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NSE Intra-day chart (09 December 2020)
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Market Commentary 10 December 2020
Markets likely to get negative start amid sell-off in global peers


Indian equity benchmarks inched up further and settled at record closing highs on Wednesday amid broad-based buying and positive global cues. The Sensex hit 46,100 level for the first time while Nifty also crossed 13,500 level. The markets made a positive start and continued to witness strength for whole day, as optimism over the coronavirus vaccine boosted investors' sentiment. As per a private report, an expert panel is set to review the applications of Bharat Biotech, Pfier-BioNTech and Serum Institute of India seeking emergency use authorisation for their vaccines. Some solace also came with Finance Minister Nirmala Sitharaman's statement that India will not worry about missing its budget deficit target as it seeks to step up spending to support the economy. Traders also took note of report that India Ratings and Research expects interest rates to stabilise at the current level and the Indian currency to undergo structural changes. Indian shares added more gains in late afternoon session, as traders remain energized with report that Corporate India is showing healthy signs of recovery and plans to hire more people in the first three months of 2021 compared to the quarter ending December. According to report, the employment trends in the first quarter of 2021 are expected to be on the rise with a Net Employment Outlook of 5 percent. Additional support came with a ratings agency ICRA's statement that non-bank lenders have witnessed a good rise in loan collection efficiencies in the September quarter after the reverses in the first three months of the fiscal. Adding optimism, Union Minister of Road Transport Nitin Gadkari has highlighted that Micro, Small and Medium Enterprises (MSME) is backbone of Indian economy and said the government's aim is to increase the sector's contribution to the Gross Domestic Product (GDP) to 50 per cent from the existing 30 per cent. Finally, the BSE Sensex surged 494.99 points or 1.09% to 46,103.50, while the CNX Nifty was up by 136.15 points or 1.02% to 13,529.10.


The US markets ended lower on Wednesday on profit taking after recent gains. Meanwhile, the US saw continued surge in new coronavirus cases, with over 210,000 new cases of infections recorded on Tuesday. However, the USFDA said the coronavirus vaccine developed by Pfizer/BioNTech met the prescribed success criteria and cleared it for emergency use approval. As part of his three-point plan to combat the coronavirus pandemic, President-elect Joe Biden has set the goal of bringing at least 100 million Americans under vaccination during his first 100 days since assuming office. Announcing key members of his Health Team in Wilmington, Delaware, Biden said his administration will follow the guidance of scientists and get vaccines to those most at-risk. On the stimulus front, after Treasury Secretary Steven Mnuchin announced a $916 billion stimulus package to House Keeper Nancy Pelosi on Tuesday, Senate Majority Leader Mitch McConnell told Politico that Republicans and Democrats were still looking for a way forward on additional fiscal aid. Besides, travelers Companies shares rose sharply, rebounding from losses in the previous session. General Electric, 3M, DuPont, Goldman Sachs, Johnson & Johnson, Amgen and Home Depot ended higher.


Crude oil futures ended lower on Wednesday weighed down by data showing a sharp increase in crude oil stockpiles in the US in the week ended October 4. Data released by US Energy Information Administration (EIA) showed that crude inventories in the US rose by 15.2 million barrels last week, as against expectations for a 1.42 million-barrel decline. Further, concerns about near-term energy demand due to the continued surge in coronavirus in several states in the US, and in many countries across the world weighed as well on oil prices. Crude oil futures for January dropped $0.08 or 0.2 percent to settle at $45.52 a barrel on the New York Mercantile Exchange. February Brent crude lost $0.10 or 0.2 percent to settle at $48.74 a barrel on London's Intercontinental Exchange.


Indian rupee ended marginally higher against dollar on Wednesday, on persistent selling of the American currency by exporters. Some support came as Union Minister of Road Transport Nitin Gadkari has highlighted that Micro, Small and Medium Enterprises (MSME) is backbone of Indian economy and said the government's aim is to increase the sector's contribution to the Gross Domestic Product (GDP) to 50 per cent from the existing 30 per cent. The rupee also derived its strength from strong gains in the local equity markets as well as dollar's weakness against some currencies overseas. On the global front; dollar fell broadly against its peers on Wednesday, snapping a three-day rising streak, as signs of progress in tackling the COVID-19 pandemic boosted risk appetite with the Chinese yuan climbing to its highest level in 2-1/2 years. Finally, the rupee ended at 73.57, 3 paise stronger from its previous close of 73.60 on Tuesday.


The FIIs as per Wednesday's data were net buyer in both equity and debt segment. In equity segment, the gross buying was of Rs 8672.68 crore against gross selling of Rs 5550.09 crore, while in the debt segment, the gross purchase was of Rs 1983.58 crore with gross sales of Rs 1505.93 crore. Besides, in the hybrid segment, the gross buying was of Rs 6.70 crore against gross selling of Rs 15.41 crore.


The US markets ended lower on Wednesday following new disagreements on an economic stimulus package amid sell-off in technology shares. Asian markets are trading in red on Thursday amid dimming prospects for fresh stimulus. Overnight closing on Wall Street was negative. Indian markets extended their winning run on Wednesday and ended at fresh record highs amid stimulus hopes and Covid-19 vaccine optimism. Today, start of session is likely to be negative amid sell-off in the global peers. Rising coronavirus cases may also impact the sentiments in the markets. On Wednesday, India reported 26,351 fresh Covid-19 cases. Its case tally now stands at 9,762,326. The country's death toll has mounted to 141,735. With 1,864,348 cases, Maharashtra has the highest number of coronavirus cases, followed by Karnataka 896,563, Andhra Pradesh 873,000, Tamil Nadu 794,020, and Kerala 649,000. Delhi recorded 2,463 fresh Covid-19 cases. Besides, the Central Drugs Standard Control Organisation (CDSCO) will meet today to review the applications of Pfizer, Serum Institute of India and Bharat Biotech for emergency-use authorisation for their Covid-19 vaccine candidates. However, some respite may come later in the day as the Union Cabinet approved Rs 22,810 crore outlay for a new employment scheme that aims at encouraging businesses to do fresh hiring. Labour Minister Santosh Gangwar said under the Atmanirbhar Bharat Rojgar Yojana, the government will for two years provide employee and employer contribution to the retirement fund for new hires by businesses and entities. Traders may take note of report that the Union Cabinet has approved a memorandum of understanding between India and Suriname for cooperation in the field of health and medicine. NBFCs will be in focus after the Reserve Bank of India (RBI) come up with a draft circular for declaration of dividend by NBFCs, wherein it has proposed that NBFCs should have at least 15 per cent Capital to Risk Weighted Assets Ratio (CRAR) for the last 3 years, including the accounting year for which it proposes to declare a dividend. There will be some reaction in power stocks as Moody's Vice President and Senior Credit Officer said their outlook for the A-Pac power sector is stable for 2021 as it has been since 2009. Insurance industry stocks will be in limelight after IRDAI proposed a standard personal accident product with common coverage and policy wordings across the industry, a move aimed at increasing penetration of the product.


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



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  • TCS has launched a new transformative Digital Bank Guarantee platform, powered by the Quartz Blockchain solution. 
  • Coal India's coal allocation to the power sector under special e-auction registered a 27.7 percent rise to 16.48 MT in the April-October 2020 period. 
  • Tata Steel's subsidiary company -- Tata Steel Europe has launched Roadmap plus Euro 300 million environmental-improvement plan to reduce emissions at its IJmuiden plant in the Netherlands. 
  • Maruti Suzuki India has launched the Smart Finance service for NEXA customers across 30 cities.
News Analysis