Javeri Fiscal Services Ltd. Daily Newsletter
NSE Intra-day chart (21 April 2022)
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Market Commentary 22 April 2022
Markets likely to get gap-down opening amid weak global cues


Extending gaining streak for second straight session, Indian equity benchmarks made healthy gains on Thursday, with the help of strong buying support in Mahindra & Mahindra, Maruti Suzuki and Bajaj Finserv amid positive global cues. After a fabulous start, key indices remained under grip of bulls throughout the session, as Managing Director of the International Monetary Fund Kristalina Georgieva said a high growth rate for India, as projected in the latest World Economic Outlook, is not only healthy for the country but also positive news for the world. Adding enthusiasm among traders, Service Export Promotion Council (SEPC) stated that services sector exports are likely to touch $350 billion in the current fiscal. It said the target has been revised from $300 billion to $350 billion for 2022-23 and is set in consideration to the sectors which couldn't perform in the last 2 years due to the pandemic and hopefully will bounce back in FY23, like travel and tourism, hospitality, education and entertainment. Markets remained strong during second half of the session, taking support from Union minister Nitin Gadkari's statement that the PM Gati Shakti National Master Plan (NMP), aimed at improving multi-modal connectivity and last-mile connectivity across the country, is important for achieving the prime minister's dream of making India a $5 trillion economy by 2024-25. The street was also positive with retirement fund body EPFO said it added 14.12 lakh subscribers in February 2022, 14 per cent more than 12.37 lakh enrolled in the same month a year ago. Meanwhile, the government is likely to take a call on the timing of LIC initial public offering within this week. The sale of 5 per cent stake or 31.6 crore shares in the country's largest insurer was originally planned for in March, but was postponed in view of the geopolitical tension. Finally, the BSE Sensex rose 874.18 points or 1.53% to 57,911.68 and the CNX Nifty was up by 256.05 points or 1.49% to 17,392.60.


The US markets ended deeply lower on Thursday as Treasury yields showed a notable move back to the upside after giving back ground on Wednesday. The yield on the benchmark ten-year note more than offset yesterday's drop, reaching its highest closing level since December 2018. Concerns about the outlook for interest rates contributed to the rebound by Treasury yields, with traders keeping an eye on comments by Federal Reserve Chair Jerome Powell. Powell said he believes it would be appropriate to raise rates a little more quickly and predicted a 50 basis point rate hike would be on the table at the Fed's May meeting. Powell said our goal is to use our tools to get demand and supply back in synch, so that inflation moves down and does so without a slowdown that amounts to a recession. On the economic data front, the Labor Department released a report showing a slight decrease in first-time claims for US unemployment benefits in the week ended April 16th. The report showed initial jobless claims edged down to 184,000, a decrease of 2,000 from the previous week's revised level of 186,000. Street had expected jobless claims to dip to 180,000 from the 185,000 originally reported for the previous week. Meanwhile, a separate from the Federal Reserve Bank of Philadelphia showed growth in Philadelphia-area manufacturing activity slowed more than expected in the month of April. The Philly Fed said its diffusion index for current activity slumped to 17.6 in April from 27.4 in March. While a positive reading still indicates growth, Street had expected the index to show a more modest drop to 21.0.


Crude oil futures settled higher on Thursday on concerns about global crude supply and strong demand in the US. Reports saying the European Union is mulling a potential ban on Russian oil imports, and supply interruptions in Libya, where blockades at major fields and terminals reportedly result in the loss of over 550,000 barrels per day of oil output, pushed up oil prices. Meanwhile, the demand outlook in China continues to weigh on the market, as the world's biggest oil importer slowly eases strict Covid-19 curbs that have hit manufacturing activity and global supply chains. Benchmark crude oil futures for June delivery gained $1.60 or 1.6 percent to settle at $103.79 a barrel on the New York Mercantile Exchange. Brent crude for June delivery rose $1.66 or 1.55 percent to settle at $108.46 (Provisional) a barrel on London's Intercontinental Exchange.


Indian rupee ended higher against dollar on Thursday amid weak greenback overseas and a rally in domestic equities. This is the second consecutive session when the rupee is traded higher against dollar. Sentiments were upbeat as Managing Director of the International Monetary Fund Kristalina Georgieva said a high growth rate for India, as projected in the latest World Economic Outlook, is not only healthy for the country but also positive news for the world. In another positive development, Service Export Promotion Council (SEPC) stated that services sector exports are likely to touch $350 billion in the current fiscal. On the global front, series of hawkish comments amplified bets that the European Central Bank would soon hike interest rates, lifting the euro to a one-week high on Thursday amid expectations French President Emmanuel Macron would win his reelection bid on Sunday. Finally, the rupee ended at 76.17 (Provisional), stronger by 13 paise from its previous close of 76.30 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 6331.33 crore against gross selling of Rs 8670.94 crore, while in the debt segment, the gross purchase was of Rs 432.02 crore with gross sales of Rs 1379.94 crore. Besides, in the hybrid segment, the gross buying was of Rs 13.97 crore against gross selling of Rs 20.50 crore.


The US markets sharply lower on Thursday after the US Federal Reserve chief, Jerome Powell, suggested that the central bank would move aggressively to curb inflation and a 50 basis points rate hike was seen on the table in May 2022. Asian markets are trading mostly in red on Friday following overnight losses on Wall Street. Indian markets continued to recover for a second straight session on Thursday amid buying across sectors, boosted by strength in heavyweights Reliance, Infosys and the HDFC twins. Today, the markets are likely to get gap-down opening as global mood turned sour overnight. Rising crude oil prices may dent domestic market sentiments. Crude oil prices rose buffeted by concerns about tightened supply as the European Union mulls a potential ban on Russian oil imports that would further restrict worldwide oil trade. There will be some cautiousness as foreign institutional investors (FII) net sold Indian shares worth Rs 713.7 crore -- a tenth straight day of outflow for the Street. However, some support may come later in the day as the RBI data showed bank credit grew by 10.09 per cent to Rs 119.88 lakh crore and deposits by 10.06 per cent to Rs 167.42 lakh crore in the fortnight ended on April 8. In the fortnight ended on April 9, 2021, bank advances stood at Rs 108.88 lakh crore and deposits at Rs 152.11 lakh crore. Traders may take note of report that government think tank Niti Aayog released a draft battery swapping policy under which all metropolitan cities with a population above 40 lakh will be prioritised for development of battery swapping network under the first phase. Meanwhile, an Emirati minister said the historic Comprehensive Economic Partnership Agreement between India and the UAE will come into effect on May 1. The agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs. There will be some buzz in gems and jewellery industry stocks as industry body GJEPC said gems and jewellery exports rebounded in 2021-22 to touch $39.15 billion, showing a nearly 55 per cent jump compared to the previous financial year. The gross gems and jewellery exports stood at $25.40 billion during 2020-21. There will be some reaction in fertilizer industry stocks with Crisil's report that the fertiliser subsidy is likely to touch an all-time high of Rs 1.65 lakh crore this financial year against the budget estimate of Rs 1.05 lakh crore due to an unprecedented rise in the cost of raw materials and fertilisers globally. Steel stocks will be in limelight as Steel Minister Ram Chandra Prasad Singh said India produced 120 million tonne (MT) of crude steel during financial year ended March 31, 2022. At 120 MT, the output was about 18 per cent higher compared to the country's production in the preceding fiscal year.


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Tata Motors






  • Dr. Reddy's Laboratories has launched Posaconazole Delayed-Release Tablets, 100 mg, the therapeutic generic equivalent to NOXAFIL (posaconazole) Delayed-Release Tablets, 100 mg approved by the USFDA. 
  • HDFC Bank has opened its first branch in Keylong, becoming the first private sector bank to open a branch in the Lahaul and Spiti district of Himachal Pradesh. 
  • ITC has entered into Share Subscription agreement, Share Purchase agreement and shareholders' agreement to acquire up to 10.07% of the share capital of Blupin Technologies (Mylo) subject to completion of conditions precedent. 
  • IOC has issued 25000, 5.84% Unsecured, Listed, Rated, Taxable, Redeemable, Non-convertible Debentures (NCDs) (Series - XXII) of Rs 10,00,000 each aggregating to Rs 2500 crore on Private Placement basis on April 21, 2022.
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