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NSE Intra-day chart (06 September 2021)
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Market Commentary 07 September 2021
Markets likely to get cautious start amid mixed Asian cues


Indian equity benchmarks extended their gains to the third day in a row on Monday, clinching record closing highs, amid firm global market setup. Indices opened the day with a good gap but showed a range-bound session. Traders took some encouragement with a private report that recovering from the economic slump caused by the pandemic, hiring trends saw an improvement in August. The previous month saw a 26% on-year increase in hiring activity to 2.78 lakh. Some support also came as the RBI data showed that the country's foreign exchange reserves soared by $16.663 billion to touch a lifetime high of $633.558 billion in the week ended August 27, mainly due to an increase in Special Drawing Rights (SDR) holdings. Traders found some solace with a private report that the government's collections from levy of excise duty on petroleum products have jumped 48 per cent in the first four months of the current fiscal year, with the incremental mop-up being 3-times of the repayment liability of legacy oil bonds in the full fiscal. During the second half of the session, markets continued to trade in positive zone taking support from the Income Tax Department of India stating that the Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 67,401 crore to more than 23.99 lakh taxpayers between April 1 and August 16. It further said that the income tax refunds of Rs 16,373 crore have been issued in 22,61,918 cases and corporate tax refunds of Rs 51,029 crore have been issued in 1,37,327 cases. Traders also took note of member of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) -- Shashanka Bhide's statement that revival of the Indian economy would be sustained if the COVID-19 pandemic is under control. Bhide added that prioritising expenditure to get maximum employment and income effects while controlling the pandemic are necessary in the short term. Separately, with an aim to increase exports through quality production and processing, Agricultural and Processed Food Products Export Development Authority (APEDA) has signed a Memorandum of Understanding (MoU) with ICAR-Indian Institute of Millet Research (ICAR-IIMR) which is expected to boost value addition and farmers' income. Finally, the BSE Sensex rose 166.96 points or 0.29% to 58,296.91, while the CNX Nifty was up by 54.20 points or 0.31% to 17,377.80.


The US markets were closed on Monday on account of Labor Day holiday.


Crude oil futures ended lower on Monday after Saudi Arabia cut prices for its Asian customers and demand worries lingered following last week's weaker-than-expected US jobs data. State oil company Saudi Aramco has cut its October official selling prices (OSP) for all grades delivering to Asia, while keeping prices unchanged for the U.S. and Europe. Arab Light crude for delivery to Asia was slashed to a premium of $1.70 per barrel from $3 in September. The larger-than-expected cut for Asia was driven by several factors, including the weak recovery in the region's oil demand, the easing of OPEC+ output restrictions and a Saudi desire to regain market share. In electronic trading, crude oil futures for October fell 82 cents or 1.2 percent to settle $68.47 barrel on the New York Mercantile Exchange. November Brent crude lost 83 cents or 1.1% percent to settle at $71.76 a barrel on London's Intercontinental Exchange. 


Indian rupee ended lower against dollar on Monday, on account of sustained dollar demand from importers and banks. Traders were worried despite report that foreign portfolio investors (FPIs) were net buyers to the tune of Rs 16,459 crore in Indian markets in August, with majority of investment coming in the debt segment. Meanwhile, Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) -- Shashanka Bhide said that revival of the Indian economy would be sustained if the COVID-19 pandemic is under control. On the global front, sterling slipped on Monday, pulling back from near one-month highs against the dollar and one-week peaks versus the euro as signs grew that economic gains from post-lockdown reopening were starting to fade. Finally, the rupee ended 73.10, weaker by 8 paise from its previous close of 73.02 on Friday.


The FIIs as per Monday's data were net seller in both equity and debt segment. In equity segment, the gross buying was of Rs 6064.83 crore against gross selling of Rs 6699.66 crore, while in the debt segment, the gross purchase was of Rs 827.45 crore with gross sales of Rs 1066.89 crore. Besides, in the hybrid segment, the gross buying was of Rs 20.94 crore against gross selling of Rs 35.65 crore.


The US markets remained closed on Monday on account of Labour Day holiday. Asian markets are trading mixed on Tuesday as Japan extended a rally and traders weighed the resilience of a global recovery supported by central bank stimulus but facing challenges from the delta virus strain. Indian markets ended at record closing highs Monday led by gains in IT, realty and auto stocks amid mixed global cues. Today, the start of session is likely to be cautious amid mixed cues from Asian peers. There will be some cautiousness as a private report projected a real gross value added (GVA) growth of 7 to 8 per cent year-on-year in the second quarter of current fiscal year versus 20.1 per cent growth in 1Q FY22. It said estimates suggest some moderation in economic activity index (EAI)-GVA growth in July, largely on account of weaker fiscal spending. Traders may take note of a private report that industries have raised red flags over fresh notices being issued denying input tax credit (ITC), alleging wrongful claims, in turn leading to hardships for businesses. Meanwhile, Capitals markets regulator SEBI (Securities and Exchange Board of India) has banned 85 entities from capital markets for up to one year for fraudulent trading practices. In its order, the regulator restrained Sunrise Asian and its then five directors from the capital markets for one year and the 79 connected entities for six months. Telecom stocks will be in focus as industry body COAI said telecom regulator Trai's recommendation to waive right of way charges for the next five years will significantly reduce the overall cost of network rollout for companies. Agriculture industry stocks will be in focus as the government so far procured nearly 890 lakh tonnes of paddy, an all-time high, at MSP in the current marketing year ending September for around Rs 1.68 lakh crore. There will be some reaction in aviation industry stocks as credit ratings agency ICRA said domestic air passenger traffic continued on the growth trajectory in August with volumes growing up to 31 per cent to 66 lakh over the previous month, helped by higher capacity deployment and a downward trend in the pandemic. Besides, the oil marketing companies (OMCs) kept petrol, diesel prices unchanged on Tuesday for the second day in a row. Accordingly, the price of petrol and diesel was static at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer.


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



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Hindalco Industries






  • Maruti Suzuki India has increased a price of select models owing to increase in various input costs with effect from September 6, 2021. 
  • Coal India's R&D arm -- Central Mine Planning and Design Institute has developed first-of-its-kind software in association with GERMI. 
  • Reliance Industries' subsidiary -- Reliance Retail is set to launch a chain of stores under the brand name of Avantra. 
  • Power Grid Corporation of India has started work to set up the first electric vehicle charging station in Meghalaya.
News Analysis