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Market Commentary

(As on Feb 15, 2019, 08:39)

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Indian benchmark indices are likely to start on a flat note on Friday taking cues from the global markets, movement in oil prices and rupee. Apart from this, stock specific actions are likely to continue amid the oncoming December quarter results. US retail sales tumbled 1.2 per cent in December, recording their biggest drop since September 2009 as receipts fell across the board. The shockingly weak report led to economic growth estimates for the fourth-quarter being cut to below a 2.0 percent annualised rate, with the Atlanta Fed forecasting a 1.5 percent growth, much below its previous forecast of 2.7 percent about a week ago. Asian stocks slipped on Friday after grim US retail sales figures raised fresh doubts about the strength of the US economy, offsetting optimism on trade talks between the United States and China. Back home, bullish trends in the SGX Nifty Index Futures for February delivery, were trading at 10,795.00 up 2.00 by or 0.02 per cent, at 10:52 AM, Singapore Time, also indicated a positive start for local bourses. On the government front, the Centre hikes minimum selling price of sugar by Rs 2/kg. on the earnings front, only six companies including Amtek Auto will be releasing their December quarter results later in the day.

On the corporate front, Jet Airways will be in focus as its lenders led by State Bank of India (SBI) will become the largest shareholders in a move to bail out the ailing domestic airline. The Naresh Goyal-led company made the disclosure on Thursday after its board approved a draft resolution plan comprising conversion of lenders' debt into 114 million equity shares at an aggregate consideration of Rs 1, issue of fresh interim loan to the airline and changes in governance structure and board composition. Goyal’s stake would be diluted to around 22 per cent from the current 51 per cent. Foreign partner Etihad will possibly retain its shareholding at the current level of 24 per cent. The airline also reported a standalone net loss of Rs 587.77 crore for the third quarter ended December 31. The 30-share index closed at 35876.22 down by -157.89 points or by -0.44 per cent and then NSE Nifty was at 10746.05 down by -47.6 points or by -0.44 per cent.

Top traded Volumes on NSE Nifty – YES Bank Ltd. 264725005.00, NTPC Ltd. 31594972.00, State Bank of India 26372671.00, Oil And Natural Gas Corporation Ltd. 25346334.00, Indian Oil Corporation Ltd. 24830679.00,

On NSE, total number of shares traded was 198.87 Crore and total turnover stood at Rs. 34645.95 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 259345 with a total turnover of Rs. 17995.59 Crore. Along with this total number of contracts traded in stock futures were 995291 with a total turnover of Rs. 51585.78 Crore. Total numbers of contracts for index options were 24797225 with a total turnover of Rs. 1463479.54 Crore. and total numbers of contracts for stock options were 1055374 with a total turnover of Rs. 55999.64 Crore.

As on February 14, 2019, the FIIs stood as net buyer in equity and debt. Gross equity purchased stood at Rs. 4565.16 Crore and gross debt purchased stood at Rs. 3452.98 Crore, while the gross equity sold stood at Rs. 5421.51 Crore and gross debt sold stood at Rs. 1598.48 Crore. Therefore, the net investment of equity and debt reported were Rs. -856.35 Crore and Rs. 1854.50.

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