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NSE Intra-day chart (10 March 2021)
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Market Commentary 12 March 2021
Benchmarks to make flat-to-positive start; IIP, CPI data eyed


Indian equity benchmarks extended their gains for the third straight session on Wednesday, with Metal, IT and TECK stocks trading firm throughout the session amid positive global cues. The benchmarks staged a gap up opening, as the Organization for Economic Co-operation and Development (OECD) in its interim economic outlook has raised the projection for India's economic growth rate by 4.7 percentage points at 12.6 per cent for 2021-22. That would enable India to retain its earlier tag of the fastest growing large economy in the world. Sentiments remained positive as Crisil in its report stated that the production-linked incentive (PLI) scheme that seeks to push domestic manufacturing in as many as 14 sectors has the potential to generate additional revenue worth Rs 35-40 lakh crore over the next five years. However, the benchmarks came off intraday highs in noon deals on the back of weakness in index heavyweights like ONGC, Kotak Mahindra Bank, ITC and HDFC Bank. Traders got cautious amid reports that a majority of CFOs interviewed see the long-term and financial impact of the global pandemic as one of their top challenges over the next three years. According to a survey, the most pressing issue at hand for CFOs (chief financial officers) is long-term business and financial impact of global pandemic, with almost 80 per cent of respondents listing this as their top challenge over the next three years.  But, key indices regained traction to end higher, as traders found some solace with Minister of State for Finance Anurag Thakur's statement that banks have sanctioned loans worth Rs 2.46 lakh crore to about 92 lakh accounts under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme for the MSME sector. Finally, the BSE Sensex rose 254.03 points or 0.50% to 51,279.51, while the CNX Nifty was up by 76.40 points or 0.51% to 15,174.80.


The US markets ended higher on Thursday, with the Dow Jones Industrial Average and the S&P 500 reaching new record closing highs, as a rebound in tech shares resumed and President Joe Biden's $1.9 trillion Covid-19 relief package became law. Signs that the US economy may be set for a healthy 2021 were plentiful after Biden signed his much-anticipated $1.9 trillion coronavirus relief package into law. The plan will send direct payments of up to $1,400 to many Americans, and will also put nearly $20 billion into Covid-19 vaccinations and $350 billion into state, local and tribal government relief. Buying interest also have been generated in reaction to a report from the Labor Department showing first-time claims for US unemployment benefits fell to a four-month low in the week ended March 6th. The Labor Department said initial jobless claims dropped to 712,000, a decrease of 42,000 from the previous week's revised level of 754,000. Street had expected jobless claims to dip to 725,000 from the 745,000 originally reported for the previous week. With the bigger than expected decrease, jobless claims fell to their lowest level since hitting 711,000 in the week ended November 7th.


Crude oil futures ended higher on Thursday, extending the rebound seen in the previous session, as vaccine rollouts bolstered the economic outlook. Meanwhile, the US House of Representatives gave final approval to one of the largest economic stimulus measures in American history, a sweeping $1.9 trillion Covid-19 relief bill that gives President Joe Biden his first major victory in office. Besides, Saudi Arabia's foreign minister said the kingdom would take deterrent action to protect its oil facilities, following attacks by Yemen's Iran-aligned Houthi movement on energy sites. Crude oil futures for April rose $1.58 or about 2.45 percent to settle at $66.02 barrel on the New York Mercantile Exchange. May Brent crude gained $1.59 or 2.34 percent to settle at $69.46 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. Traders remained positive with private report stating that India's economy should come roaring back to life in 2021 after a recession induced by COVID-19 and allow the country to reclaim its status as the fastest-growing major economy if the OECD projection of 12.6 per cent expansion in GDP is realized. However, upside remain capped as Finance Minister Nirmala Sitharaman states that the government has detected GST fraud of Rs 20,124 crore between November 9, 2020, and January 31. A nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently on the strength of fake/bogus invoices is being carried out. On the global front, dollar rose on Wednesday, clawing back some of its losses sustained overnight, as U.S. yields found a floor following their drop from one-year highs. Finally, the rupee ended at 72.91, stronger by 2 paise from its previous close of 72.93 on Tuesday.


The FIIs as per Wednesday's data were net buyer in equity segment, while net seller in debt segment. In equity segment, the gross buying was of Rs 11109.51 crore against gross selling of Rs 8438.76 crore, while in the debt segment, the gross purchase was of Rs 183.63 crore with gross sales of Rs 1472.56 crore. Besides, in the hybrid segment, the gross buying was of Rs 21.79 crore against gross selling of Rs 34.35 crore.


The US markets ended higher on Thursday as President Biden signed off on the $1.9 trillion stimulus package. Asian markets are trading mostly in green on Friday as a further retreat in bond yields eased concerns about rampant inflation, restoring appetite for battered tech stocks. Indian markets ended higher for the third session in a row on Wednesday, tracking a rebound in other Asian markets as easing in bond yields calmed investors jitter globally. Indian stock markets remained closed on Thursday on account of Mahashivratri. Today, the markets are likely to make flat-to-positive start following positive global cues and investors are looking ahead for industrial production data for January and CPI inflation data for February that are slated to be released today. Sentiments will get a boost with PHD Chamber of Commerce and Industry report showing that as economic activities gather pace and investor sentiments revive, GDP growth is likely to enter a double-digit growth trajectory and may grow at more than 11 per cent in the next financial year. Some support will come with Commerce Secretary Anup Wadhawan's statement that the country's exports are steadily recovering and it is expected to record a healthy growth rate in March. Traders may take note of report that the Reserve Bank said it will conduct simultaneous purchase and sale of government securities for Rs 10,000 crore each under Open Market Operations (OMOs) on March 18, 2020. Besides, the Centre said Bharat Biotech's indigenously developed Covaxin is out of the clinical trial mode and that it has now been granted the restricted emergency use authorisation. However, traders will be concerned as India reported 21,668 fresh Covid-19 cases on Thursday pushing the overall tally to 11,305,979, according to Worldometer. The death toll from the deadly infection jumped to 158,326. The country continues to be second-most-affected globally, and ranks 11th among worst-hit nations by active cases. There may be some cautiousness with SBI report stating that India's combined federal and states' budget gap in the current fiscal year will reach 12.7% on increased healthcare spending and a collapse in revenues amid the pandemic. There will be some buzz in healthcare industry stocks with a report that the cabinet approved the Pradhan Mantri Swasthya Suraksha Nidhi (PMSSN) as a single non-lapsable reserve fund for healthcare in India. Insurance industry stocks will be in focus with report that the Union cabinet has approved changes to the Insurance Act for increasing the foreign direct investment (FDI) limit to 74 per cent from the present 49 per cent. There will be some reaction in aviation stocks as rating agency ICRA has a negative credit outlook on Indian aviation industry, reflecting a view that financial performance of airlines is likely to remain weak in near-to-medium term amid weak air traffic. Meanwhile, Anupam Rasayan's Rs 760 crore initial public offering (IPO) will open for subscription today. The company is looking to sell shares in the price band of Rs 553-555 per share. Investors can bid for a minimum of 27 equity shares and in multiples thereafter, translating to a minimum investment of Rs 14,985.


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



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Tata Motors





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Gail India





Indian Oil Corporation






  • IOC and Industrial Infrastructure Development Corporation have signed a Memorandum of Understanding to develop a plastic park in Paradip. 
  • Tata Motors has launched its New Forever range of passenger vehicles in Nepal at a blockbuster event, in association with its sole authorised distributor for the country, Sipradi Trading. 
  • Dr. Reddy's Laboratories' API manufacturing plant at New York has received three observations from United States Food and Drug Administration. 
  • Tech Mahindra has achieved System and Organization Control 2 Type 2 attestation for BPS and IT services.
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