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NSE Intra-day chart (30 April 2021)
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Market Commentary 03 May 2021
Benchmarks to make negative start amid weak global cues


Snapping four day gaining streak, Indian equity benchmarks ended the horrendous day of trade with a cut of around two percentage points. Markets started the day on pessimistic note amid persistent rise in Covid cases and hiccups in vaccination drive. Breaking all records, India reported a massive surge of 386,888 cases, Worldometer showed. Besides, Mumbai for instance announced halting vaccination programme for three days due to the non-availability of vaccine stock. Adding more pessimism, the Centre for Monitoring Indian Economy stated that the unemployment rate in India has shot up in the first two weeks of April and the monthly unemployment rate is likely to be close to 8% compared to 6.5% in March with lower absorption of labour in the market. Traders also got cautious amid a private report stating that there has been an over 28 per cent increase in suspected fraudulent digital transaction attempts against businesses originating from India in the pandemic year. Selling got intensified in second half of trade as traders opted to weekly profit in risky assets ahead of weekend. The street took a note of report that markets regulator Sebi said mutual funds will have to make a disclosure about scheme risk-o-meter, performance and portfolio details to investors only for the particular plans in which they have invested. Traders failed to draw any sense of relief on report that Ministry of Finance, Government of India has decided to provide an additional amount of upto Rs 15,000 crore to States as interest free 50 year loan for spending on capital projects. The Department of Expenditure has issued fresh guidelines in this regard on the Scheme of Financial Assistance to States for Capital Expenditure for the financial year 2021-22. Finally, the BSE Sensex fell 983.58 points or 1.98% to 48,782.36, while the CNX Nifty was down by 263.80 points or 1.77% to 14,631.10. 


The US markets ended in red on Friday amid profit taking after the upward move seen on Thursday lifted the S&P 500 to a new record closing high. A steep drop by shares of Twitter also weighed on the markets, with the social media giant plunging by 3.7 percent. The nosedive by Twitter came after the company reported better than expected first quarter results but provided disappointing guidance. Energy giants Chevron and Exxon Mobil also showed notable moves to the downside after reporting their quarterly results. Shares of Amazon ended the modestly lower even though the online retail giant reported first quarter earnings that far exceeded street estimates. Meanwhile, traders largely shrugged off another batch of upbeat US economic data, including a report from the Commerce Department showing personal income skyrocketed in March amid the distribution of another round of stimulus checks. The Commerce Department said personal income soared by 21.1 percent in March after plunging by a revised 7.0 percent in February. Street had expected personal income to spike by 20.3 percent compared to the 7.1 percent slump originally reported for the previous month. The report also showed personal spending jumped by 4.2 percent in March following a 1.0 percent decrease in February. Personal spending was expected to surge up by 4.1 percent. A separate report from the University of Michigan showed consumer sentiment in the US improved by more than initially estimated in the month of April. The report said the consumer sentiment index for April was upwardly revised to 88.3 from a preliminary reading of 86.5.


Crude oil futures settled sharply lower on Friday, with cut of over 2%, as worries about energy demand resurfaced amid a continued surge in coronavirus cases in Asia. India reported another sharp spike in coronavirus cases, with more than 3.86 lakh people getting infected on Friday. Brazil and Japan have also reported spikes in infections. Weak factory activity data from China and a contraction in Euro Zone economic growth also weighed on crude oil prices. Meanwhile, according to a report from Baker Hughes, oil and natural gas rigs count rose by two to 440 in the week, the highest since April 2020. Crude oil futures for June slipped $1.43 or 2.2 percent to settle at $63.58 barrel on the New York Mercantile Exchange. June Brent crude declined $1.33 or 1.95 percent to settle at $66.68 a barrel on London's Intercontinental Exchange.


Indian rupee ended marginally weaker against the US dollar on Friday, on increased demand for the greenback from importers and banks. Traders were worried as Centre for Monitoring Indian Economy stated that the unemployment rate in India has shot up in the first two weeks of April and the monthly unemployment rate is likely to be close to 8% compared to 6.5% in March with lower absorption of labour in the market. However, lower side remained capped, in order to pump up liquidity, the Reserve Bank of India (RBI) is going to conduct a one-day Open Market Operations (OMO) on May 6 to simultaneous purchase and sell government securities. On the global front, dollar skidded towards a fourth straight weekly decline and its longest weekly streak of losses since last July against a basket of major peers on Friday, as the Federal Reserve stuck to its message of ultra-low interest rates for longer. Finally, the rupee ended 74.09, weaker by 2 paise from its previous close of 74.07 on Thursday.


The FIIs as per Friday's data were net buyer in equity segment, while net seller in debt segment. In equity segment, the gross buying was of Rs 6767.84 crore against gross selling of Rs 5325.63 crore, while in the debt segment, the gross purchase was of Rs 141.14 crore with gross sales of Rs 975.87 crore. Besides, in the hybrid segment, the gross buying was of Rs 4.36 crore against gross selling of Rs 15.59 crore.


The US markets ended lower on Friday with Amazon, Apple, Alphabet and other tech-related companies weighing on the S&P 500 and Nasdaq. Asian markets are trading mostly in red on Monday as holidays in China and Japan crimped volumes and investors awaited a raft of data this week which should show the US leading a global economic recovery. Indian markets ended sharply lower dragged by heavy selling in banking and financial stocks. Today, the markets are likely to make negative start of new week tracking muted cues from global markets. Markets may stay volatile after assembly election result of four states and one union territory. Trends in the election results indicate TMC retained power with two-thirds majority in West Bengal, Left while the BJP have crossed the majority mark in Assam and Left Democratic Front in Kerala. Investors will also track Markit Manufacturing PMI data scheduled to be out later in the day. There will be some cautiousness as snapping their six-month buying spree, foreign investors turned net sellers in April and pulled out Rs 9,659 crore from Indian equities, spooked by the intense second wave of coronavirus and its fallout on the economy. However, some respite may come later in the day with the data released by the commerce and industry ministry showing that the growth of India's eight key infrastructure segments reached a 32-month high of 6.8 per cent in March compared to a year earlier, mainly due to a low base. Some support will come as the goods and services tax (GST) collections touched a record high at Rs 1.41 trillion in April, surpassing the Rs one trillion mark for the seventh straight month in a row during 2020-21. Also, the commerce ministry's preliminary data showed that India's exports in April jumped nearly three-folds to $30.21 billion from $10.17 billion in the same month last year. Traders may take note of report that the government and the Reserve Bank of India (RBI) are considering relief measures for businesses as India continues to battle the deadly second wave of the Covid-19 pandemic. Meanwhile, India reported a decline in the number of fresh Covid-19 cases. With 370,059 infections in the last 24 hours, the cumulative caseload stands at 19,919,715, Worldometer showed. There will be some buzz in power stocks with power ministry data showing that power consumption in the country grew 41 per cent in April to 119.27 billion units (BU) in the same month last year, showing robust recovery in industrial and commercial demand of electricity. Banking stocks will be in focus as the Reserve Bank has decided to review and strengthen the Risk Based Supervision (RBS) of the banking sector with a view to enable financial sector players to address the emerging challenges. There will be some reaction in coal industry stocks with a private report that India's coal import is expected to be subdued in coming months on account of various factors like prevailing Covid situation, high coal stock in the system and higher international prices. Shares of auto companies will be in focus as investors will react to the auto sales figures for the month of April.  There will be lots of important earnings announcements too, to keep the markets in action.


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



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NSE Nifty




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Nifty Top volumes





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State Bank of India





JSW Steel





Tata Motors





Indian Oil Corporation






  • Wipro has completed acquisition of Capco, a global management and technology consultancy company providing digital, consulting and technology services to financial institutions in the Americas, Europe and the Asia Pacific. 
  • Dr. Reddy's Laboratories has launched Albendazole Tablets, USP, a therapeutic equivalent generic version of Albenza Tablets, 200 mg, approved by the USFDA. 
  • ICICI Bank has launched digital and contactless banking platform for merchants. 
  • Maruti Suzuki India has introduced new version of RPAS system in all variants of Super Carry.
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