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Market Commentary

(As on Apr 20, 2018, 08:36)

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Indian equities are likely to open in negative terrain on Friday, tracking bearish cues from Nifty futures on the Singapore Stock Exchange and weak trend across the Asian markets. Overseas, Asian stocks were trading lower amid sluggish outlook for technology sector, while soaring oil prices raises inflation fears. In the overnight night trade, Wall Street ended lower led by decline in tobacco and technology stocks. Back home, bearish trend in the SGX Nifty Index Futures for April delivery, which was trading at 10,544.00, down 44 points, or 0.42 per cent, at 11:00 AM Singapore time, also signaled a negative start for local bourses. The traders will react to IMF chief Christine Lagarde comment who said she does not expect the pace of economic reforms in India to continue in an election year. Adding the woes, fear of interest rate hike by the Reserve Bank of India in wake of rising inflation may also weigh on investor sentiment. On the corporate front, shares of TCS will remain in focus after IT major reported 4.48 per cent year-on-year rise in consolidated net profit at Rs 6,904 crore for the March quarter. Among others, NTPC shares will see some movement after state-run firm said that it will exit the joint venture with BHEL. On the earning front, Indiabulls Housing Finance and Sasken Technologies will announce their quarterly results today.

On Thursday, Indian benchmarks rebounded to close higher led by robust buying in metal stocks amid mixed global cues. Investor sentiment was optimistic ahead of quarterly earnings of some key companies, including TCS. Overseas, Asian stocks rose, building on gains a day earlier, even as oil prices climbed to three-and-a-half year highs. The 30-share benchmark index closed trading at 34427.29 up by 95.61 points or by 0.28 per cent, while the NSE Nifty was at 10565.3 up by 39.1 points or by 0.37 per cent.

Top traded volumes on NSE Nifty were Hindalco Industries Ltd. 37033062.00, Vedanta Ltd. 31082632.00, ICICI Bank Ltd. 17282341.00, Indian Oil Corporation Ltd. 16984152.00, Bharat Petroleum Corporation Ltd. 15936417.00.

On NSE, total number of shares traded was 146.74 Crore and total turnover stood at Rs. 30728.60 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 161343 with a total turnover of Rs. 14395.20 Crore. Along with this total number of contracts traded in stock futures were 777148 with a total turnover of Rs. 56855.65 Crore. Total numbers of contracts for index options were 11221572 with a total turnover of Rs. 1091356.56 Crore and total numbers of contracts for stock options were 708281 with a total turnover of Rs. 53357.80 Crore.

As on April 19, the FIIs stood as net seller in both equity and debt segments. Gross equity purchased stood at Rs. 4095.98 Crore and gross debt purchased stood at Rs. 1079.48 Crore, while the gross equity sold stood at Rs. 4973.74 Crore and gross debt sold stood at Rs. 3544.34 Crore. Therefore, the net investment of equity and debt reported were Rs. -877.76 Crore and Rs. -2464.86.

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