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NSE Intra-day chart (26 April 2022)
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Market Commentary 27 April 2022
Markets likely to get gap-down opening amid global sell-off


Bulls made come back after two days of continuous drubbing as traders opted to buy beaten down but fundamentally strong stocks. Key gauges made a gap up opening taking encouragement with CII President TV Narendran's statement that India's economy is expected to grow 7.5-8 per cent this fiscal year with exports playing a key role in the country's success story. Some support also came with report that India and the EU will return to the negotiating table to start serious talks for a free trade agreement (FTA) in June after a gap of nine years. Sentiments remained eminent throughout the day after the Ministry of Commerce and Industry said that there is a five-fold increase in the grant of patent annually, and a four-fold rise in trademark registration every year since 2014. It said that to modernise the Intellectual Property (IP) office and reduce legal compliances, along with facilitating filing of IP applications, the government has adopted several administrative and legislative measures. Markets extended gains in final hour of trade to end near intraday highs as trader remained optimistic, amid a private reports stating that real-time payments are forecast to boost India's GDP by $45.9 billion in 2026 as real-time payments transaction volumes are set to exceed 206 billion by that time. Also, street took a note of a private report that the government has begun discussions on bringing parity between long-term capital gains (LTCG) tax on debt, listed equities and unlisted equities. Finally, the BSE Sensex rose 776.72 points or 1.37% to 57,356.61 and the CNX Nifty was up by 246.85 points or 1.46% to 17,200.80.


The US markets ended deeply lower on Tuesday as investors dumped equities on fears of an economic slowdown. The sell-off on Wall Street came as elevated inflation, Covid-19 lockdowns in China and the ongoing war in Ukraine continued to weigh on investors' minds as they digest the latest earnings news. Tech stocks led the decline as investors did not wait around for Microsoft and Alphabet first-quarter results after the bell, fearing more blow-ups like the one seen in Netflix earlier in the earnings season. Microsoft and Google parent Alphabet both saw shares close down more than 3% ahead of reporting earnings. Facebook parent Meta, Amazon and Apple also finished lower, with earnings results slated for later this week. Netflix shares dropped nearly 5.5% and hit a new multi-year low. Last week, Netflix plunged 35% in a single day after reporting a surprising subscriber loss for the first quarter. On the economic data front, a report released by the Commerce Department showed new orders for US manufactured durable goods rebounded in the month of March. The report showed durable goods orders climbed by 0.8 percent in March after tumbling by a revised 1.7 percent in February. Street had expected durable goods orders to jump by 1.0 percent compared to the 2.2 percent slump originally reported for the previous month. Excluding orders for transportation equipment, durable goods orders surged by 1.1 percent in March after falling by 0.5 percent in February. Ex-transportation orders were expected to increase by 0.6 percent. A separate report released by the Commerce Department showed a steep drop in US new home sales in the month of March. The Commerce Department said new home sales plunged by 8.6 percent to an annual rate of 763,000 from an upwardly revised rate of 835,000 in February.


Crude oil futures ended sharply higher on Tuesday as concerns about outlook for energy demand eased a bit after the Chinese central bank announced that it would support small businesses and industries affected by the pandemic. The People's Bank of China said it will step up the prudent monetary policy's support to the real economy, especially for industries and small businesses hit hard by the pandemic.  The central bank said it will promote healthy and stable development of the financial markets and provide a good monetary and financial environment. Further, short-covering after recent sharp losses contributed as well to the rise in oil prices. Benchmark crude oil futures for June delivery surged $3.16 or $3.2 percent to settle at $101.70 a barrel on the New York Mercantile Exchange. Brent crude for June delivery gained $2.67 or 2.6 percent to settle at $104.99 a barrel on London's Intercontinental Exchange.


Indian rupee ended stronger against dollar due to fresh selling of the American currency by banks and exporters. The rupee also derived its strength from strong gains in the local equity markets. Sentiments got boost with the Confederation of Indian Industry's (CII) President TV Narendran stating that the country's economy is likely to grow 7.5-8 per cent this fiscal year (FY23) with exports playing a key role in the country's success story. Some optimism also came with report that India and the EU will return to the negotiating table to start serious talks for a free trade agreement (FTA) in June after a gap of nine years. On the global front, dollar soared to a two-year high on Tuesday and the euro hit its weakest since March 2020 amid concerns about the economic impact of China's COVID-19 lockdowns. Finally, the rupee ended at 76.56 (Provisional), stronger by 8 paise from its previous close of 76.64 on Monday.


The FIIs as per Tuesday's data were net sellers in both equity and debt segment. In equity segment, the gross buying was of Rs 4947.17 crore against gross selling of Rs 7591.17 crore, while in the debt segment, the gross purchase was of Rs 512.16 crore against gross selling of Rs 1213.85 crore. Besides, in the hybrid segment, the gross buying was of Rs 69.04 crore against gross selling of Rs 9.14 crore.


The US markets ended lower on Tuesday as investors worried about slowing global growth and a more aggressive Federal Reserve. Asian markets are trading in red on Wednesday tracking overnight gains on Wall Street. Indian markets moved higher on Tuesday, as bulls attempted a comeback with IT, auto, FMCG and financial stocks leading the surge. Today, markets are likely to get gap-down opening as an uptick in oil prices and the Russia-Ukraine conflict continued to weigh on market sentiment. Traders may take note of Acting Director of the IMF's Asia and Pacific Department stating that the surge in oil prices due to the Ukrainian war has pushed up inflation in India, which needs monetary tightening and measures to address structural weaknesses to improve growth potential. However, some support may come later in the day with CBDT Chairman J B Mohapatra's statement that the net direct tax collection has registered a whopping 49.02 per cent growth to over Rs 14.09 lakh crore in the 2021-22 fiscal as the country's economy bounced back after being hit by the COVID-19 pandemic. The net direct tax mop-up was Rs 9.45 lakh crore in the previous financial year. Besides, a private report stated that the monthly collection under the Goods and Services Tax (GST) is likely to peak to another all-time high of Rs 1.45-1.50 lakh crore. Meanwhile, Finance Minister Nirmala Sitharaman held a meeting with representatives of the semiconductor industry of the US and invited them to make further investments in India. There will be some reaction in edible oil industry stocks with private report that India's palm oil imports in May are set to rise above 600,000 tonnes despite the restriction imposed by Indonesia on exports as most of the contracted quantity will be loaded before Jakarta's ban becomes effective. In the primary market, Multispecialty pediatric hospital chain Rainbow Children's Medicare initial public offering (IPO) will open for public subscription on April 27. It has fixed a price band of Rs 516-542 a share for its Rs 1,581-crore IPO. Moreover, Life Insurance Corporation (LIC) has fixed the price band for its initial public offer (IPO) at Rs 902-949 a share. The issue, which will remain open for retail investors from May 4 to 9. Investors are likely to react to a slew of earnings reports.


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  • L&T has signed an agreement with the Indian Institute of Technology Bombay to jointly pursue research and development work in the Green Hydrogen value chain. 
  • Tata Motors has entered into partnership with Lithium Urban Technologies, an EV-based urban transportation service provider. 
  • Bharti Airtel's subsidiary -- Airtel Payments Bank has partnered with IndusInd Bank to offer fixed deposit facilities to its customers.  
  • Tata Steel's Jharia Colliery division has set up a Continuous Ambient Air Quality Monitoring System in its Sijua Area for measurement of air quality in the region.
News Analysis