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Market Commentary

(As on May 24, 2019, 09:01)

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The Indian benchmark indices are likely to open flat on mixed global cues. The results of Lok Sabha elections 2019 are expected to have its constant effect on stock markets today. Asian shares were trading near four-month low on weak global cues. On Wall Street, the Dow Jones Industrial Average dropped by 286 points to close at 25,490 levels. US stocks slipped as investors dumped shares of companies on fears that the ongoing US-China trade war would obstruct global economic growth. Back home, bullish trends in the SGX Nifty Index Futures for May delivery, which were trading at 11,744.00, up by 65.00 points or 0.56 per cent, at 10:52 AM, Singapore Time, also indicated a flat start for local bourses. The rupee was trading at 70.01 against the dollar, as compared to close of 69.66 in previous close. Oil markets were steady amid OPEC supply cuts and tensions in the Middle East, after they fell on the back of a global economic slowdown and swelling fuel inventories. On the macro front, the Reserve Bank of India has imposed a monetary penalty of Rs. 50,000 on United India Co-operative Bank for violation of RBI Guidelines on Know Your Customer and submission of compliance to RBI Inspection Report. On the earnings front, as many as 172 companies will declare their results for the quarter ended March later today including Ashok Leyland, Bata India, Coffe Day, Dish TV, Grasim Industries, IDFC, JSW Steel and PAGE Industries among others. On the corporate front, Reliance Capital has signed an agreement with Nippon Life to sell its stake in Reliance Nippon Life Asset Management. As per the agreement, the Japanese firm will hike its shareholding in RNAM from 42.88 per cent to 75 per cent by buying shares from public shareholders and RCap. The 30-share index closed at 38811.39 down by -298.82 points or by -0.76 per cent and then NSE Nifty was at 11657.05 down by -80.85 points or by -0.69 per cent.

Top traded Volumes on NSE Nifty – YES Bank Ltd. 111719246.00, State Bank of India 74413322.00, ICICI Bank Ltd. 43279956.00, ITC Ltd. 31380501.00, Adani Ports & Special Economic Zone Ltd. 23021274.00,

On NSE, total number of shares traded was 23.75 Crore and total turnover stood at Rs. 52322.53 Crore. On NSE Future and Options, total number of contracts traded in index futures was 809047 with a total turnover of Rs. 61158.68 Crore. Along with this total number of contracts traded in stock futures were 1375523 with a total turnover of Rs. 81720.14 Crore. Total numbers of contracts for index options were 33251357 with a total turnover of Rs. 2359642.83 Crore. and total numbers of contracts for stock options were 1235200 with a total turnover of Rs. 78735.87 Crore. As on May 23, 2019 the FIIs stood as net buyer in equity and debt. Gross equity purchased stood at Rs. 4866.64 Crore and gross debt purchased stood at Rs. 633.95 Crore, while the gross equity sold stood at Rs. 5608.01 Crore and gross debt sold stood at Rs. 1191.91 Crore. Therefore, the net investment of equity and debt reported were Rs. -741.37 Crore and Rs. -557.96.

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