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NSE Intra-day chart (22 July 2021)
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Market Commentary 23 July 2021
Benchmarks likely to get cautious start on Friday


Bulls make strong comeback on Dalal Street on Thursday snapping three days losing streak as traders' opted bargain hunting in blue chip stocks. Markets started the day with jubilation and key gauges breaches their crucial levels one after other as signs of a strong corporate earnings season and expectations that the central banks will stick to a dovish stance, at least in the near-term, lifted demand for risky equities. Sentiments remained optimistic through the day with report that Finance Minister Nirmala Sitharaman has sought Parliament nod to spend a net additional Rs 23,675 crore, including Rs 17,000 crore for the health ministry, in the current financial year. As per the first batch of supplementary demands for grants tabled in the Lok Sabha by Sitharaman, although the gross additional expenditure is over Rs 1.87 trillion in 2021-22, the actual cash outgo will only be Rs 23,674.81 crore as the remaining spending will be met through savings and higher receipts and recoveries. Markets extended gains in last leg of trade as traders took note of report that in order to bring more discipline, transparency, and accountability into the corporate insolvency process, resolution professionals (RPs) will be required to inform the adjudicating authority about avoidance transactions of a corporate debtor, according to the amended Insolvency and Bankruptcy Board of India (IBBI) Regulations, 2016. Market participants overlooked report that increasing commodity prices forced the government's crude oil import bill to swell by a massive 190.6% on-year basis in the first quarter to reach $24.7 billion. India's crude oil import value during the quarter stood at 51 million tonne, up 14.7% from the previous year. Finally, the BSE Sensex rose 638.70 points or 1.22% to 52,837.21, while the CNX Nifty was up by 191.95 points or 1.23% to 15,824.05.


The US markets ended higher on Thursday despite an unexpected jump in jobless claims that resurfaced some concerns about the economy and sent bond yields lower. A report released by the Labor Department showed an unexpected increase in first-time claims for US unemployment benefits in the week ended July 17th. The Labor Department said initial jobless claims climbed to 419,000, an increase of 51,000 from the previous week's revised level of 368,000. The rebound surprised participants, who had expected jobless claims to edge down to 350,000 from the 360,000 originally reported for the previous week. The report showed the less volatile four-week moving average also crept up to 385,250, an increase of 750 from the previous week's revised average of 384,500. Meanwhile, a separate report from the National Association of Realtors (NAR) showing existing home sales rebounded in the month of June following four straight monthly declines. NAR said existing home sales jumped by 1.4 percent to an annual rate of 5.86 million in June after slumping by 1.2 percent to a revised rate of 5.78 million in May. Street had expected existing home sales to surge up by 1.7 percent to a rate of 5.90 million from the 5.80 million originally reported for the previous month. Besides, the modestly higher close on markets reflected recent upward momentum, as stocks continued to recover from the sell-off on Monday. The advance seen over the past few days more than offset the sell-off to start the week, although the major averages remain below the record closing highs set last Monday.


Crude oil futures ended higher for third straight day on Thursday on expectations of tighter supplies through 2021 as economies recover from the coronavirus crisis. Oil prices continued to rise despite recent data from Energy Information Administration (EIA) showing a jump in US crude inventories in the week ended July 17. Report showing strong gasoline demand and a rebound in distillate fuels supported the uptick in oil prices. Gasoline stockpiles dropped by 100,000 barrels last week, while distillate stockpiles declined by about 1.3 million barrels. Crude oil futures for September rose $1.61 or about 2.3 percent to settle at $71.91 barrel on the New York Mercantile Exchange. September Brent crude surged $1.56 or 2.2 percent to settle at $73.79 a barrel on London's Intercontinental Exchange.


Continuing previous gains, Indian rupee ended higher against dollar on Thursday due to fresh selling of the American currency by banks and exporters. This was the second consecutive session when the rupee was traded higher against dollar. Traders took a note of report that Insolvency and Bankruptcy Board of India (IBBI) has amended regulations for corporate insolvency proceedings wherein a resolution professional will be required to provide details about his or her opinion about avoidance transactions pertaining to a corporate debtor. IBBI has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations. Healthy gains in the domestic equity markets also supported rupee. On the global front, euro traded just off 3-1/2 month lows versus the dollar on Thursday before a potentially momentous meeting of the ECB. Finally, the rupee ended 74.46, stronger by 15 paise from its previous close of 74.61 on Tuesday.


The FIIs as per Thursday's data were net sellers in both equity and debt segment. In equity segment, the gross buying was of Rs 4250.44 crore against gross selling of Rs 7032.82 crore, while in the debt segment, the gross purchase was of Rs 431.81 crore with gross sales of Rs 1034.24 crore. Besides, in the hybrid segment, the gross buying was of Rs 68.78 crore against gross selling of Rs 78.74 crore.


The US markets ended higher on Thursday as investors digested negative economic data reflecting the country's struggle to move past the COVID-19 pandemic. Asian markets are trading mostly lower on Friday as investors monitor Chinese tech stocks in Hong Kong after regulatory concerns resurfaced. Indian markets ended higher Thursday led by strong gains across the board amid positive global cues. Today, the markets are likely to make cautious start amid mixed global cues. Some support will come as Information and Broadcasting Minister Anurag Thakur said the Union Cabinet has approved Rs 6,322-crore production linked incentive scheme for specialty steel, a move aimed at boosting domestic manufacturing and exports from the sector. However, traders will be concerned as former World Bank chief economist Kaushik Basu said India's wholesale price-based inflation is at a 30-year high, leading to a very alarming situation for the country. He, however, doesn't see any risk of hyperinflation, but cautioned that if retail inflation follows wholesale prices, it might lead to an inflationary crisis. There will be some cautiousness as the US has said India remains a challenging place to do business, and urged it to foster an attractive and reliable investment climate by reducing barriers to investment and minimising the bureaucratic hurdles. Telecom stocks, namely Bharti Airtel, Vodafone Idea and Tata Tele will be in limelight amid reports that the Supreme Court will pronounce its judgment on appeal for correction of errors in Adjusted Gross Revenue (AGR) calculation on July 23. Infrastructure industry related stocks will be in focus amid report that the Road Transport and Highways ministry has constructed 13,327 km of National Highways in 2020-21, which works out to about 37 km per day. Zomato will list its shares on the exchanges today ahead of its scheduled date of July 27. The issue price has been fixed at Rs 76 per share. The Rs 9,375-crore initial public offering (IPO) of Zomato received a stellar response from investors as it was subscribed 38.25 times during July 14-16. There will be some important result reactions too, to keep the markets in action.


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



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  • Wipro has entered into partnership with Celonis, the global leader in execution management. 
  • Bharti Airtel has entered into a collaboration with Intel for 5G network development by leveraging virtual and open radio access network technologies and making indigenous solutions. 
  • Bajaj Finserv's board has approved to invest Rs 342 crore in Bajaj Finserv Direct, wholly owned subsidiary of the Company. Investment is intended to support existing line of businesses. 
  • Tata Motors' board has approved allotment of 5000 Rated, Listed, Unsecured, Redeemable, NCDs E30-B series of face value Rs 10 lakh each at par aggregating Rs 500 crore on private placement basis.
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