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NSE Intra-day chart (10 March 2022)
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Market Commentary 11 March 2022
Benchmarks likely to get weak start amid subdued global cues


Indian equity benchmarks ended higher for the third consecutive session on Thursday tracking strong global cues, easing crude oil prices and investor cheer on election results where Bharatiya Janata Party (BJP) was leading in four out of five states. An across-the-board rally swept the markets with FMCG, Realty, Metal and Banking sectors leading from the front. Markets opened with a significant gap on the upside, as traders took some support with Union Minister of Commerce and Industry Piyush Goyal stating that the venture capitalists have played a pivotal role in India's startup story and the economic growth of the country. Addressing the Indian Venture and Alternate Capital Association's (IVCA) Conclave, he said they have been driving innovation and bringing new ideas to the fore. Some support also came as private report stated that hiring activity witnessed a three per cent uptick sequentially in February as almost all industries showcased strong growth with the end of the third wave of the pandemic. Adding to the optimism, report stated that India and Canada are set to hold talks during March 10-13 to further strengthen the bilateral ties and discuss economic partnership, including a free trade agreement between both nations. However, key indices trimmed some of their gains in late afternoon deals, as traders turned anxious with Ratings and Research's (Ind-Ra) report that the country's current account deficit (CAD) is likely to widen to a 13-quarter high of $23.6 billion or 2.8 per cent of GDP in October-December 2021-22 (Q3FY22) as against a deficit of $9.6 billion (1.3 per cent of GDP) in Q2 FY22, due to higher commodity prices following the Russia-Ukraine conflict. In Q3 FY21, the deficit was $2.2 billion (0.3 per cent of GDP). Traders took a note of Former Reserve Bank of India (RBI) governor Raghuram Rajan's statement that India needs to recalibrate its response to the price situation following disruptions in global supply chains on account of Russia-Ukraine war, as losing the battle against inflation neither serves the government nor the central bank. Further, he said it is very important for any central bank to respect its mandate given to it by the government. Finally, the BSE Sensex rose 817.06 points or 1.50% to 55,464.39 and the CNX Nifty was up by 249.55 points or 1.53% to 16,594.90.


The US markets ended lower on Thursday after the Labor Department released a report showing a continued acceleration in the annual rate of U.S. consumer price growth in the month of February. The report showed the annual rate of consumer price growth accelerated to 7.9 percent in February from 7.5 percent in January, reaching the highest rate since January 1982. Meanwhile, first-time claims for US unemployment benefits saw a modest increase in the week ended March 5th, according to a report released by the Labor Department. The report showed initial jobless claims crept up to 227,000, an increase of 11,000 from the previous week's revised level of 216,000. Street had expected jobless claims to tick up to 216,000 from the 215,000 originally reported for the previous week. The Labor Department said the less volatile four-week moving average also inched up to 231,250, an increase of 500 from the previous week's revised average of 230,750. Besides, weakness also prevailed in the markets after failed peace talks between Ukraine and Russia spooked investors about how the geopolitical conflict could impact global growth. Negotiations between Russian and Ukrainian foreign ministers ended with little progress on matters including a cease-fire or a safe passage for civilians trying to flee the besieged city of Mariupol. Markets have been tied closely to the conflict and have been inversely correlated with energy prices, which have been on a tear higher during the Russia-Ukraine war. Since February 24 - when Russia invaded Ukraine - West Texas Intermediate crude have risen more than 14%, while Brent crude oil is up about 15% in that time. On the sectoral front, Semiconductor stocks turned in some of the market's worst performances on the day, dragging the Philadelphia Semiconductor Index down by 2.2 percent. Significant weakness was also visible among banking stocks, as reflected by the 1.1 percent drop by the KBW Bank Index.


Crude oil futures ended lower on Thursday after a volatile session, a day after their biggest daily dive in two years, as Russia pledged to fulfil contractual obligations and some traders said supply disruption concerns were overdone. Russian President Vladimir Putin said that the country, a major energy producer which supplies a third of Europe's gas and 7% of global oil, would continue to meet its contractual obligations on energy supplies. Benchmark crude oil futures for April delivery dropped $2.68 or 2.5 percent to settle at $106.02 a barrel on the New York Mercantile Exchange. Brent crude for May delivery declined $1.55 or1.38 percent to settle at $109.59 a barrel on London's Intercontinental Exchange.


Continuing previous session gains, Indian rupee ended higher against dollar on Thursday supported by positive domestic equities and trends in state election results. Geopolitical risks have also begun to reverse course and commodities cooled off, and emerging market currencies and equities advanced. Sentiments were upbeat as India and Canada are set to hold talks during March 10-13 to further strengthen the bilateral ties and discuss economic partnership, including a free trade agreement between both nations. Traders took a note of Former RBI governor Raghuram Rajan's statement that India needs to recalibrate its response to the price situation following disruptions in global supply chains on account of Russia-Ukraine war, as losing the battle against inflation neither serves the government nor the central bank. On the global front, sterling edged lower against the euro on Thursday as investors awaited the European Central Bank policy meeting outcome later in the day. Finally, the rupee ended at 76.43, stronger by 19 paise from its previous close of 76.62 on Wednesday.


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 9421.54 crore against gross selling of Rs 13897.71 crore, while in the debt segment, the gross purchase was of Rs 531.93 crore with gross sales of Rs 966.90 crore. Besides, in the hybrid segment, the gross buying was of Rs 27.00 crore against gross selling of Rs 32.54 crore.


The US markets ended lower on Thursday as US inflation hit almost 8 per cent, confirming that the Federal Reserve will most likely raise interest rates next week. Asian markets are trading in red on Friday as the pull-back rally fizzled out. Indian markets extended gains to the third day in a row on Thursday, helped by financial, consumer and auto shares, amid planned talks between Ukraine and Russia buoyed global risk-on sentiment. Today, markets are likely to get a weak start, amid weakness across global markets, as focus returned to global cues after investors cheered results of Assembly polls in five states. Investors will be eyeing the IIP data to be out after market hours. Sentiments may get impacted with the Reserve Bank data showing that India Inc's direct overseas investment declined 67 per cent to $753.61 million in February this year. Traders will be concerned as a private brokerage firm sharply cut its India FY23 real GDP growth estimate to 7.9 per cent, mainly due to the impact of the Russia-Ukraine conflict on oil prices. There will be some cautiousness as Kristalina Georgieva, the Managing Director of the International Monetary Fund said India has been very good at managing its finances but the surge in global energy prices is going to have a negative impact on its economy. Traders may take note of report that S&P Global Ratings said the Reserve Bank of India may feel pressure to tackle inflation sooner than it expected following a surge in global commodity prices. Meanwhile, rating agency Crisil said Indian economy is expected to grow by 7.8 per cent in 2022-23, mainly driven by the government's drive to push infrastructure spending and likely increase in private capital expenditure. The rating agency, however, cautioned that the ongoing Russia Ukraine war and rising commodity prices do pose a downside risk to the growth. Separately, the Income Tax department said Refunds worth over Rs 1.86 lakh crore have been issued to more than 2.14 crore taxpayers during the current financial year. Banking stocks will be in focus with RBI data showing that bank credit grew by 7.9 per cent to Rs 116.27 lakh crore and deposits rose by 8.6 per cent to Rs 162.17 lakh crore in the fortnight ended February 25. There will be some reaction in Jewellery industry related stocks as Gem Jewellery Export Promotion Council (GJEPC) said India's gold imports bounced back to 1,067.72 tonnes in 2021 from 430.11 tonnes during 2020 when the demand was hit due to the COVID-19 pandemic.


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



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  • NTPC's wholly owned Subsidiary -- Nabinagar Power Generating Company has successfully completed trial operation at Unit-3 of 660 MW capacity.  
  • Reliance Industries' subsidiary -- Reliance Retail and Reliance-backed Shopsense Retail Technologies firm Fynd have been named among the top 10 most innovative companies in Asia-Pacific by leading business media brand Fast Company. 
  • Tech Mahindra is planning to host Tech in Sustainability Ideathon Laps, as a part of the ongoing Mahindra Racing partnership. 
  • Wipro has entered into long-term partnership with Pandorum Technologies.
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