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Market Commentary 01 June 2023
Markets to get cautious start amid mixed global cues


Indian equity benchmarks snapped their four-day gaining streak to close lower by over half a per cent on Wednesday due to profit-taking in Energy, Metal and Oil & Gas stocks amid weak trends in global markets. After the initial down-tick, markets traded with a negative bias throughout the session as investors preferred to stay on the sidelines ahead of key Q4 GDP growth data to be out later in the day. Traders were worried amid a private report which flagged concerns regarding the achievement of the fiscal deficit target of 5.9 per cent of gross domestic product (GDP) for the financial year 2023-2024. Sentiments remained weak as Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh stated that hardening interest rates globally and worsening geo-political situation have impacted the foreign direct investment (FDI) inflows into India in 2022-23. Key gauges extended their fall in afternoon deals, as traders got anxious with Reserve Bank of India data report showing that the number of frauds in the banking sector went up to 13,530 in 2022-23 year-on-year, but the amount involved nearly halved at Rs 30,252 crore. However, markets managed to trim some of their losses in late afternoon deals, as traders took some solace with data showing that investment in the Indian capital markets through participatory notes has seen an upward trend in the past two months, with the number reaching Rs 95,911 crore in April-end, primarily driven by the country's robust economic growth. Meanwhile, the Reserve Bank of India is likely to introduce various policy measures in 2023-24 like the guidelines for expected credit loss-based provisioning. Finally, the BSE Sensex fell 346.89 points or 0.55% to 62,622.24 and the CNX Nifty was down by 99.45 points or 0.53% to 18,534.40.


The US markets ended lower on Wednesday as traders kept a close eye on developments regarding the bill to raise the U.S. debt ceiling and avoid potentially disastrous default. The debt bill, which advanced out of the House Rules Committee on Tuesday, is set to be voted on in the House. In the stock specific developments, 3M, Home Depot, Travlers Companies and Goldman Sachs ended down 2 to 2.5 percent. NVIDIA Corporation shares declined nearly 6 percent. Caterpillar, JP Morgan, Chevron, Honeywell International, IBM and Cisco Systems also ended notably lower. Hewlett Packard Enterprise shares tumbled more than 6 percent after the company's revenue fell short of expectations in the latest quarter due to pressure from weaker PC demand. However, Intel shares climbed nearly 7 percent. Verizon surged 2.1 percent and Walgreens Boots Alliance gained 1.6 percent. Merck, Amgen, Salesforce.com, United Health, Apple, Walmart and Boeing posted moderate gains. On the economic data front, data released by the Labor Department showed job openings rose to 10.1 million in April from a revised 9.7 million in March. Street had expected job openings to decrease to 9.4 million. Continued strength in the labor market may raise concerns about the outlook for interest rates ahead of Friday's closely watched monthly jobs report.


Crude oil futures ended lower on Wednesday, magnifying their lost session's losses, as worries about fuel demand resurfaced after data showed a contraction in manufacturing activity in China. According to the latest survey from the National Bureau of Statistics, the manufacturing sector in China continued to contract in May, and at a faster rate. The NBS Manufacturing PMI fell to a five-month low of 48.8 in May from 49.2 in April. Street had expected a reading of 51.4. The bureau also said the non-manufacturing index came in with a score of 54.5, again missing forecasts for 54.9 and down from 56.4 in the previous month. Benchmark crude oil futures for July delivery fell $1.37 or about 2 percent to settle at $68.09 a barrel on the New York Mercantile Exchange. Brent crude for August delivery dropped $1.11 or 1.5 percent to settle at $72.60 a barrel on London's Intercontinental Exchange.


Indian rupee weakened against the US dollar on Wednesday as intense selling pressure in domestic equities and a strong greenback overseas dented the sentiment. Traders were worried after Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh stated that hardening interest rates globally and worsening geo-political situation have impacted the foreign direct investment (FDI) inflows into India in 2022-23. On the global front, sterling hit a 5-1/2 month high against the euro on Wednesday after data showing lower inflation in major European markets, but fell against the dollar as investors eyed Bank of England rate expectations for the pound's direction. Finally, the rupee ended at 82.74 (Provisional), weaker by 7 paise from its previous close of 82.67 on Tuesday.


The FIIs as per Wednesday's data were net buyers in both equity and debt segment. In equity segment, the gross buying was of Rs 9950.91 crore against gross selling of Rs 7509.57 crore, while in the debt segment, the gross purchase was of Rs 1157.31 crore against gross selling of Rs 508.65 crore. Besides, in the hybrid segment, the gross buying was of Rs 2.09 crore against gross selling of Rs 12.19 crore.


The US markets ended lower on Wednesday as investors awaited a crucial vote on a bipartisan deal to suspend the government debt ceiling and set federal funding limits. Asian markets are trading mostly in green on Thursday as investors react to regional factory activity data for May. A private survey showed China's factory activity unexpectedly swung to growth from a decline in April. Indian markets snapped four-day winning streak on Wednesday on weak global cues after weak Chinese data made investors worried about global growth. Today, benchmark indices are likely to get cautious start amid mixed cues from global counterparts and mixed economic data from domestic front. There will be some volatility in the markets ahead of weekly F&O expiry. Investors will be eyeing the manufacturing PMI data to be out later in the day for more cues. There will be some cautiousness as the government data showed that the production growth of eight key infrastructure sectors slowed down to a six-month low of 3.5 per cent in April 2023 due to a decline in the output of crude oil, natural gas, refinery products and electricity. However, traders may get some encouragement reacting to the passage of debt ceiling bill by the U.S. House of Representatives and domestic economic data released after market hours the previous day. Some respite may come as India's economic growth shot up by 6.1 per cent in the March quarter of FY23, beating street's expectations, as the expansion in manufacturing and construction surprised on the upside, reflecting sustained strength in domestic demand amid a gloomy global outlook. Besides, Chief Economic Advisor (CEA) V Anantha Nageswaran said the momentum is expected to continue in the current fiscal year (FY24) with solid growth prospects, on the back of higher-than-expected economic growth in FY23. Some support will come as the Centre's fiscal deficit narrowed to 6.4 per cent of the GDP in 2022-23 from 6.71 per cent in FY22, as anticipated by Finance Minister Nirmala Sitharaman in her Budget in February this year. In the Union Budget, the government aimed to further bring down the fiscal deficit - a key indicator of borrowing - during the current financial year 2023-24 to 5.9 per cent of the gross domestic product (GDP). Meanwhile, the Centre has said it received Rs 1,70,501 crore in revenue for April 2023, comprising Rs 1,58,901 crore in taxes, Rs 10,958 crore of non-tax income and Rs 642 crore of non-debt capital receipts. Adani Group stocks will be in focus today amid fund raising reports. Auto sector stocks will be in limelight reacting to their monthly sales numbers.


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



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Tata Steel






  • Tata Steel's subsidiary -- Tata Steel Mining has signed a MoU with French Cleantech Company METRON, to design and implement an advanced energy management and optimisation platform for the company's Ferro Alloys Plant located at Athagarh in Odisha's Cuttack district. 
  • Tech Mahindra has entered into a partnership with Bank of Baroda, to deploy digital solutions to enhance customer experience.
  • Adani Ports and Special Economic Zone has reported marginal rise of 2.64% in its consolidated net profit at Rs 1140.97 crore for Q4FY23 as compared to Rs 1111.63 crore for Q4FY22. 
  • Sun Pharmaceutical Industries has received an approval for the NDA of tildrakizumab injection under the brand name of ILUMETRI from the China NMPA.
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