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NSE Intra-day chart (28 September 2021)
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Market Commentary 29 September 2021
Benchmarks likely to make gap-down opening amid global sell-off


Indian equity benchmarks recovered from their intraday lows but ended over half percent lower on Tuesday dragged by Realty, Telecom, TECK and IT stocks amid weak global cues. After making cautious start, markets extended their losses in noon session, as traders were cautious, after the World Bank said that East Asia and Pacific region's recovery has been undermined by the spread of the COVID-19 Delta variant, which is likely slowing economic growth and increasing inequality in the region. Economic activity began to slow in the second quarter of 2021, and growth forecasts have been downgraded for most countries in the region, according to the World Bank's East Asia and Pacific Fall 2021 Economic Update. Traders also took note of report that the finance ministry said the government will borrow Rs 5.03 trillion in the second half of the current fiscal to fund the revenue gap for reviving the pandemic-hit economy. During the first half, the government has raised Rs 7.02 trillion by issuing bonds. However, key gauges recovered some of morning losses, as traders found some support with domestic rating agency Crisil Ratings' report that the monthly collection ratios of its rated securitised pools has seen improvement due to the gradual easing of COVID-19 related restrictions. The ratios had declined between April and June 2021 following the second wave of the Covid-19 pandemic. Some optimism also came with labour survey finds that employment in nine selected sectors, including construction, manufacturing and IT/BPO, was at 3.08 crore in the April-June quarter of 2021-22, reflecting a growth of 29 per cent compared to 2.37 crore reported in the Economic Census of 2013-14. Meanwhile, Commerce and Industry Minister Piyush Goyal has said that the existing foreign trade policy (FTP) will be extended till March 31 next year. The government had earlier extended the FTP 2015-20 until September 30 this year due to the Covid-19 crisis. The Foreign Trade Policy provides guidelines for enhancing exports to push economic growth and create jobs. Finally, the BSE Sensex fell 410.28 points or 0.68% to 59,667.60 and the CNX Nifty was down by 106.50 points or 0.60% to 17,748.60.


The US markets ended lower on Tuesday as Treasury yields traded near three-month highs and lawmakers in Washington continued their budget stalemate. The 10-year Treasury yield continued its speedy climb on Tuesday, rising as high as 1.567% as investors bet the Fed would carry through on its promise to curb its emergency bond-buying stimulus as inflation jumps.  Also weighing on sentiment was a budget showdown in Washington. Senate Republicans blocked a House-passed bill Monday that would have funded the government into December and suspended the debt ceiling until December of 2022. Further, adding to the negative sentiment on markets, the Conference Board released a report unexpectedly showing a continued deterioration in US consumer confidence in the month of September. The Conference Board said its consumer confidence index tumbled to 109.3 in September from an upwardly revised 115.2 in August. The decrease surprised participants, who had expected the index to inch up to 114.8 from the 113.8 originally reported for the previous month. Besides, technology shares fell as a rapid rise in rates makes their future cash flows less valuable, and in turn makes the popular stocks appear overvalued. Higher rates also hinder tech companies' ability to fund their growth and buy back stock. Facebook, Microsoft and Alphabet lost more than 3%, while Amazon dropped more than 2%. Large chip stocks struggled, with Nvidia sliding 4.5%.


Crude oil futures settled lower on Tuesday, snapping a five-day winning streak, as a sell-off in stock markets and a stronger dollar weighed on the commodity. The dollar index rose to 93.81, gaining nearly 0.5%. The yield on US 10-year Treasury note rose to above 1.5%, a three-month high, amid rising prospects of the Fed tapering its bond-buying program in the foreseeable future. However, oil prices moved higher early on in the session amid tighter supplies and optimism about energy demand. Benchmark Crude oil futures for November delivery fell $0.16 or 0.2 percent to settle at $75.29 barrel on the New York Mercantile Exchange. Brent crude for November delivery dropped $0.72 or 0.9 percent to settle at $78.00 a barrel on London's Intercontinental Exchange.      


Continuing prevision session drubbing; Indian rupee ended considerably weaker against dollar on Tuesday, on emergence of demand for the greenback from importers. Also, significant losses in domestic equity markets put pressure on domestic currency. Investors were closely monitoring the developments at troubled Chinese developer Evergrande. Concerns that an energy crunch in China could hit growth in the world's number two economy were adding to the downbeat mood. Sentiments were fragile as finance ministry said the government will borrow Rs 5.03 trillion in the second half of the current fiscal to fund the revenue gap for reviving the pandemic-hit economy. On the global front, sterling fell versus a strengthening dollar on Tuesday after U.S. treasury yields jumped to the highest in almost three months following hawkish U.S. Federal Reserve remarks. Finally, the rupee ended 74.06, weaker by 23 paise from its previous close of 73.83 on Monday.


The FIIs as per Tuesday's data were net seller in equity and net buyer in debt segment. In equity segment, the gross buying was of Rs 8166.57 crore against gross selling of Rs 8585.89 crore, while in the debt segment, the gross purchase was of Rs 6050.90 crore against gross selling of Rs 1510.68 crore. Besides, in the hybrid segment, the gross buying was of Rs 34.20 crore against gross selling of Rs 68.33 crore.


The US markets ended lower on Tuesday in a broad sell-off driven by rising US Treasury yields, deepening concerns over persistent inflation, and contentious debt ceiling negotiations in Washington. Asian markets are trading mostly in red on Wednesday following an overnight tumble on Wall Street. Indian markets settled lower on Tuesday as losses in IT and select financial stocks pulled the market lower, however gains in metal and PSU banking shares kept the downside in check. Today, the markets are likely to make gap-down opening tracking sell-off in the global markets. Traders may take note of commerce and industry minister Piyush Goyal's statement that measures to reduce compliance burden by simplifying and decriminalising several laws can have a multiplier effect on ease of doing business. However, sentiments may get a boost as rating agency Standard & Poor's (S&P) said high-frequency indicators suggest a strong rebound during the July-September quarter after a steep contraction in activity in the previous three months on the back of a severe Covid-19 wave. The agency retained India's economic growth projection at 9.5 per cent for the current fiscal year. Some support may come as Union Health Minister Mansukh Mandaviya said both India and the US are global partners and need to work collaboratively in reforming the global health architecture, whose fault lines have become amply visible during the current pandemic. Besides, Finance Ministry officials and representatives of rating agency Moody's discussed economic growth prospects, during which India pitched for an upgrade in its sovereign rating outlook. Meanwhile, SEBI has approved a raft of measures, including tightening of norms for related party transactions, relaxing rules for issuance of shares with superior voting rights in technology companies and delisting norms. There will be some reaction in aviation industry stocks as government extended the ban on scheduled international flights till October 31. Gold and Jewellery related stocks will be in focus as the Gem and Jewellery Export Promotion Council (GJEPC) said gems and jewellery exports rose to a record Rs 24,239.81 crore in August on strong demand for the coming festive season and the removal of entry restrictions. There will be some buzz in solar industry stocks as solar open access installations in India increased nearly seven-fold to 209 MW in the second quarter of 2021 from 27 MW a year ago. Besides, the initial public offering (IPO) of Aditya Birla Sun Life AMC will open for subscription on Wednesday, September 29, 2021, at a price band of Rs 695-712 per share. The offer will be available till Friday, October 1, 2021. Through the offer, Aditya Birla Sun Life AMC aims to raise Rs 2,768.25 crore.


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



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Oil & Natural Gas Corporation





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Power Grid Corporation of India





Tata Motors






  • Power Grid Corporation of India has received shareholders' approval to raise up to Rs 6,000 crore from the domestic market. 
  • HDFC Bank has raised Rs 5,000 crore by issuing and allotting 6.44% unsecured redeemable long term fully paid up NCDs on a private placement basis.   
  • ICICI Bank has partnered with Amazon India to offer overdraft facility upto Rs 25 lakh to individual sellers and small businesses. 
  • Tata Motors has rolled out the 1,00,000th unit of its hatchback Altroz, from the company's manufacturing facility at Pune.
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