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NSE Intra-day chart (30 March 2021)
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Market Commentary 31 March 2021
Benchmarks to open in red amid weakness in global markets


Extending the winning momentum for second successive session, Indian equity benchmarks surged more than 2 percent each in Tuesday's session on the back of a broad-based buying frenzy, due to positive cues from the global markets. Nifty ended just shy of its crucial 14,850 mark, while Sensex regained its psychological level of 50,100. After opening in the green, benchmark indices maintained their lead for the whole day. Sentiments got a boost as US Trade Representative Katherine Tai, after meeting Union Minister of Commerce and Industry Piyush Goyal, said India and the United States will look at ways to expand its trade relations and cooperate on pending bilateral issues. Furthermore, investors' morale also remained upbeat as Chief Economic Adviser (CEA) K. V. Subramanian asserted that the disinvestment target of Rs 1.75 lakh crore for 2021-22 was eminently achievable. He said the proposed initial public offering (IPO) by LIC itself could garner Rs 1 lakh crore for the government. He also said targeting of retail inflation by the Reserve Bank of India (RBI) has helped bring down the volatility and level of inflation. Market participants also got some encouragement as Union Minister Piyush Goyal has said that India will be able to overtake China in its engagement with Bangladesh. He said India has been working relentlessly to build strong relations with all its neighbouring countries. He also said India's ability to add more value to the products and services has helped it expand trade ties with countries like Bangladesh. Meanwhile, the government is unlikely to take zero-coupon bond route to further recapitalise public sector banks after the Reserve Bank expressed some concerns in this regard. The government would resort back to recapitalisation bonds bearing a coupon rate for capital infusion in these banks. Finally, the BSE Sensex rose 1128.08 points or 2.30% to 50,136.58, while the CNX Nifty was up by 337.80 points or 2.33% to 14,845.10.


The US markets ended lower on Tuesday as treasury yields extended the strong upward move seen on Monday, weighing on high-growth technology stocks. The yield on the benchmark ten-year note climbed to its highest level in over a year amid optimism about the coronavirus vaccine rollouts and the economy reopening as well as President Joe Biden's soon to be announced infrastructure plan. President Joe Biden is expected to provide details about his infrastructure plan when he travels to Pittsburgh on Wednesday. The spending package could cost north of $3 trillion. On the economic data front, Consumer confidence in the US skyrocketed by much more than anticipated in the month of March, according to a report released by the Conference Board. The Conference Board said its consumer confidence index spiked to 109.7 in March from a downwardly revised 90.4 in February. Street had expected the consumer confidence index to climb to 96.0 from the 91.3 originally reported for the previous month. With the much bigger than expected increase, the consumer confidence index reached its highest level since the onset of the coronavirus pandemic in March of 2020.


Crude oil futures ended lower on Tuesday as concerns about likely disruptions eased after shipping traffic resumed through the Suez Canal. Traders were also weighing the possible impact of a surge in coronavirus cases and extended lockdown measures in Europe on near-term energy demand. Meanwhile, Traders were looking ahead to the outcome of the upcoming meeting of the Organization of the Petroleum Exporting Countries and their allies. The oil cartel is expected to take call on production cuts during the meeting. Crude oil futures for May fell $1.01 or 1.6 percent to settle at $60.55 barrel on the New York Mercantile Exchange. May Brent crude declined $0.91 or 1.4 percent to settle at $64.01 a barrel on London's Intercontinental Exchange.


Indian rupee concluded substantially weaker against U.S. dollar on Tuesday on account of sustained dollar demand from importers and banks. Traders shrugged off report that US Trade Representative Katherine Tai, after meeting Union Minister of Commerce and Industry Piyush Goyal, said India and the United States will look at ways to expand its trade relations and cooperate on pending bilateral issues. Meanwhile, amid uncertainty created by a surge in coronavirus cases, the Reserve Bank of India (RBI) is likely to maintain the status quo at its next monetary policy review and wait for some more time before taking any action to spur growth. On the global front, dollar gained against major currencies on Tuesday and climbed to a one-year high against the yen, as accelerating U.S. vaccinations and plans for a major stimulus package stoked inflation expectations and Treasury yields. Finally, the rupee ended 73.38, weaker by 87 paise from its previous close of 72.51 on Friday.


The FIIs as per Tuesday's data were net buyer in both equity and debt segment. In equity segment, the gross buying was of Rs 7003.36 crore against gross selling of Rs 6608.35 crore, while in the debt segment, the gross purchase was of Rs 1877.79 crore against gross selling of Rs 1016.68 crore. Besides, in the hybrid segment, the gross buying was of Rs 16.84 crore against gross selling of Rs 29.42 crore.


The US markets ended lower on Tuesday as yields weighed on tech shares, financial stocks rose, their gains helped by signs the fallout from the Archegos meltdown would be relatively contained. Asian markets are trading mostly in red on Wednesday as global financial shares retraced some of their recent losses, driven in part by higher bond yields. Indian markets ended over 2 percent higher on Tuesday, rising for the second straight session boosted mainly by IT, metal and financial stocks. Today, the markets are likely to make negative start on last trading session of financial year 2020-21 (FY21), tracking weakness in global markets. Rising coronavirus cases also likely to weight down on the domestic indices. India has recorded 53,158 cases recorded in the last 24 hours. With the latest addition, the country's tally has soared to 12,148,487, Worldometer showed this morning. With active cases hitting 553,933, India is now the 6th-worst hit country. The death toll from the deadly infection jumped to 162,502. Traders will be concerned as a report by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) stated that India's economic output in 2021 is expected to remain below the 2019 level despite roll-out of the vaccine to deal with the menace of the coronavirus pandemic. There will be some cautiousness with Moody's Analytics' statement that India's inflation is at uncomfortably high level, which is an exception among Asian economies. It said higher fuel prices will keep upward pressure on retail inflation and keep the RBI from offering further rate cuts. However, some support may come later in the day as Union Finance Minister Nirmala Sitharaman said India's quick response in limiting the impact of the COVID-19 pandemic and undertaking massive vaccination drives are resulting in a V-shaped recovery. Some optimism may come as the government is expected to further extend the existing foreign trade policy (FTP), which is scheduled to lapse from April 1 this year, for few more months. FTP provide guidelines for enhancing exports to push economic growth and create jobs. Besides, the foreign institutional investors (FIIs) turned net buyer in both equity and debt market on Wednesday. The net investment of equity and debt reported were Rs 395.01 crore and Rs 861.11 crore. Meanwhile, the central government has released Rs 30,000 crore as goods and service tax (GST) compensation to states for FY21. Sugar sector stocks will be in focus with a report that the government has decided not to extend soft loans for at least a year to sugar mills for capacity expansion under the Sugar Development Fund (SDF), which offers financing at 2 percentage points below the prevailing bank rate.


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



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Nifty Top volumes





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Gail India





Tata Motors





State Bank of India










Oil & Natural Gas Corporation






  • Coal India has loaded an average 312 rakes per day in March so far, registering a growth of 24.6 percent. 
  • L&T's construction arm -- L&T construction has secured orders from its prestigious client for its various businesses. 
  • TCS has unveiled a new brand statement, Building on Belief, to articulate its mission and relationship with customers as it embarks on its next decade of transformation-led growth. 
  • JSW Steel has paid Rs 19,350 crore to the financial creditors of Bhushan Power & Steel towards implementation of the resolution plan for acquiring the company.
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