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NSE Intra-day chart (22 June 2021)
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Market Commentary 23 June 2021
Markets likely to open in green amid firm global cues


Indian equity benchmarks ended flat with positive bias on Tuesday, as investors booked profits in realty and banking shares. Markets opened on strong note, tracking positive global cues. Sentiments got a boost with report that India reported 39,000 Covid cases, the lowest since March 18. The pace of vaccination also picked up, boosting expectations of a faster economic recovery. On Monday, India administered a record 8.1 million doses as the central government-led free for all vaccination drive kicked off. Some support also came in as the survey conducted by Ficci showed that with states easing lockdown curbs due to declining number of COVID-19 cases, there are immediate indications of improvement in economic activity as companies are hopeful of better performance in the next 6 to 12 months.  Traders also took a note of PHDCCI President Sanjay Aggarwal's statement that calibrated measures are needed to support the country's economic recovery and to diminish the daunting impact caused by the second wave of the COVID-19 pandemic on trade and industry. He also pitched for doing away with the customs duties on the imports of primary raw materials for industrial use for at least the current fiscal year and imposing export duties on various primary commodities, which are showing huge price increases - rising 50 per cent over the last fiscal. Domestic sentiments remained positive in late afternoon session amid reports that in a move that will be beneficial for the government during the proposed initial public offer of LIC, the Department of Economic Affairs under the finance ministry has amended the Securities Contracts (Regulation) Rules. With the latest amendment in rules, companies that have a market capitalisation of more than Rs 1 lakh crore at the time of listing can now sell just five per cent of their shares. Adding more optimism among traders, RBI data showed that bank credit grew by 5.74 per cent to Rs 108.43 lakh crore and deposits rose by 9.73 per cent to Rs 153.13 lakh crore in the fortnight ended June 4, 2021. However, markets failed to hold on to the momentum and ended flat, as traders were concerned with report stating that Indian companies' market capitalization has grown at the fastest pace last year among major economies despite contraction in GDP, flagging the risks to financial stability it poses.  Finally, the BSE Sensex rose 14.25 points or 0.03% to 52,588.71, while the CNX Nifty was up by 26.25 points or 0.17% to 15,772.75.


The US markets ended higher on Tuesday with Nasdaq reaching a new record closing high as Bitcoin staged an intraday comeback. Bitcoin turned higher over the course of the trading day after the cryptocurrency tumbled below $30,000 earlier in the day. The strength that emerged on markets as Federal Reserve Chair Jerome Powell continued to downplay the risks of inflation during testimony before the House Select Subcommittee on the Coronavirus Crisis. Powell acknowledged inflation has increased notably in recent months but reiterated the view that the jump is due to transitory factors and predicted inflation would drop back toward the Fed's longer-run goal of 2 percent price growth. The Fed chief noted the economy has shown sustained improvement since he last appeared before the committee, citing widespread Covid-19 vaccinations as well as unprecedented monetary and fiscal policy actions. On the US economic front, the National Association of Realtors (NAR) released a report showing existing home sales extended a recent pullback in May but fell by less than Street had expected. NAR said existing home sales slid by 0.9 percent to an annual rate of 5.80 million in May after tumbling by 2.7 percent to a rate of 5.85 million in April. Street had expected existing home sales to slump by 2.2 percent to a rate of 5.72 million. Existing home sales have plummeted by 12.9 percent since January but are still up by 44.6 percent compared to May of 2020.


Crude oil futures ended lower on Tuesday on expectations that the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+ may decide to further boost crude production starting in August. The OPEC+ report, ahead of the group's scheduled meeting on July 1, indicates that the demand-supply gap is already becoming an issue, and that the alliance is working on a plan to tap that deficit. Besides, profit taking by traders after crude oil prices rose to their highest level since 2018 also contributed to the weak close by the commodity. Crude oil futures for August fell 27 cents or 0.4 percent to settle at $72.85 barrel on the New York Mercantile Exchange. August Brent crude lost 9 cents or 0.1 percent to settle at $74.81 a barrel on London's Intercontinental Exchange.


Continuing prevision session drubbing, Indian rupee ended weaker against dollar on Tuesday, on emergence of demand for the greenback from importers. Investors were worried with report stating that Indian companies' market capitalization has grown at the fastest pace last year among major economies despite contraction in GDP, flagging the risks to financial stability it poses. Traders took note of PHDCCI President Sanjay Aggarwal's statement that calibrated measures are needed to support the country's economic recovery and to diminish the daunting impact caused by the second wave of the COVID-19 pandemic on trade and industry. On the global front; sterling fell back on Tuesday against dollar, but the British currency was still above the two-month lows it reached on Monday after the Fed's hawkish shift. Finally, the rupee ended 74.37, weaker by 27 paise from its previous close of 74.10 on Monday.


The FIIs as per Tuesday's data were net seller in both equity and debt segment. In equity segment, the gross buying was of Rs 4983.26 crore against gross selling of Rs 5938.55 crore, while in the debt segment, the gross purchase was of Rs 217.36 crore against gross selling of Rs 352.31 crore. Besides, in the hybrid segment, the gross buying was of Rs 7.08 crore against gross selling of Rs 7.68 crore.


The US markets ended higher on Tuesday after Powell reiterated his views that inflation pressures will be transitory even after a notable increase in recent months. Asian markets are trading in green on Wednesday tracking a solid finish for the US market. Indian markets slipped from record-high levels to end flat on Tuesday as gain in auto, IT stocks were capped by losses in banking, financials and FMCG counterparts. Today, the markets are likely to open in green following firm global cues. Some support will come as Prime Minister Narendra Modi said that the Centre and the states had come together to roll out public-friendly reforms in a short span of time amid the COVID-19 pandemic, in what he said was a new model of reforms by stealth and compulsion. Traders may take note of economists from SBI stating that Indian companies' market capitalisation has grown at the fastest pace last year among major economies despite contraction in GDP. Meanwhile, Minister for Power and New & Renewable Energy R K Singh said purchase of green hydrogen will be made mandatory for certain sectors similar to renewable purchase obligation. Though, the volatility may witness in the recent sessions, especially ahead of the monthly expiry of futures and options (F&O) contracts tomorrow. There may be some cautiousness as a day after reporting less than 50,000 fresh cases, India has now recorded 54,393 in the last 24 hours, taking the country's total coronavirus caseload past 30-million mark. India also recorded a spike in new deaths with 1,129 fatalities being reported yesterday. The death toll now stands at 390,691. also, India's gene-sequencing consortia has classified the new Delta-plus mutation of coronavirus as a variant of concern, following 22 cases being reported across three states - Maharashtra, Kerala, and Madhya Pradesh. Healthcare industry stocks will be in focus as ratings agency Crisil said higher occupancy due to surge in COVID-19 cases would help private hospitals post 15-17 per cent revenue growth this fiscal year, a shade higher than what they attained in 2020-21. There will be some reaction in oil & gas sector stocks with the government data showing that India's crude oil output fell 6.3 per cent in May after state-owned ONGC produced nearly a tenth less due to cyclone Tauktae. India Pesticides' Rs 800 crore IPO will open for subscription today. The priced in the range of Rs 290-296 per share. The company said it has raised Rs 240 crore from anchor investors.


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



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  • Dr. Reddy's Laboratories has launched Icosapent Ethyl Capsules, 1 gram approved by the U.S. Food and Drug Administration. 
  • Maruti Suzuki India is planning to increase prices of its entire product portfolio in the second quarter of the current fiscal due to rise in prices of various essential commodities, including steel. 
  • Bharti Airtel has entered into a strategic partnership with Tata Group for implementing 5G networks solutions for India. 
  • SBI's central board has accorded approval for raising capital by way of issuance of Basel III compliant debt instruments in USD and/or INR during FY22.
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