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NSE Intra-day chart (26 April 2021)
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Market Commentary 27 April 2021
Benchmarks likely to make cautious start amid mixed global cues


Indian equity benchmarks ended the Monday's trade with significant gains with frontline gages settled above their crucial 48,300 (Sensex) and 14,450 (Nifty) levels. Markets started the session with a gap up opening as investors reacted optimistically to positive earnings updates and the US announcement that it would remove bottlenecks in the export of raw materials essential for the production of vaccines in India. Traders also took some support with Union Minister Nitin Gadkari's statement that the pandemic has caused a slowdown in India but the country's inherent resilience and capability will help it transform into a new India with a faster growth path fuelled by infrastructure. Traders took note of report that the centre has allowed state governments to borrow 75% of their annual market borrowing limit of 4% of their respective Gross State Domestic Product (GSDP) in the first nine months of the current fiscal year. Markets pare some of their initial gains but traded comfortably throughout the session as traders remained optimistic, as the Finance Ministry has relaxed the spending guidelines to enable ministries and departments to undertake capital expenditure totalling Rs 44,000 crore envisaged in the budget for 2021-22, to boost the economy grappling with the fresh COVID-19 wave. According to an office memorandum (OM) issued by the Finance Ministry, the monthly/quarterly expenditure plan (MEP/QEP) ceilings and restrictions will not apply for expenditure under the capital heads under the budget. Traders also got some support with RBI's data stating that the foreign exchange reserves rose by $1.193 billion to reach $582.406 billion in the week ended April 16. In the previous week ended April 9, the forex kitty had surged by $4.344 billion to $581.213 billion. Finally, the BSE Sensex surged 508.06 points or 1.06% to 48,386.51, while the CNX Nifty was up by 143.65 points or 1.00% to 14,485.00.   


The US markets ended mostly higher on Monday with Nasdaq and the S&P 500 reaching new record closing highs. The strength among tech stocks came as traders expressed optimism ahead of the release of quarterly results from a number of big-name companies. Google parent Alphabet, Microsoft, Apple, and Amazon are all scheduled to report their quarterly results this week. However, overall buying interest was somewhat subdued as traders looked ahead to the Federal Reserve's monetary policy announcement on Wednesday. The Fed is widely expected to maintain its ultra-easy monetary policy, but traders will be paying close attention to any changes to the accompanying statement that may signal a shift in the near future. On the economic data front, a report released by the Commerce Department showed new orders for US manufactured durable goods increased by much less than expected in the month of March. The Commerce Department said durable goods orders rose by 0.5 percent in March after falling by a revised 0.9 percent in February. Street had expected durable goods orders to spike by 2.5 percent compared to the 1.2 percent slump that had been reported for the previous month. The much weaker than expected durable goods orders growth was partly due to a continued decrease in orders for transportation equipment.


Crude oil futures ended lower on Monday amid continues worries about outlook for energy demand due to rising coronavirus cases in India. India reported a record number of Covid-19 cases for the fifth straight day on Monday and the official death toll also jumped, plunging the country into a humanitarian crisis. Meanwhile, in Japan, a third state of emergency for Tokyo and three western prefectures began on Sunday, affecting nearly a quarter of the population. However, the downside was limited on reports the Organization of the Petroleum Exporting Countries (OPEC) and its allies are likely to delay their plans to any significantly increase crude output for now. Crude oil futures for June fell $0.23 or 0.4 percent to settle at $61.91 barrel on the New York Mercantile Exchange. June Brent crude declined $0.46 or 0.7 percent to settle at $ 65.65 a barrel on London's Intercontinental Exchange.


Snapping its four-day losing streak, Indian rupee appreciated against dollar on Monday owing to dollar sale by exporters and banks. The rupee also derived its strength from strong gains in the local equity markets as well as dollar's weakness against some currencies overseas. Traders were taking support as RBI's data stated that the foreign exchange reserves rose by $1.193 billion to reach $582.406 billion in the week ended April 16. In the previous week ended April 9, the forex kitty had surged by $4.344 billion to $581.213 billion. Investors shrugged off report that overseas investors withdrew a net Rs 7,622 crore from Indian markets in April so far as a surge in COVID-19 cases and the consequent restrictions imposed by various states dent investors' sentiment. On the global, sterling gained against the dollar and the euro on Monday, ignoring political noise stemming from allegations against Britain's Conservative government as positioning data showed investors still bullish on the currency. Finally, the rupee ended 74.73, stronger by 27 paise from its previous close of 75.01 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 6676.85 crore against gross selling of Rs 7852.74 crore, while in the debt segment, the gross purchase was of Rs 815.82 crore with gross sales of Rs 1240.40 crore. Besides, in the hybrid segment, the gross buying was of Rs 293.59 crore against gross selling of Rs 15.20 crore.


The US markets ended mostly higher on Monday as investors brace for a deluge of earnings reports from big US companies. Asian markets are trading mostly in red on Tuesday as investors await the Bank of Japan's interest rate decision. Indian markets ended over 1 percent higher on Monday led by gains in metals, banks and financial stocks amid positive global cues. Today, the markets are likely to make cautious start amid mixed global cues. Slight fall in daily coronavirus cases is likely to support the market sentiments. India reported a slight dip in the number of fresh Covid infections and fatalities on Tuesday with 319,435 cases and 2,764 deaths, Worldometer showed. Traders may take note of report that the commerce ministry said it has started a COVID-19 helpdesk to help resolve issues of exporters and importers pertaining to international trade such as customs clearance delays and banking matters. The Directorate General of Foreign Trade (DGFT), an arm of the ministry, took this initiative to monitor the status of exports and imports, and difficulties being faced by trade stakeholders in view of the surge in COVID-19 cases. However, there may be some cautiousness as global forecasting firm Oxford Economics revised downwards its India GDP growth forecast for 2021 to 10.2 percent from 11.8 percent previously, citing the country's escalating health burden, faltering vaccination rate and lack of a convincing government strategy to contain the pandemic. Traders may be concerned as the Reserve Bank of India (RBI) warned that the resurgence of the Covid-19 pandemic could bring back inflationary pressures in the country. RBI in its state of the economy report said the resurgence in Covid-19, if not contained in time, risks protracted restrictions and disruptions in supply chains with consequent inflationary pressures. Also, Former Finance Secretary S C Garg said the fresh COVID-19 wave and consequent local lockdowns may bring down the economic growth to less than 10 per cent in the current fiscal. There will be some reaction in aviation stocks as the Directorate General of Civil Aviation (DGCA) announced that the fare cap on domestic flights would be extended till May 31 and the flights would operate with 80 percent of pre-COVID level passenger capacity. 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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  • ICICI Bank has reported around 4-fold jump in its net profit at Rs 4,402.61 crore for Q4FY21 as compared to Rs 1,221.36 crore for Q4FY20. 
  • HDFC Bank has deployed mobile ATM in 19 cities in view of the rising Covid-19 cases and lockdown-like restrictions in various parts of the country.
  • Reliance Industries and bp have started production from the Satellite Cluster gas field in block KG D6 off the east coast of India. 
  • Bajaj Finserv's EMI Store is currently offering air conditioners on discounts and exciting cashback deals.
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