Javeri Fiscal Services Ltd. Daily Newsletter
NSE Intra-day chart (29 April 2022)
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Market Commentary 02 May 2022
Markets likely to open deeply in red amid global sell-off


Indian equity benchmarks pared all of their intraday gains to end lower on Friday due to fag-end selling in heavyweights Axis Bank, Power Grid Corporation and Wipro. Key gauges made optimistic start and stayed in green for most part of the day, as traders found some support with the third quarterly employment survey (QES) by the labour ministry showed that employment in nine select non-farm sectors stood at 31.45 million in the October-December 2021 quarter, 0.39 million more than the July-September period and 0.65 million higher than April-June, 2021. Some optimism also came with stock exchange data showed foreign institutional investors turned net buyers after their continuous selling spree for the past many days, as they bought shares worth Rs 743.22 crore on Thursday. Additionally, with an aim to reduce imports of the country, the commerce ministry has made a case for encouraging domestic manufacturing of 102 items like chemicals, electronic products and insulin injection as their share in the country's total imports are high. However, key indices reversed the trend and turned sharply lower in the last hour of trade, as traders got cautious with rating agency ICRA stating that capacity utilisation in India is expected to dip in the first quarter of current fiscal and is expected to gradually rise by the third quarter, and indicated that the economic recovery will be hurt by the Russia Ukraine tensions, however it will see recovery by the end of the year. Meanwhile, the Reserve Bank of India (RBI) has modified norms for banks to claim the amount of interest subvention provided to farmers under the short-term crop loan scheme through Kisan Credit Card (KCC) during 2021-22. Pending claims for the 2021-22 financial year can be submitted by June 30, 2023, and those have to be duly certified by the statutory auditors as true and correct. Finally, the BSE Sensex fell 460.19 points or 0.80% to 57,060.87 and the CNX Nifty was down by 142.50 points or 0.83% to 17,102.55.


The US markets closed sharply lower on Friday with the Nasdaq plunging to its lowest closing level since late November 2020 as the tech-heavy index showing a 13.3 percent nosedive. A negative reaction to the latest batch of earnings news contributed to the sharp pullback on Wall Street, with shares of Amazon (AMZN) plummeting by 14.1 percent to their lowest closing level in almost two years. The steep drop by Amazon came after the online retail giant reported an unexpected first quarter loss and provided disappointing revenue guidance for the current quarter. Semiconductor giant Intel (INTC) also tumbled by 6.9 percent after reporting first quarter results that exceeded analyst estimates but issuing weak guidance for the second quarter. Traders also remain cautious ahead next week's Federal Reserve meeting, with the central bank widely expected to raise interest rates by 50 basis points. On the economic front, a report released by the Commerce Department showed U.S. personal income increased by slightly more than expected in the month of March, while U.S. personal spending jumped by much more than anticipated. The Commerce Department said personal income rose by 0.5 percent in March after climbing by an upwardly revised 0.7 percent in February. Street had expected personal income to rise by 0.4 percent compared to the 0.5 percent increase originally reported for the previous month. The report also showed personal spending jumped by 1.1 percent in March after advancing by an upwardly revised 0.6 percent in February. Personal spending was expected to increase by 0.7 percent compared to the 0.2 percent uptick originally reported for the previous month.


Snapping a three-day winning streak, crude oil futures ended lower on Friday as worries about outlook for energy demand weighed on prices. Oil prices surged earlier in the session as worries about supply outweighed concerns over outlook for oil demand. The sanctions on Russia is expected to reduce the supplies of crude from Russia far more than the reduction in demand from China, where several places are under coronvirus curbs. A report released by Baker Hughes showed Oil rigs count in the U.S. rose by 3 to 552 in the week. Natural gas rigs count remains unchanged at 144, while total rigs count in the country rose by 3 to 698. Benchmark crude oil futures for June delivery fell 67 cents or 0.6 percent to settle at $104.69 a barrel on the New York Mercantile Exchange. Brent crude for June delivery lost $0.72 or 0.67 percent to settle at $106.60 (Provisional) a barrel on London's Intercontinental Exchange.


Indian rupee ended considerably stronger on Friday tracking a weak greenback overseas and fresh foreign fund inflows. Sentiments were upbeat with PM Modi's statement that India is headed for robust economic growth as India have the world's fastest-growing Startup Ecosystem. Besides, with an aim to reduce imports of the country, the commerce ministry has made a case for encouraging domestic manufacturing of 102 items like chemicals, electronic products and insulin injection as their share in the country's total imports are high. On the global front, dollar edged down from its recent 20-year high on Friday but was still on track for its best month since 2015, having been boosted by a combination of expectations for U.S. rate hikes and growth concerns in China and Europe. Finally, the rupee ended at 76.50 (Provisional), stronger by 11 paise from its previous close of 76.61 on Thursday.


The FIIs as per Friday's data were net buyers in equity segment, while they were net sellers in debt segment. In equity segment, the gross buying was of Rs 13027.23 crore against gross selling of Rs 11137.34 crore, while in the debt segment, the gross purchase was of Rs 207.33 crore against gross selling of Rs 1395.96 crore. Besides, in the hybrid segment, the gross buying was of Rs 24.57 crore against gross selling of Rs 22.78 crore.


The US markets ended sharply lower on Friday due to growth concerns, weak earnings and rising inflation. Asian markets are trading in red on Monday amid thin trade, as most markets in the region were shut for Labour Day, with data released over the weekend showing Chinese factory activity contracted in April. Indian markets ended on a weak note on Friday as a sell-off in the final hour wiped off their gains and pushed the markets down into the red. Today, the markets are likely to start holiday shortened week in deeply red tracking global sell-off. Traders will be concerned as the government data showed that the production of eight infrastructure sectors slowed down to 4.3 per cent in March against 12.6 per cent in the year-ago period. There will be some cautiousness as the Reserve Bank of India's (RBI) report on currency and finance for FY22 stated that it will take nearly 15 years for the Indian economy to make up for the losses it has incurred during the coronavirus pandemic. Besides, RBI data showed the country's foreign exchange reserves decreased by $3.271 billion to $600.423 billion in the week ended April 22. However, some respite may come later in the day as the Finance Ministry stated that the monthly collection under the Goods and Services Tax (GST) has peaked to an all-time high of Rs 1.68 lakh crore in April 2022. The gross GST collection has crossed the Rs 1.5 lakh crore-mark for the first time in April 2022 and Rs 1 lakh crore-mark for the tenth month in a row. Some support may come as Department for the Promotion of Industry and Internal Trade (DPIIT) secretary Anurag Jain said foreign direct investment (equity) inflows into manufacturing surged 78% until February last fiscal to $20 billion, far exceeding the pace of rise in overall FDI, despite the pandemic blues. Meanwhile, according to a notification of the commerce ministry, the government has restricted the imports of certain waste and scrap of precious metals. There will be some buzz in the pharma industry stocks as the commerce ministry said pharma exports have touched Rs 1,83,422 crore in 2021-22 against Rs 90,415 crore in 2013-14. It added the exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for COVID related medicines. Coal industry stocks will be in focus as coal ministry said public sector miner Coal India has reported an increase of 27.2 per cent in its output in April 2022 as compared to the year-ago period. There will be some reaction in edible oil industry stocks as the government approved the import of around 0.55 million tone (mt) of genetically-modified (GM) soymeal, a key ingredient in poultry feed. Auto stocks will be in limelight reacting to their sales numbers. There will be lots of earnings reaction to keep the markets buzzing.


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



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NSE Nifty




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Nifty Top volumes





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Tata Motors





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  • Axis Bank has reported 49.78% rise in its consolidated net profit at Rs 4,434.00 crore for Q4FY22 as compared to Rs 2,960.40 crore for Q4FY21. 
  • Tata Motors' wholly-owned EV subsidiary -- Tata Passenger Electric Mobility has made a smashing debut with the global unveil of the AVINYA Concept. 
  • ICICI Bank has launched India's first comprehensive digital ecosystem for all Micro, Small and Medium Enterprises in the country, including customers of other banks. 
  • Reliance Industries has inked a pact with EHV to open Indian Accent restaurant in Mumbai.
News Analysis