Indian equity benchmarks managed to end the volatile day of trade with marginal gains as profit Extending gains for the third straight session, Indian equity benchmarks ended higher by over half percent on Monday led by strong buying support in heavyweight Titan Company, Axis Bank and Tech Mahindra amid positive moves across global markets. Benchmarks made a positive start, as traders took support with data from Exim Bank showed that India's merchandise exports are expected to grow by 11.4 per cent to hit $114.4 billion during the July-September quarter of the current financial year. Some solace also came as the Finance Ministry said the provisional gross direct tax collections for FY23 till September 8 stood at Rs 6.48 trillion, which is 35.5 per cent higher than the same period last year. Also, strong FIIs' flow supported the Indian markets. Foreign institutional investors (FIIs) have net-bought shares worth Rs 2,132.42 crore on September 9. Sentiments remained optimistic in afternoon deals, taking support from Union Minister for Commerce and Industry Piyush Goyal's statement that assessing the impact of the foundational changes and structural transformation that has happened in the last few years, the Confederation of Indian Industry (CII) estimated that India in 2047 will be a $35-45 trillion economy, taking the country into the league of developed nations. Some support also came as External Affairs Minister S Jaishankar said India has made powerful efforts to grow its economy and emerge as a higher-income country, and expressed hope that it will be the fastest growing major economy in the world this year with at least 7 per cent growth despite the challenges posed by the Ukraine crisis. However, gains remain capped as investors remained on sidelines ahead of data on consumer inflation and factory output in the country due later in the day for cues. Finally, the BSE Sensex rose 321.99 points or 0.54% to 60,115.13 and the CNX Nifty was up by 103.00 points or 0.58% to 17,936.35.

The US markets ended in green on Monday as traders continued to pick up stocks at relatively reduced levels after the major averages snapped a three-week losing streak last week, bouncing well off their lowest levels in over a month. Further, optimism about a slowdown in inflation also contributed to the strength On Markets ahead of the release of a closely watched report on consumer prices on Tuesday. The report is expected to show a continued slowdown in the annual rate of consumer price growth to 8.1 percent in August from 8.5 percent in July. Meanwhile, the annual rate of growth by core consumer prices, which exclude food and energy prices, is expected to tick up to 6.0 percent in August from 5.9 percent in July. On the sectoral front, natural gas stocks turned in some of the market's best performances on the day, driving the NYSE Arca Natural Gas Index up by 2.4 percent. The rally by natural gas stocks came amid a sharp increase by the price of the commodity, with natural gas for October delivery surging $0.253 to $8.249 per million BTUs. A significant increase by the price of crude oil also contributed to considerable strength among oil stocks, as reflected by the 1.7 percent gain posted by the NYSE Arca Oil Index. Gold stocks also moved notably higher along with the price of the precious metal, resulting in a 1.5 percent advance by the NYSE Arca Gold Bugs Index. Transportation, computer hardware and retail stocks also showed strong moves to the upside, moving higher along with most of the other major sectors.

Crude oil futures ended higher with rally over one percent on Monday on rising speculation about the impact of Ukraine's offensive around Kharkiv on supply of Russian oil. Further, uncertainty about revival of the Iranian nuclear deal also raised concerns over Iranian crude coming into the world oil market. Besides, traders also reacted to the data from the US Department of Energy that showed US emergency oil stocks fell 8.4 million barrels to 434.1 million barrels in the week ended September 9, its lowest since October 1984. Benchmark crude oil futures for October delivery rose $0.99 or about 1.1 percent to settle at $87.78 a barrel on the New York Mercantile Exchange. Brent crude for November delivery surged $1.12 or about 1.21 percent to settle at $93.96 (Provisional) a barrel on London's Intercontinental Exchange.   

Indian rupee ended marginally higher against dollar on Monday, on persistent selling of the American currency by exporters. Some support came with Minister of Commerce and Industry Piyush Goyal's statement that Indian rupee has shown more resilience than most of the other currencies in recent years and the compounded average growth rate of depreciation is lower as compared to pre-2014. However, upside remain capped with report that India's August inflation data is likely to trend higher to 6.9% in August from 6.71% in July, which could put pressure on RBI to hike interest rates more aggressively in coming months. On the global front, euro jumped to a more than three-week peak versus the dollar on Monday, as European Central Bank officials argued for further aggressive monetary tightening. Finally, the rupee ended at 79.53 (Provisional), stronger by 4 paisa from its previous close of 79.57 on Friday.

The FIIs as per Monday's data were net buyers in both equity and debt segment. In equity segment, the gross buying was of Rs 6916.83 crore against gross selling of Rs 4641.99 crore, while in the debt segment, the gross purchase was of Rs 131.90 crore against gross selling of Rs 83.39 crore. Besides, in the hybrid segment, the gross buying was of Rs 5.60 crore against gross selling of Rs 6.49 crore.

The US markets ended higher on Monday as investors awaited crucial inflation data that could provide clues about the duration and severity of the Federal Reserve's tightening policy. Asian markets are trading in green on Tuesday after Wall Street indices extend a winning run to the fourth day in a row overnight. Indian markets ended higher to extend gains for third session in a row on Monday, backed by gains across sectors. Today, markets are likely to open in green amid supportive global cues. Traders will be getting encouragement as commerce and industry minister Piyush Goyal said Indian rupee has shown more resilience than most of the other currencies in recent years and the compounded average growth rate of depreciation is lower as compared to pre-2014. Some support will also come as India's agricultural and processed food products exports rose by 30% to $9.6 billion during April-July this fiscal. The commerce ministry said for 2022-23, an export target of $23.56 billion has been fixed for the agricultural and processed food products basket. Besides, foreign fund inflows likely to aid markets. Foreign institutional investors (FIIs) net bought shares worth Rs 2,049.65 crore on September 12, as per data available on the NSE. Traders may take note of report that the Finance Ministry has attributed the rise in inflation to base effect and increase in food and fuel prices, and stressed that initiatives taken by the government to curb price rise will be felt more significantly in the coming months. However, weak macro-economic data may dampen sentiments in domestic markets. India's retail inflation rate reversed its three-month downward trend in August, rising to 7 per cent from 6.7 per cent in the previous month, driven by a surge in food prices. This could put pressure on the central bank to further hike policy rates later this month. Also, India's industrial production growth decelerated to a four-month low of 2.4 per cent in July, mainly due to poor showing by manufacturing, power and mining sectors. Traders may be concerned as the government's health expenditure as a percentage of the GDP fell from 1.35 in 2017-18 to 1.28 in the next year. There will be some buzz in telecom companies stocks with report that telecom and satellite operators should look at using the same spectrum bands in coordination with each other and the decision on use of high-frequency range for broadband is likely to be taken in 4-5 months. Power stocks will be in focus with a private report that the power generation in first two months of the second quarter of current financial year rose marginally by 1.5 per cent on-year due to heavy rainfall during these months. There will be some reaction in oil companies stocks with a private report that India plans to pay about Rs 20,000 crore ($2.5 billion) to the state-run fuel retailers, such as Indian Oil Corp., to partly compensate them for losses and keep a check on cooking gas prices. NBFCs stocks will be in limelight as Crisil Ratings said Non-bank lenders' asset growth will jump to a four-year high of 11-12 per cent this fiscal. It added the non-bank finance companies (NBFCs) segment has witnessed three consecutive years of constrained asset growth due to the COVID-19 pandemic, with the growth coming at 5 per cent in FY22.

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

Nifty Top volumes

• Oil and Natural Gas Corporation has signed 6 contracts for Discovered Small Fields in the Offshore under DSF-III bid round, with 3 each for fields in the Arabian Sea and Bay of Bengal. 
• M&M is lining up new products and investments while firming up production plans as it remains very optimistic about gradual evolution of electric vehicle penetration in the country over the next few years. 
• JSW Steel has reported the crude steel production for the month of August, 2022 at 16.76 lakh tonnes, that grew by 22% as against 13.77 lakh tonnes in August 2021 on standalone basis. 
• Bharti Airtel's subsidiary Nxtra Data -- has partnered with Bloom Energy to deploy low environmental impact fuel cell installation at its data center in Karnataka.