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NSE Intra-day chart (09 November 2021)
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Market Commentary 10 November 2021
Benchmarks likely to make gap-down opening


Indian equity benchmarks ended with minor losses marked by volatility on Tuesday. Losses in metal, consumer durables and banking stocks pulled the headline gauges lower. After a positive opening, the domestic markets traded lower, as traders got anxious with Rating agency Crisil's latest report stated that higher diesel prices will shave off the overall profitability of transporters despite an improvement in freight rates since last month following the withdrawal of the monsoons, consumption recovery and higher infrastructure activity. Some concern also came with report that India, speaking on behalf of the BASIC group, warned that lack of a serious approach to climate finance will jeopardise the enhanced mitigation and adaptation ambition as well as net zero pledges of parties. Traders were also worried on continuous outflow of foreign capital. Foreign Institutional Investors (FIIs) again stood as sellers as they offloaded shares worth Rs 860.65 crore in the capital market on Monday, exchange data showed. The markets however, recovered most of their losses by the end of the day as traders found some solace with domestic rating agency Brickwork Ratings revised its growth estimate for the country's gross domestic product (GDP) to 10-10.5 per cent in the current financial year from an earlier expectation of a 9 per cent growth. It said many economic growth indicators are suggesting a faster-than-expected revival in economic activities. Some support also came with SBI report stating that India is now ahead of China in financial inclusion metrics, with mobile and internet banking transactions rising to 13,615 per 1,000 adults in 2020 from 183 in 2015 and the number of bank branches inching up to 14.7 per 1 lakh adults in 2020 from 13.6 in 2015, which is higher than Germany, China and South Africa. Meanwhile, Markets regulator SEBI allowed foreign portfolio investors (FPIs) to write off all debt securities that they are unable to sell. This will be applicable only to such FPIs who wish to surrender their registration. Finally, the BSE Sensex fell 112.16 points or 0.19% to 60,433.45 and the CNX Nifty was down by 24.30 points or 0.13% to 18,044.25.


The US markets ended lower on Tuesday on profit booking as some traders cashed in on the recent strength in the markets. Meanwhile, investors are awaiting the release of another key inflation reading Wednesday. Tesla shares fell nearly 12%, also weighing on markets. The stock continued its retreat after founder Elon Musk this weekend asked in a Twitter poll whether he should sell 10% of his stock. Even after Tuesday's pullback, Tesla is up 45% this year. On the sector front, steel stocks gave back ground after rallying on Monday following passage of the $1 trillion infrastructure bill. The NYSE Arca Steel Index fell by 1.4 percent after jumping by 2.6 percent in the previous session. Considerable weakness also emerged among transportation stocks, as reflected by the 1.4 percent drop by the Dow Jones Transportation Average. Biotechnology stocks also showed a notable move to the downside on the day, dragging the NYSE Arca Biotechnology Index down by 1.4 percent. On the economic data front, the Labor Department released a report showing producer prices increased by slightly more than anticipated in the month of October. The Labor Department said its producer price index for final demand advanced by 0.6 percent in October after climbing by 0.5 percent in September. Street had expected another 0.5 percent increase. Core producer prices, which exclude prices for food, energy, and trade services, rose by 0.4 percent in October after inching up by 0.1 percent in September. Core prices were expected to edge up by 0.2 percent. Compared to the same month a year ago, producer prices in October were up by 8.6 percent, unchanged from the previous month.


Crude oil futures ended sharply higher on Tuesday, extending their previous session's gains, on rising hopes about the outlook for energy demand after the United States lifted travel restrictions to several countries. The US has started accepting fully vaccinated travelers at airports and land borders beginning Monday, doing away with a COVID-19 restriction that dates back to the Trump administration. Meanwhile, the US Energy Information Administration's Short Term Energy Outlook report said that gasoline prices this year and in 2022 are likely to rise slightly more than forecast earlier supported oil prices. Besides, the passage of the $1 trillion US infrastructure bill in Congress and strong Chinese exports data also contributed rising optimism about energy demand. Benchmark crude oil futures for December delivery rose $2.22 or 2.7 percent to settle at $84.15 a barrel on the New York Mercantile Exchange. Brent crude for January delivery surged $1.35 or 1.62 percent to settle at $84.78 a barrel on London's Intercontinental Exchange.


Indian rupee ended marginally higher on Tuesday with private report stating that India seems to be the new global hotspot for corporate unicorns. The country is home to the third-largest number of such privately-held companies with a valuation of $1 billion or more, behind the United States and China. However, traders were worried as rating agency Crisil's latest report stated that higher diesel prices will shave off the overall profitability of transporters despite an improvement in freight rates since last month following the withdrawal of the monsoons, consumption recovery and higher infrastructure activity. On the global front, euro held steady against the dollar on Tuesday and most currency pairs were stuck as traders waited for U.S. inflation data later in the week and more speeches from central bank governors for some clues on the direction of interest rates. Finally, the rupee ended at 74.02, stronger by 1 paise from its previous close of 74.03 on Monday.


The FIIs as per Tuesday's data were net sellers in both equity and debt segments. In equity segment, the gross buying was of Rs 12483.20 crore against gross selling of Rs 13527.65 crore, while in the debt segment, the gross purchase was of Rs 156.08 crore with gross sales of Rs 1108.67 crore. Besides, in the hybrid segment, the gross buying was of Rs 63.22 crore against gross selling of Rs 29.88 crore.


The US markets closed lower on Tuesday ending a multi-day rally of consecutive record closing highs as profit-taking and worries over ongoing inflation fueled a broad sell-off. Asian markets are trading in red on Wednesday as investors await US and China inflation numbers. Indian markets ended Tuesday's session modestly lower after two days of gains on dull global cues. Today, the markets are likely to make gap-down opening following weakness in global peers coupled with sharp rise in crude oil prices. Oil prices rose to two-week high on Tuesday after United States lifted travel restrictions even as supply remained tight. There will be some cautiousness with Revenue Secretary Tarun Bajaj's statement that excise duty cut on diesel and petrol prices will burden the government's coffers, but it has no plans to increase the borrowing immediately. Forigen fund outflow may also weight on the domestic sentiments. Foreign institutional investors (FIIs) net sold shares worth Rs 2,445.25 crore on November 9, as per provisional data available on the NSE. However, some support may come as Union Commerce and Industry Minister Piyush Goyal said India is poised to achieve a services export target of $1 trillion by the year 2030. According to Goyal, the services sector is one of the key drivers of India's economic growth. He said the sector provides employment to nearly 2.6 crore people and contributes approximately 40 percent to India's total global exports. Traders may take note of report that Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) next week to review performance of the lenders and progress made by them to support the economy battered by the COVID-19 pandemic. There will be some buzz in the real estate industry stocks with a private report that housing sales jumped nearly 46 percent q-o-q to 50,000 units in Q3 2021 and sales rebounded by approximately 86 percent y-o-y on a year-to-date basis on the back of an attractive mortgage regime and government incentives. Coal industry stocks will be in focus as the government said the country's total coal import dropped 12 per cent year-on-year (y-o-y) to 94.15 million tonnes (MT) in April-August 2021, on account of a substantial reduction in the import of non-coking coal. There will be some reaction in aviation stocks as ICRA report said domestic air passenger traffic grew by a whopping 67 per cent year-on-year at around 87-88 lakh in October, on the back of festive season demand amid continuous fall in the number of COVID-19 infection cases. Meanwhile, Nykaa, owned by FSN E-Commerce Ventures, whose IPO got 81.78 times subscription, is scheduled to make its stock market debut on Wednesday, 10 November 2021. Apart from this, today is the last day to bid for Paytm IPO. Moreover, Latent View Analytics, a data analytics firm, will be open for public subscription on November 10.


Support and Resistance: NSE (Nifty) and BSE (Sensex)



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NSE Nifty




BSE Sensex





Nifty Top volumes




Previous close (Rs)

Support  (Rs)

Resistance (Rs)

(in Lacs)

Tata Motors





State Bank of India





Mahindra & Mahindra





Oil & Natural Gas Corporation





Indian Oil Corporation






  • Reliance Industries' wholly owned step-down subsidiary -- REUHLP has signed agreements with Ensign to divest its interest in certain upstream assets in the Eagleford shale play of Texas, USA. 
  • Tata Motors has signed a five-year MoU with Equitas SFB to bring a set of attractive financial solutions to its customers. 
  • UltraTech Cement has committed to the GCCA 2050 Cement and Concrete Industry Roadmap for Net Zero Concrete.   
  • Kotak Mahindra Bank has hiked home loan rates by 0.05%.  
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