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Market Commentary

(As on Sep 24, 2018, 08:37)

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Indian equities may begin the week on a negative note, tracking bearish trend across SGX Nifty Index Futures and muted cues from global peers. Overseas, most of the Asian stocks, including Japan, China and South Korea, remained closed on eve of public holidays. The remaining Asian stocks were trading lower after media report suggested that China has canceled upcoming tariff talks with the United States. Back home, bearish trends in the SGX Nifty Index Futures for September delivery, which were trading at 11,194.50, down by 26.50 points or 0.24 per cent, at 10:54 AM, Singapore Time, also indicated a negative opening for local bourses. On the economy front, Sebi has eased norms for resident and non-resident Indians (NRIs), along with overseas citizens of India (OCIs), to invest in Indian markets through the FPI route. On the corporate front, shares of IT majors, Infosys and TCS, will remain in focus after RBI shortlisted the companies for implementation of a centralised information and management system (CIMS) for seamless data collection and validations.

On Friday, Indian equities ended a highly volatile day of trading on bearish note for the fourth straight session amid sharp selloff in the afternoon, led by non-banking financial companies like Dewan Housing Finance Can Fin Homes. In a similar trend, the broader markets ended bleeding in red with MidCap and SmlCap indices falling as much as 1.72 per cent and 3.00 per cent, respectively. The 30-share benchmark index closed trade at 36841.6, down by 279.62 points or by 0.75 per cent, and the NSE Nifty ended at 11143.1, down by 91.25 points or by 0.81 per cent.

Top traded Volumes on NSE Nifty were YES Bank Ltd. 293552756.00, Vedanta Ltd. 42361028.00, State Bank of India 39308482.00, ICICI Bank Ltd. 34169460.00, Axis Bank Ltd. 24788799.00.

On NSE, total number of shares traded was 28.07 Crore and total turnover stood at Rs. 66046.89 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 523422 with a total turnover of Rs. 48038.26 Crore. Along with this total number of contracts traded in stock futures were 1887998 with a total turnover of Rs. 122743.80 Crore. Total numbers of contracts for index options were 11133469 with a total turnover of Rs. 1060028.83 Crore and total numbers of contracts for stock options were 1421676 with a total turnover of Rs. 103023.27 Crore.

As on September 21, 2018, the FIIs stood as net seller in both equity and debt markets. Gross equity purchased stood at Rs. 4286.89 Crore and gross debt purchased stood at Rs. 462.17 Crore, while the gross equity sold stood at Rs. 6472.67 Crore and gross debt sold stood at Rs. 2514.75 Crore. Therefore, the net investment of equity and debt reported were Rs. -2185.78 Crore and Rs. -2052.58.

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