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MARKET COMMENTARY

( As on May-23-2018 08:51 )
Indian benchmark indices are likely to open lower on Wednesday, tracking weak trend in Nifty futures on the Singapore Stock Exchange and negative trend across the Asian markets. Overseas, Asian stocks were trading mostly lower as investors weighed mounting trade tension between US and China. Back home, bearish trend in the SGX Nifty Index Futures for May delivery, which were trading at 10,534.00, down 15 points, or 0.15 per cent, at 11:02 AM Singapore time, also signaled a negative start for local bourses. Investors may weigh weakening rupee and rising crude oil prices in the international market which may compel the Reserve Bank of India (RBI) to hike interest rates in the August policy review. The experts opined that with election fever coming down, investors will now shift focus to key events such as corporate earnings and economic events. On the corporate front, shares of Cipla will remain in focus after the drug maker reported a consolidated net profit of Rs 1.5325 billion for the quarter ended March 31, 2018, as compared to net loss of Rs 627.9 million during year ago period. On the earnings front, Tata Motors, IGL, Jet Airways, CESC, Bajaj Electricals, Dhanlaxmi Bank, Godrej Industries and Omaxe, will announce their results today.

Reversing a five-session slide, benchmark index Sensex managed to close in green on Tuesday in see-saw trade as participants accumulated recently beaten down auto, metal, banking and realty stocks. Asian markets ended mixed following a good show by US stocks as investors applauded easing of trade tensions between the US and China. Meanwhile, SBI rose 3.69 per cent despite the lender today posting a standalone net loss of Rs 7,718 cr in Q4 on mounting bad loans. Further, domestic institutional investors (DIIs) made purchases worth Rs 1,190.56 crore while foreign portfolio investors (FPIs) sold shares worth a net Rs 496.03 crore yesterday, as per provisional data. The 30-share benchmark index closed at 34651.24 up by 35.11 points or by 0.1 per cent, while the NSE Nifty closed at 10536.7 up by 20 points or by 0.19 per cent.

Top traded volumes on NSE Nifty were State Bank of India 68713602.00, Indian Oil Corporation Ltd. 18878835.00, Tata Motors Ltd. 17199292.00, ICICI Bank Ltd. 11284988.00, YES Bank Ltd. 10869535.00.

On NSE, total number of shares traded was 162.14 Crore and total turnover stood at Rs. 30181.79 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 182858 with a total turnover of Rs. 16303.29 Crore. Along with this total number of contracts traded in stock futures were 930211 with a total turnover of Rs. 59200.56 Crore. Total numbers of contracts for index options were 5991698 with a total turnover of Rs. 566812.90 Crore and total numbers of contracts for stock options were 881053 with a total turnover of Rs. 60548.77 Crore.

As on May 22, the FIIs stood as net seller in both equity and debt markets. Gross equity purchased stood at Rs. 4855.74 Crore and gross debt purchased stood at Rs. 599.09 Crore, while the gross equity sold stood at Rs. 5294.21 Crore and gross debt sold stood at Rs. 2049.11 Crore. Therefore, the net investment of equity and debt reported were Rs. -438.47 Crore and Rs. -1450.02.