guard shot down an unmanned US surveillance drone on Thursday. President Donald Trump has revealed he was just minutes away from launching a retaliatory attack on Iran before calling off the strikes. He said we were cocked & loaded to retaliate last night on 3 different sights when I asked, how many will die. 150 people, sir, was the answer from a General The Trump administration has claimed the drone was over international waters when it was shot down, although Iran's Revolutionary Guard has argued the drone was flying over Iranian territory. On the economic front, with purchasing power bolstered by falling mortgage rates, the National Association of Realtors released a report showing a bigger than expected jump in US existing home sales in the month of May. NAR said existing home sales surged up by 2.5 percent to an annual rate of 5.34 million in April, while revised data showed existing home sales in April were unchanged at a rate of 5.21 million. The report said the median existing home price for all housing types was $277,700 in May, up 4 percent from $266,900 in April and up 4.8 percent from $265,100 in May of 2018. Total housing inventory increased to 1.92 million existing homes available for sale at the end of May, representing 4.3 months of supply at the current sales pace. Dow Jones Industrial Average declined 34.04 points or 0.13 percent to 26719.13, Nasdaq fell 19.63 points or 0.24 percent to 8031.71 and S&P 500 was down by 3.72 points or 0.13 percent to 2950.46.


Crude oil futures ended higher on Friday lifted by expectations for economy-boosting central bank policy and continued Middle East tensions that could disrupt oil markets. The fire broke out at the Philadelphia Energy Solutions Refining Complex. Philadelphia Energy Solutions said the oil refining complex is the largest on the US Eastern Seaboard, processing 335,000 barrels of crude oil daily. This has the potential to have a big impact on gasoline. The refinery accounted for 27% of the region's refining capacity. Meanwhile, the Organization of the Petroleum Exporting Countries and its allies will hold meetings on July 1-2. The session was originally scheduled for June 25-26. Benchmark crude oil futures for August rose 36 cents or 0.6 percent to settle at $57.43 a barrel on the New York Mercantile Exchange. August Brent rose 75 cents or 1.2 percent to settle at $65.20 a barrel on London's Intercontinental Exchange.


Indian rupee ended weaker against the American currency on Friday, due to fresh dollar demand from banks and importers. Investors remained concerned with Reserve Bank of India Governor Shaktikanta Das' statement that the Indian economy has been clearly losing traction and needs a decisive monetary policy to promote growth. He also favoured shifting the stance of monetary policy from neutral to accommodative to send a clear signal, indicating that more measures could be taken in the near future to boost growth. Besides, the dollar's strength against some currencies overseas and subdued sentiments in domestic equity markets weighed on the domestic unit. On the global front, dollar showed signs of a modest bounce on Friday on a weaker-than-expected business survey from Japan and persistent fears of conflict between the US and Iran. Finally, the rupee ended at 69.58, 14 paise weaker from its previous close of 69.44 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 4552.00 crore against gross selling of Rs 4731.24 crore, while in the debt segment, the gross purchase was of Rs 1750.08 crore with gross sales of Rs 1071.02 crore. Besides, in the hybrid segment, the gross buying was of Rs 4.74 crore against gross selling of Rs 1.97 crore.


The US markets ended lower on Friday amid heightened tensions between Iran and the US, but losses remain chapped as investors continue to cheer the Federal Reserve's shift to a more dovish stance. Asian markets are trading mixed on Monday as tensions between the US and Iran lingered after the latter shot down an American surveillance drone. Indian markets ended sharply lower on Friday with losses of around a per cent, dragged by auto, banking and pharma stocks, as global sentiment remained negative. Today, the start of the crucial F&O series expiry week is likely to be a bit cautious amid weakness in Asian peers coupled with higher crude oil prices. There will be some cautiousness with the Finance Ministry's report that government's total liabilities reached Rs 84.68 lakh crore at the end of March 2019, up 1.5 per cent over the preceding quarter. The total liabilities stood at Rs 83.40 lakh crore crore at end-December 2018. Traders will also be concerned about FICCI's report that the outlook for the country's manufacturing sector in the April-June quarter of the current fiscal has moderated as only 41 per cent of respondents in its survey expected higher output growth during the ongoing quarter compared to 54 per cent in the January-March quarter. However, some respite may come later in the day with report that investments in the Indian capital market through participatory notes increased by nearly Rs 1,400 crore to Rs 82,619 crore till May-end, a gain of 1.72 percent over the previous month. Also, the GST Council extended the tenure of the anti-profiteering authority by two years till November 2021 and allowed use of Aadhaar as proof for obtaining GST registration while referring tax cut on electric vehicles and their chargers to an officers' committee. Besides, Think tank Niti Aayog said that expert panel for macroeconomics and employment came out with suggestions to achieve $ 5-trillion economy target. Improvement of governance in PSU banks, enhancing growth rate of exports & employment generation were some of the key areas identified. Meanwhile, Department of Expenditure (DoE) figures showed that fiscal deficit for the month of April was at Rs 1,57,048 crore which is 22 per cent of the budgeted estimate for the year 2019-20, slightly lower than what it was in the same period a year ago and as a percentage to the GDP, the fiscal deficit is at 0.75 per cent. There will be some reaction  in insurance stocks with report that the government is exploring various consolidation options including the merger of state-owned general insurance companies with New India Assurance with a view to create synergy and unlock value.


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  • Maruti Suzuki India has increased the price of its popular compact sedan Dzire by up to Rs 12,690 on account of compliance with new safety and emission norms. 
  • Wipro and Pivotal Software, Inc. a leading cloud-native platform provider have opened the Pivotal Center of Excellence at Wipro's Dallas office in Texas. 
  • Bharti Airtel's subsidiary -- Airtel Payments Bank has launched Atal Pension Yojana for its savings account customers. 
  • L&T has completed construction of Medigadda barrage under Kaleshwaram project in Telengana in just 24 months.
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