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NSE Intra-day chart (30 July 2021)
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Market Commentary 02 August 2021
Markets to start new month on firm note tracking Asian peers


Indian equity benchmarks trimmed all gains ahead of the closing bell on Friday to end the day flat with negative bias, tracking losses in Metal, Energy and Banking stocks. Benchmarks made positive start and managed to keep heads in green terrain, as traders took some support with India Ratings and Research's statement that outbound shipments from India, which have been languishing for quite some time, can benefit from the favourable trade growth outlook of 2021 and consolidate further from the level achieved in the first quarter of this fiscal. Some optimism also came in as Chief Economic Advisor K V Subramanian said headline inflation will come down under the 6 percent mark in July itself but will stay at an elevated level of over 5 percent for some time. Sentiments remained positive with Union Housing and Urban Affairs Ministry Secretary Durga Shanker Mishra's statement that the real estate sector which has been stressed for quite some time now has started showing signs of improvement since the first quarter of the current fiscal (Q1FY22) and its contribution to the country's Gross domestic product (GDP) is expected to reach 10 percent by 2025 from the current 7 percent. Markets added some more points in late afternoon session taking support from private report stated that the easing of restrictions on economic activity coupled with the increasing focus on ramping up operations and sales by businesses is having a positive impact on the hiring of freshers. However, key indices erased gains in the last 30 minutes of trade taking cues from weak European markets. Some concern also came as 3 southern states report spike in new infections. Kerala reported more than 22,000 fresh Covid-19 cases for the third day straight: the spike prompting the state to announce a weekend lockdown. Karnataka and Tamil Nadu recorded a rise in new infections on Thursday as well, taking India's daily case count to nearly 45,000, the highest in 22 days. Meanwhile, Parliament informed that around 1.09 crore MSME borrowers have been provided with guarantee support of Rs 1.65 lakh crore under Emergency Credit Line Guarantee Scheme (ECLGS). Finally, the BSE Sensex fell 66.23 points or 0.13% to 52,586.84, while the CNX Nifty was down by 15.40 points or 0.10% to 15,763.05. 


The US markets ended significantly lower on Friday as a steep drop from Amazon (AMZN) weighed on the markets, with the online retail giant plunging by 7.6 percent to its lowest closing level in well over a month. The nosedive by Amazon came after the company reported second quarter earnings that beat expectations, but its revenues missed estimates for the first time since the third quarter of 2018. Shares of Pinterest (PINS) also moved sharply lower after the image-sharing website operator reported better than expected second quarter earnings and revenues but a quarterly decline in monthly average users. Caterpillar (CAT), Exxon Mobil (XOM) and Chevron (CVX) also moved to the downside despite reporting quarterly results that exceeded analyst estimates. On the other hand, Procter & Gamble (PG) posted a strong gain after reporting better than expected fiscal fourth quarter results, although the consumer products giant also warned about the impact of higher input costs. On the economic data front, the Commerce Department released a report unexpectedly showing a slight increase in personal income in the month of June. The report showed personal income inched up by 0.1 percent in June after tumbling by a revised 2.2 percent in May. The uptick surprised market participants, who had expected personal income to dip by 0.3 percent compared to the 2.0 percent slump originally reported for the previous month. Meanwhile, the Commerce Department said personal spending jumped by 1.0 percent in June after edging down by a revised 0.1 percent in May. Street had expected personal spending to increase by 0.7 percent compared to the unchanged reading originally reported for the previous month. The report also showed the annual rate of core consumer price growth crept up to 3.5 percent in June from 3.4 percent in May.


Crude oil futures settled modestly higher on Friday, as tight US crude supplies helped lift prices up for a fourth month in a row. Also, there are hopes that energy demand will grow faster than supply despite resurgence in coronavirus infections across the globe. A report from Baker Hughes today said the number of active US rigs drilling for oil dropped by two to 385 this week, falling for the first time after four weeks. The total active US rig count, which includes those drilling for natural gas, declined by 3 to 488. Although, coronavirus cases are rising in U.S., Asia and parts of Europe. Crude oil futures for September rose 33 cents or nearly 0.5 percent to settle $73.95 barrel on the New York Mercantile Exchange. September Brent crude gained 28 cents or 0.4 percent to settle at $76.33 a barrel on London's Intercontinental Exchange.


Indian rupee ended considerably lower against the US dollar on Friday, on increased demand for the greenback from importers and banks. Traders seem to have overlooked Chief Economic Advisor K V Subramanian's statement that headline inflation will come down under the 6 percent mark in July itself but will stay at an elevated level of over 5 percent for some time. Such an outcome will get the price rise back into the upper-end of the target band given to RBI, he said, adding that consumer price inflation had breached the mark for three consecutive quarters last fiscal because of supply side issues like challenges in movement of goods. On the global front, dollar languished near a one-month low on Friday and was set for its worst weekly performance since May as dovish remarks by the U.S. Federal Reserve together with underwhelming economic data took the steam out of a month-long rally. Finally, the rupee ended 74.42, weaker by 13 paise from its previous close of 74.29 on Thursday.


The FIIs as per Friday's data were net sellers in equity segment, while net buyers in debt segment. In equity segment, the gross buying was of Rs 9725.77 crore against gross selling of Rs 9908.74 crore, while in the debt segment, the gross purchase was of Rs 216.20 crore with gross sales of Rs 186.71 crore. Besides, in the hybrid segment, the gross buying was of Rs 3.73 crore against gross selling of Rs 12.21 crore.


The US markets ended in red on Friday as Amazon.com shares dropped after the company forecast lower sales growth. Asian markets are trading mostly in green on Monday as upbeat economic data in the United States and Europe and solid corporate earnings put a floor under their markets, even though Beijing's regulatory crackdown fans fears about China's economy. Indian markets gave up early gains to end on a flat note Friday, tracking weak cues from Asia and Europe. Today, the start of new week as well as month is likely to be firm tracking Asian peers. Investors will be closely watching the Reserve Bank of India's Monetary Policy Committee meeting scheduled for later this week. Also, the Manufacturing PMI is slated to be out later in the day. Traders will be taking encouragement as the goods and services tax (GST) collection recovered to a three-month high in July, exceeding the Rs 1.1 trillion-mark, as economic activity resumed after most states eased Covid-19 restrictions. Some support will come as the government data showed that the output of eight core sectors grew 8.9 per cent in June, mainly due to a low base effect and uptick in production of natural gas, steel, coal and electricity. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 12.4 per cent in June 2020 due to the lockdown restrictions imposed to control the spread of coronavirus infections. However, there may be some cautiousness as foreign portfolio investors (FPIs) pulled out a net Rs 6,105 crore from the Indian capital markets so far in the ongoing financial year amid the pandemic and resultant restrictions in many parts of the country. Meanwhile, data released by the Controller General of Accounts (CGA) showed that the central government's fiscal deficit stood at Rs 2.74 trillion or 18.2 per cent of the full year's Budget estimate at the end of June. The fiscal deficit at the end of June 2020 was 83.2 per cent of the Budget Estimates (BE) of 2020-2 at Rs 6.62 trillion, after a fall in tax receipts due to pandemic lockdown that led to the worst recession in seven decades. There will be some buzz in the power stocks with power ministry data showing that India's power consumption grew nearly 12 per cent in July to 125.51 billion units (BU) and returned to pre-pandemic level mainly due to easing of lockdown curbs and delayed monsoon. Auto stocks will be in limelight reacting to their monthly sales numbers.  There will be some reaction in insurance industry stocks as the government said there has been no noticeable change in insurance coverage in the country during the COVID-19 pandemic. IPO rush continues for domestic investors with four fresh offerings opening for subscription this week. Windlas Biotech, Krsnaa Diagnostics, Exxaro Tiles, and Devyani Internation will all open for subscription on August 4.


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



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NSE Nifty




BSE Sensex





Nifty Top volumes





Previous close (Rs)

Support  (Rs)

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(in Lacs)

Sun Pharmaceutical Industries





State Bank of India





Tata Motors





Indian Oil Corporation





Power Grid Corporation of India






  • NTPC's wholly owned subsidiary -- NTPC Renewable Energy has invited a domestic tender to set up India's first Green Hydrogen Fuelling Station in Leh, Ladakh. 
  • Infosys has declared the renewal of its strategic collaboration with SPS to implement its Cobalt-powered infrastructure as a service solution in collaboration with Hitachi Vantara. 
  • Tech Mahindra has reported 39.18% rise in consolidated net profit attributed to the owners at Rs 1353.20 crore for Q1FY22 as compared to net profit of Rs 972.30 crore for Q1FY21. 
  • Sun Pharmaceutical Industries has reported consolidated net profit after taxes, share of profit of associates and joint ventures and non-controlling interests at Rs 1444.17 crore for Q1FY22 as compared to net loss of Rs 1655.60 crore for Q1FY21.
News Analysis