Javeri Fiscal Services Ltd. Daily Newsletter
NSE Intra-day chart (21 June 2022)
Top Gainers
Company NameClose% Change
Top Losers
Company NameClose% Change
World Indices
IndicesLast Trade% Change
IndicesLast Trade% Change
FII Activity(Rs. Cr)
DateMarketGross PurchaseGross SalesNet Change
Market Commentary 22 June 2022
Benchmarks to open in red on Wednesday


Indian equity benchmarks were positive for second consecutive day and ended Tuesday's session with gains of around two percent, led by a strong rebound across all sectors amid positive cues from the global markets. Domestic indices opened gap up and continued to gain strength throughout the day, as traders took support with the southwest monsoon entering Madhya Pradesh, Chhattisgarh, coastal Andhra Pradesh, Odisha, west Bengal, Jharkhand and Bihar on Monday, cumulative rainfall deficiency so far has been reduced to 5% from 25% reported on June 16. The India Meteorological Department (IMD) has predicted an intense spell of rainfall along the west coast in the next five days. Some support also came as retirement fund body EPFO has added 17.08 lakh net new subscribers in April 2022, nearly 34 per cent more than 12.76 lakh enrolled in the same month a year ago. Local equity markets enlarged their gains in the late afternoon session, taking support from the commerce and industry minister Piyush Goyal's statement that the proposed free trade agreement with the European Union, when implemented, will provide greater market access for several domestic sectors such as textiles, leather and sports goods in the EU market. Traders overlooked labour bureau's statement that retail inflation for farm and rural labourers increased to 6.67 per cent and 7 per cent, respectively in May, mainly due to higher prices of certain food items. Meanwhile, the pension Fund Regulatory and Development Authority (PFRDA) data showed that the number of subscribers in various schemes of the National Pension System (NPS) rose to 53.17 million in May 2022, registering a 24.07 per cent YoY growth. Till May 2021, the NPS subscribers numbers stood at 42.85 million. Finally, the BSE Sensex rose 934.23 points or 1.81% to 52,532.07 and the CNX Nifty was up by 288.65 points or 1.88% to 15,638.80.


The US markets settled higher on Tuesday as traders picked up stocks at relatively reduced levels following recent weakness in the markets. Those moves followed last week's declines in which the S&P 500 posted its worst week since 2020. Many investors fear that a rebound amid growing fears of a recession may be short-lived, though others expect that equities may be oversold after more accurately pricing in inflationary pressures. On the sectoral front, Energy stocks turned in some of the best performances on the day, benefiting from a rebound by the price of crude oil. Crude for August delivery jumped $1.53 or 1.4 percent to $109.52 a barrel after plummeting $7.26 or 6.3 percent to $107.99 a barrel last Friday. Reflecting the strength in the energy sector, the NYSE Arca Oil Index soared by 5 percent, the Philadelphia Oil Service Index surged by 4.8 percent, and the NYSE Arca Natural Gas Index shot up by 3.5 percent. Telecom stocks also saw substantial strength, resulting in a 3.2 percent jump by the NYSE Arca North American Telecom Index. Among individual stocks, shares of Valneva skyrocketed after drug giant Pfizer (PFE) agreed to acquire an 8.1 percent stake in the French vaccine maker for $95 million. Shares of Spirit Airlines also soared after JetBlue increased its takeover offer for the discount airline to $33.50 per share. On the economic data front, the National Association of Realtors showing another steep drop in US existing home sales in the month of May. NAR said existing home sales plunged by 3.4 percent to an annual rate of 5.41 million in May after slumping by 2.6 percent to a revised rate of 5.60 million in April. Street had expected existing home sales to tumble by 3.7 percent to a rate of 5.40 million from the 5.61 million originally reported for the previous month.


Crude oil futures ended higher on Tuesday on account of lingering concerns about global supplies. The market has been supported by supply anxiety after sanctions on oil shipments from Russia, the world's second-largest oil exporter, and worries Russian output could fall due to sanctions on equipment needed for production. Meanwhile, US President Joe Biden said on Monday a decision on whether to pause a federal gasoline tax could come this week. The United States is also in talks with Canada and other allies to further restrict Moscow's energy revenue by imposing a price cap on Russian oil. Benchmark crude oil futures for August delivery surged $1.53 or 1.4 percent to settle at $109.52 a barrel on the New York Mercantile Exchange. Brent crude for August delivery rose $0.52 or 0.5 percent to settle at $114.65 a barrel on London's Intercontinental Exchange.


Indian rupee ended weaker against the US dollar on Tuesday amid persistent foreign fund outflows and a jump in crude oil prices weighed on investor sentiment. Traders were also worried as retail inflation for farm and rural labourers increased to 6.67 per cent and 7 per cent, respectively in May, mainly due to higher prices of certain food items. Meanwhile, Piyush Goyal states that the proposed free trade agreement with the European Union, when implemented, will provide greater market access for several domestic sectors such as textiles, leather and sports goods in the EU market. On the global front, euro rose on Tuesday, drawing support from the European Central Bank's plans to raise interest rates to contain inflation, while the yen slumped to a 24-year low as the Bank of Japan's ultra-loose monetary policy stance continued to weigh. Finally, the rupee ended at 78.10 (provisional), weaker by 12 paise from its previous close of 77.98 on Monday.


The FIIs as per Tuesday's data were net buyers in equity segment, while net sellers in debt segment. In equity segment, the gross buying was of Rs 5567.07 crore against gross selling of Rs 5225.25 crore, while in the debt segment, the gross purchase was of Rs 75.22 crore against gross selling of Rs 504.14 crore. Besides, in the hybrid segment, the gross buying was of Rs 2.56 crore against gross selling of Rs 13.21 crore.


The US markets ended sharply higher on Tuesday as investors picked up stocks after markets moved into an oversold zone. Asian markets are trading mostly in red on Wednesday as investors remain nervous about aggressive hikes in interest rates and the prospect of slowing growth. Indian markets ended higher with notable gains on Tuesday backed by broad-based buying, rising for a second straight day following a six-day sell-off that took away seven percent of their value. Today, markets are likely to get flat-to-negative start amid rise in crude oil prices and tracking weakness across other Asian markets despite a strong session on Wall Street overnight. Continued foreign fund outflows likely to dampen sentiments in domestic markets. Foreign institutional investors (FIIs) sold shares worth Rs 2,701 crore on June 21. FIIs have so far this year sold shares worth Rs 2,07,195 crore, data from NSDL showed. There will be some cautiousness with RBI data showing that operating profit growth of listed private companies decelerated across broad sectors in the January-March quarter of 2021-22, on the back of rise in expenditure. Operating profit of manufacturing companies decelerated sharply to 7 per cent in the fourth quarter of last fiscal as against 70 per cent in the corresponding quarter of the preceding fiscal. However, some support may come later in the day as Union minister Piyush Goyal has expressed hope that the free trade agreement between India and the United Kingdom will be concluded by Diwali. The minister for commerce and industry and textiles said that the government is moving ahead on free trade pacts with Canada, European Union and the UK. Besides, capital markets regulator Sebi has permitted mutual funds to again invest in foreign stocks within the aggregate mandated limit of $7 billion for the industry. This came in the wake of a major correction in global markets that brought down the valuation of international stocks. There will be some buzz in the construction companies stocks as ICRA said the domestic metro rail projects will provide business opportunities worth Rs 80,000 crore for construction companies over the next five years. Infrastructure industry stocks will be in focus as the Department of Economic Affairs (DEA), under the finance ministry, in collaboration with the Capacity Building Commission (CBC) has framed a Capacity Enhancement Plan (CEP) for driving relevant capacities across ministries, state governments and the extended ecosystem of infrastructure execution in the country. There will be some reaction in Telecom stocks as industry body Broadband India Forum termed telcos' arguments on a level playing field between public and captive private 5G networks as absurd and impractical, and asserted that the two are separate sets of services on a completely different footing and not competing with each other.


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



Previous close



NSE Nifty




BSE Sensex





Nifty Top volumes




Previous close (Rs)

Support  (Rs)

Resistance (Rs)

(in Lacs)






Oil and Natural Gas Corporation





Hindalco Industries





Tata Motors











  • SBI is planning to collaborate with the Centre's Department of Pension & Pensioners' Welfare to create an integrated pension portal to enhance ease of living of pensioners. 
  • Britannia Industries is planning to tap opportunities in the cake category through the launch of innovative products at different price points and expansion in rural markets.
  • Hero MotoCorp has further strengthened its commitment and operations in Turkiye with the introduction of Euro-5 compliant variants of its three globally popular products. 
  • Bajaj Finance has partnered with Worldline, a global leader in payment services, to develop point-of-sales payments acquiring solutions for its merchant network.
News Analysis