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NSE Intra-day chart (16 April 2021)
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Market Commentary 19 April 2021
Markets to open in red amid concerns over rising Covid-19 cases


Indian equity benchmarks managed to end the Friday's session marginally in green with frontline gauges ending above their crucial 48,800 (Sensex) and 14,600 (Nifty) levels. Markets soon after making a cautious start gained traction as traders took support with government data showing that the country's exports jumped by 60.29 per cent to $34.45 billion in March even as the outbound shipments contracted by 7.26 per cent during the full 2020-21 fiscal to $290.63 billion. Imports too grew by 53.74 per cent to $48.38 billion in March, but dipped by 18 per cent to $389.18 billion during April-March 2020-21. Traders also took note of report that as Reserve Bank of India (RBI) concluded the first security acquisition programme (G-SAP) auction buying of Rs 25,000 crore in government bonds. As part of this, the government is scheduled to buy bonds worth 1 lakh crore from the secondary market in the three months to June 30 (Q1 of the current financial year). However, markets cut most of their gains in late trade as traders opted to book their profit in riskier assets. Key gauges somehow managed to end above water as traders took some relief report that the Reserve Bank of India (RBI) has set up the second Regulatory Review Authority (RRA 2.0) with a view to streamlining regulations and reducing compliance burden of regulated entities. The RRA would be set up for a period of one year from May 1, 2021, unless its tenure is extended by the Reserve Bank. Traders also took support with Union minister Nitin Gadkari's statement that India tackled the first wave of the pandemic with great resilience and came out with strong growth projections, exuding confidence that the MSME sector will battle the second wave with same conviction and lead India to a growth trajectory. Finally, the BSE Sensex gained 28.35 points or 0.06% to 48,832.03, while the CNX Nifty was up by 36.20 points or 0.25% to 14,617.85.   


Extending previous session's gains, the US markets ended higher on Friday with the Dow and the S&P 500 once again setting new record closing highs. Stocks continued to benefit from yesterday's strong US economic data, with upbeat economic data from China adding to optimism about a global economic recovery. A report from the National Bureau of Statistics showed the Chinese economy saw record growth in the first quarter, as GDP spiked 18.3 percent year-over-year. Upbeat earnings news also generated continued buying interest, as Morgan Stanley (MS) joined other financial giants in reporting better than expected first quarter earnings. On the economic front, the Commerce Department released a report showing a substantial rebound in new residential construction in the month of March. The Commerce Department said housing starts skyrocketed by 19.4 percent to an annual rate of 1.739 million in March after plunging by 11.3 percent to a revised rate of 1.457 million in February. Street had expected housing starts to spike by 13.5 percent to a rate of 1.613 million from the 1.421 million originally reported for the previous month. With the bigger than expected increase, housing starts reached their highest level since hitting an annual rate of 1.802 million in June of 2006. Meanwhile, the University of Michigan released a report showing sentiment has continued to improve in April but by much less than anticipated. The preliminary report showed the consumer sentiment index rose to 86.5 in April after soaring to 84.9 in March. Street had expected the index to jump to 89.6. Despite the much smaller than expected increase, the consumer sentiment index still reached its highest level since hitting 89.1 in March of 2020.


Snapping four session winning streak, crude oil futures ended lower on Friday. Support from a strong economic report from China helped to offset pressure from concerns that rising cases of COVID in parts of the world threaten a fitful recovery from the demand-sapping pandemic. The energy markets have so far been buttressed by monthly reports that point to a healthy recovery from the pandemic, as well as tensions between the US and Iran and Russia, which could have some impact on crude markets. Meanwhile, a report from Baker Hughes said US energy firms added oil and natural gas rigs for a fifth week in a row for the first time since February. The US drilling rig count rose by seven to 439 this week. Oil rigs increased by seven to 344 and natural gas rigs rose by one to 94. Crude oil futures for May declined 33 cents or 0.5 percent to settle at $63.13 barrel on the New York Mercantile Exchange. June Brent crude fell 17 cents or 0.30 percent to settle at $66.77 a barrel on London's Intercontinental Exchange.


Continuing previous session's gain, Indian Rupee ended fairly higher against US dollar on Friday, on the back of selling of the American currency by exporters. Sentiments were upbeat as continuing growth momentum for fourth straight month, the country's exports jumped 60.29% to $34.45 billion in March even as the outbound shipments contracted by 7.26 per cent during the full 2020-21 fiscal to $290.63 billion. Imports too grew by 53.74% to $48.38 billion in March, but dipped by 18 per cent to $389.18 billion during April-March 2020-21. On the global front, dollar headed for its worst back-to-back weekly drop this year amid an extended retreat in Treasury yields as investors increasingly bought into the Federal Reserve's insistence of keeping an accommodative policy stance for a while longer. Finally, the rupee ended 74.35, stronger by 58 paise from its previous close of 74.93 on Thursday. The currency touched a high and low of 74.76 and 74.28 respectively.


The FIIs as per Friday's data were net seller in equity segment, while net buyer in debt segment. In equity segment, the gross buying was of Rs 11641.53 crore against gross selling of Rs 12454.18 crore, while in the debt segment, the gross purchase was of Rs 2145.58 crore with gross sales of Rs 1711.23 crore. Besides, in the hybrid segment, the gross buying was of Rs 10.20 crore against gross selling of Rs 23.56 crore.


The US markets ended higher on Friday as investors took strong economic data and bank earnings as signs of momentum in the US pandemic recovery. Asian markets are trading in green on Monday helped by expectations monetary policy will remain accommodative the world over, while COVID-19 vaccine rollouts help ease fears of another dangerous wave of coronavirus infections. Indian markets ended Friday's volatile session marginally higher amid gains in pharma, IT, metals, auto and FMCG indices. Today, the start of new week is likely to be pessimistic on concerns over economic growth amid continue rising COVID-19 cases in the country and stricter restrictions imposed in various states. Traders will be concerned as India reported 275,306 coronavirus disease (Covid-19) cases on Monday, the highest single-day spike so far since the pandemic broke out, Worldometer showed. With this, India's Covid tally has shot up to 15,057,767 cases. There will be cautiousness as a private report stated that leading brokerages have downgraded India's GDP growth projections for the current fiscal year to as low as 10 per cent on local lockdowns threatening fragile recovery, with the resurgence of COVID-19 cases posing risks to economic recovery. Also, foreign portfolio investors (FPIs) have pulled out a net Rs 4,615 crore from Indian markets in April so far amid sharp escalation in COVID-19 cases and the consequent restrictions imposed by various states, unnerving overseas investors. However, some support may come later in the day with Chief Economic Adviser K V Subramanian's statement that the Indian economy is in better shape to address the challenge of the second wave of Covid-19 pandemic compared to last year as vaccines have been developed and vaccination drives are taking place. Meanwhile, non-banking finance companies (NBFCs) have requested the Reserve Bank to extend the one-time restructuring scheme of MSME advances till March 31, 2022, as these players are unable to revive their businesses. There will be some buzz in power stocks as power ministry data showed power consumption in the country grew nearly 45 per cent in the first half of April to 60.62 billion units (BU) over the corresponding period a year ago, showing robust recovery in industrial and commercial demand of electricity. Pharma stocks will be in focus as Pharmexcil said pharma exports from India witnessed over 18% growth to $24.44 billion during the last financial year against $20.58 billion in FY20. There will be some reaction in aviation stocks as Jet fuel price was cut by 1 per cent, the second reduction in rates this month following softening international crude oil prices. Auto stocks will be in limelight as SIMA data showed that Passenger vehicle exports from India declined by 39 per cent in the last fiscal as disruptions caused by COVID-19 pandemic put brakes on the overseas shipments. Besides, Macrotech Developers will list its equity shares on exchanges today. The IPO that ran between April 7-9 was subscribed 1.36 times. The issue price has been fixed at Rs 486 per share. There will be some important earnings announcements too to keep the markets buzzing.


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



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Tata Motors





Adani Ports And Special Economic Zone





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Hindalco Industries






  • L&T's construction arm -- L&T construction has secured orders from prestigious clients for its various businesses. 
  • Bajaj Finserv's EMI Store has listed several Vivo mobiles on great deals and discounts. 
  • Tata Motors has launched its new marketing campaign on the occasion of the start of the holy month of Ramadan. 
  • Coal India has incorporated two wholly owned subsidiaries viz. CIL Solar PV for manufacturing of solar value Chain (Ingot-wafer-Cell Module) and CIL Navikarniya Urja for renewable energy on date.
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