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NSE Intra-day chart (23 June 2021)
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Market Commentary 24 June 2021
Benchmarks to make slightly positive start ahead of F&O expiry


Indian equity benchmarks ended over half a percent lower on Wednesday as investors booked profits at higher levels. Broader markets, midcap and smallcap indices also declined. Key indices opened in the green but soon shed all gains, as some cautiousness prevailed in the markets 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. Additionally, 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. Traders took a note of Care Ratings' report that notwithstanding the Rs 10,000-crore liquidity infusion through the G-Sap route by the RBI last week and fewer states tapping the bond markets, their cost of borrowing has been heading north, as the coupon hit the highest level since mid-March at 7 percent. At 7 percent, the weighted average yield of state debt has risen by a whopping 44 bps since the first auction of the fiscal on April 8. Benchmarks added losses in late afternoon session after Moody's Investors Service slashed India's growth projection to 9.6 per cent for 2021 calendar year, from its earlier estimate of 13.9 per cent, and said faster vaccination progress will be paramount in restricting economic losses to June quarter. Earlier this month, Moody's had projected India to clock a 9.3 per cent growth in the current fiscal ending March 2022, but severe second COVID wave has increased risks to India's credit profile and rated entities. Traders were also worried amid reports that the aftermath of the COVID-19 pandemic's second wave has left young Indian professionals and working women increasingly vulnerable to the economic uncertainty. However, downfall remain capped with report stating that Indian companies' market capitalization has grown at the fastest pace last year among major economies despite contraction in GDP. Further, it said retail investors have shown higher interest in markets and their numbers have increased by 1.42 crore in FY21 and another 44 lakh in April and May, wondering if this will be a lasting behavioural change or is transitory. Finally, the BSE Sensex fell 282.63 points or 0.54% to 52,306.08, while the CNX Nifty was down by 85.80 points or 0.54% to 15,686.95.


The US markets ended mostly lower on Wednesday. The lackluster performance on markets came as traders seemed reluctant to make significant moves amid uncertainty about the near-term outlook for the markets following recent volatility.  Further, weakness prevailed in markets after a report released by the Commerce Department unexpectedly showed another steep drop in new home sales in the US in the month of May. The Commerce Department said new home sales tumbled by 5.9 percent to an annual rate of 769,000 in May after plunging by 7.8 percent to a downwardly revised rate of 817,000 in April. The continued decrease surprised participants, who had expected new home sales to climb 0.8 percent to a rate of 870,000 from the 863,000 originally reported for the previous month. Besides, Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets. Utilities stocks showed a notable move to the downside, however, with the Dow Jones Utility Average falling by 1.2 percent to its lowest closing level in well over two months. Gold and chemical stocks also saw some weakness on the day, while strength was visible among brokerage and natural gas stocks.


Crude oil futures ended higher on Wednesday after official data showed a larger than expected decline in US crude inventories in the week ended June 18. Data released by Energy Information Administration (EIA) showed crude inventories in the US fell by 7.614 million barrels last week, declining for a fifth straight week. Street had expected crude inventories to drop by about 3.9 million barrels in the week. Distillate stockpiles rose by 1.75 million barrels last week, much more than an expected increase of about 1.08 million barrels, while gasoline inventories dropped by 2.93 million barrels versus expectations for a build of about 833,000 barrels. Crude oil futures for August rose $0.23 or 0.3 percent to settle at $73.08 barrel on the New York Mercantile Exchange. August Brent crude gained $0.38 or 0.5 percent to settle at $75.19 a barrel on London's Intercontinental Exchange.


Erasing previous session drubbing, Indian rupee ended higher against dollar on Wednesday, on persistent selling of the American currency by exporters. Traders were getting support with Federal Reserve Chair Jerome Powell's statement that the US central bank will not raise interest rates too quickly. However, upside remain capped as Moody's Investors Service slashed India's growth projection to 9.6 per cent for 2021 calendar year, from its earlier estimate of 13.9 per cent, and said faster vaccination progress will be paramount in restricting economic losses to June quarter. On the global front, sterling hit a 2-1/2 month high against the euro on Wednesday and gained for a third straight session against the dollar, continuing a recovery after it fell in the wake of last week's Federal Reserve meeting. Finally, the rupee ended 74.27, stronger by 10 paise from its previous close of 74.37 on Tuesday.


The FIIs as per Wednesday's data were net seller in equity segment and net buyer in debt segment. In equity segment, the gross buying was of Rs 6786.10 crore against gross selling of Rs 7465.67 crore, while in the debt segment, the gross purchase was of Rs 251.51 crore with gross sales of Rs 45.45 crore. Besides, in the hybrid segment, the gross buying was of Rs 4.65 crore against gross selling of Rs 8.62 crore.


The US markets ended mostly lower on Wednesday even as investors cheered data that showed a record peak for US factory activity in June. Asian markets are trading mostly higher on Thursday amid the S&P 500 on Wall Street snapped its two-day winning streak overnight. Indian markets failed to hold on the recovery and ended lower on Wednesday as losses in IT and metal stocks outweighed gains in auto stocks. Today, the markets are likely to make slightly positive start ahead of expiry of the monthly futures & options (F&O) contracts scheduled for later in the day. Investors will be eyeing the index heavyweight Reliance Industries' (RIL) 44th AGM, slated to kick off at 2 pm. Some support will come as data released by the Department for Promotion of Industry and Internal Trade (DPIIT) showed that India had attracted a total foreign direct investments (FDI) inflow of $6.24 billion in April, up by 38 per cent year-on-year. Traders may take note of report that Finance Minister Nirmala Sitharaman made a case for re-thinking financing and development priorities for inclusive, sustainable and resilient infrastructure aligned with Sustainable Development Goals (SDGs). However, there may be some cautiousness as India has recorded 54,319 cases in the last 24 hours, taking the country's total coronavirus caseload to 30,082,169. India also recorded a spike in new deaths with 978 fatalities being reported yesterday. The death toll now stands at 392,014. Meanwhile, an umbrella body for micro, small and medium enterprises AICA sought immediate intervention of Prime Minister Narendra Modi on rising prices of raw materials such as steel, iron ore, aluminum, copper, plastics and paper. There will be some buzz in the real estate industry stocks as the housing sales during the April-June 2021 period stood at around 24,570 units across the top 7 cities, increasing by 93 percent annually but dropping by 58 percent QoQ. Business Process Outsourcing (BPO) industry stocks will be in focus with report that to make India a favourable destination for expansion of voice-related Business Process Outsourcing (BPO), the Centre has liberalised the guidelines for Other Service Providers (OSPs), removing the distinction between domestic and international OSP. There will be some reaction in tours and travel industry stocks as ratings agency Crisil said the tours and travel industry, which was beginning to recover before the second wave of Covid-19 infections began, will now see revenue this fiscal reaching only 35%-40% of the pre-pandemic levels.


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



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NSE Nifty




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Nifty Top volumes





Previous close (Rs)

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Adani Ports and Special Economic Zone





State Bank of India





Tata Motors





Oil & Natural Gas Corporation





Hindalco Industries






  • HDFC Bank has offloaded leading depository Central Depository Services' (India) shares worth a little over Rs 185 crore through an open market transaction. 
  • Hero MotoCorp is planning to make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from July 1, 2021. 
  • Cipla has received final approval for its ANDA for Arformoterol Tartrate Inhalation Solution 15 mcg / 2 mL from the USFDA. 
  • HDFC Life Insurance Company has declared bonus of Rs 2,180 crore to its policyholders subscribing to participating insurance plans.
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