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Market Commentary

(As on May 22, 2018, 08:38)

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Indian benchmark indices are likely to open lower on Tuesday, tracking weak trend in Nifty futures on the Singapore Stock Exchange and mixed trend across the Asian markets. Overseas, Asian stocks were trading mostly lower, undermining firm cues from Wall Street. In the overnight trade, Wall Street ended higher led by gains in industrial stocks, as investor cheered easing trade war between US and China as the duos agreed to drop their tariff threats. Back home, bearish trend in the SGX Nifty Index Futures for May delivery, which were trading at 10,524.50, down 18 points, or 0.17 per cent, at 10:56 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 earning front, big names such as, State Bank of India, Indian Oil Corporation, Cipla and Dr. Reddy’s will release its March quarter results today.

On Monday, the Indian equities continued losing streak for the fifth straight session as investor weighed rising crude oil prices and political debacle in Karnataka elections. In line with benchmark indices, broader market emerged as top laggards, with MidCap and SmlCap indices falling as much as 1.64 per cent and 2.2 per cent, respectively. Shares of Punjab National Bank (PNB) surged nearly 5 per cent after media report suggested that the insolvency resolution at Bhushan Steel will boost profitability of the bank by upto Rs 7.35 billion in the June quarter. The 30-share benchmark index closed trade at 34616.13, down by 232.17 points or by 0.67 per cent, and the NSE Nifty settled at 10516.7, down by 79.7 points or by 0.75 points per cent.

Top traded volumes on NSE Nifty were ICICI Bank Ltd. 23155638.00, State Bank of India 18780730.00, Tata Motors Ltd. 11549490.00, Vedanta Ltd. 9703835.00, Power Grid Corporation of India Ltd. 9376866.00.

On NSE, total number of shares traded was 163.64 Crore and total turnover stood at Rs. 29839.51 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 201084 with a total turnover of Rs. 17800.55 Crore. Along with this total number of contracts traded in stock futures were 828260 with a total turnover of Rs. 53638.26 Crore. Total numbers of contracts for index options were 5519594 with a total turnover of Rs. 512609.79 Crore and total numbers of contracts for stock options were 736111 with a total turnover of Rs. 51424.46 Crore.

As on May 21, the FIIs stood as net seller in both equity and debt markets. Gross equity purchased stood at Rs. 5556.23 Crore and gross debt purchased stood at Rs. 987.01 Crore, while the gross equity sold stood at Rs. 5831.95 Crore and gross debt sold stood at Rs. 2667.15 Crore. Therefore, the net investment of equity and debt reported were Rs. -275.72 Crore and Rs. -1680.14.

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