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NSE Intra-day chart (05 September 2023)
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Market Commentary 06 September 2023
Benchmarks likely to get flat-to-positive start on Wednesday


Indian equity benchmarks closed higher for the third straight day on Tuesday on gains in market heavyweights Sun Pharma, Titan Company and ITC. Indian bourses started the day on a positive note as traders took support with report that rains forecast for swathes of India this month should limit the damage to crops after a delayed monsoon and parched August, leaving the world's most populous nation with sufficient supplies. Traders were also getting some encouragement on report that India is on the path to become a solid global player due to robust financial regulations. India was in a sweet spot to grow robustly, despite global turmoil and monsoon risks to growth, and to do so, developing credit markets was essential. However, key gauges trimmed some of their gains in afternoon session amid a bearish trend in global equities. Some concern also came as India's services sector growth eased in the month of August, but remained among the best in 13 years, with a series-record increase in new export business inducing another sharp expansion in total sales.  As per the survey report, the seasonally adjusted S&P Global India Services PMI Business Activity Index fell at 60.1 in August from 62.3 in July. Further, the S&P Global India Composite PMI Output Index -- which measures both manufacturing and services -- eased to 60.9 in August as against 61.9 in July. However, markets regained traction in final hour of trade and settled higher. Finally, the BSE Sensex rose 152.12 points or 0.23% to 65,780.26 and the CNX Nifty was up by 46.10 points or 0.24% to 19,574.90.


The US markets ended lower on Tuesday. Concerns about the outlook for global economy following the release of disappointing Chinese and European data weighed on the market. Chinese services activity expanded at the slowest pace in eight months in August, a private-sector survey showed. Business activity in the euro zone weakened further in August as the economic downturn extended from manufacturing to the services sector. HCOB's final Composite Purchasing Managers' Index (PMI), compiled by S&P Global, dropped to 46.7 in August from July's 48.6, marking the lowest level since November 2020. Besides, a firm dollar and higher Treasury yields hurt as well. On the economic data front, the Commerce Department released a report showing a significant pullback in factory orders in the month of July. The Commerce Department said factory orders tumbled by 2.1 percent in July after surging by 2.3 percent in June. Street had expected factory orders to plunge by 2.6 percent. The Institute for Supply Management is scheduled to release its report on U.S. service sector activity in the month of August on Wednesday. The ISM's services PMI is expected to edge down to 52.4 in August from 52.7 in July, although a reading above 50 would still indicate growth in the sector. on the sectoral front, the Energy sector saw some brisk buying as oil prices climbed higher after Russia and Saudi Arabia decided to extend their voluntary production cuts to the end of this year.


Crude oil futures ended sharply higher on Tuesday, magnifying recent session's gains, as Saudi Arabia said that it will extend its 1 million barrel per day voluntary oil production cut until the end of 2023. The kingdom, which first applied the 1 million bpd reduction in July, has been extending it on a monthly basis. This 1-million cut is in addition to the reduction of 1.66 million barrels per day of other voluntary output declines that some members of OPEC have put in place until the end of the year. Both Russia and Saudi have stated that they would review the supply cuts on a monthly basis, and modify them depending on market conditions. Benchmark crude oil futures for October delivery rose $1.14 or 1.3 percent to settle at $86.69 a barrel on the New York Mercantile Exchange. Brent crude for November delivery surged $1.04 or 1.2 percent to settle at $90.04 a barrel on London's Intercontinental Exchange.


Indian rupee weakened considerably against dollar on Tuesday amid a strong American currency and higher crude oil prices. Foreign fund outflows from the domestic equity markets also weakened the local currency. Traders were worried as India's services purchasing managers' index (PMI) fell to 60.1 in August from 62.3 recorded in July. On the global front, the dollar was firm on Tuesday and the Aussie under a little pressure as traders watched out for the Reserve Bank of Australia's interest rate decision with bets that rates may have peaked. Besides, a deteriorating global growth picture sent the pound low against the dollar on Tuesday after a survey showed business activity in Britain contracted last month. Finally, the rupee ended at 83.06 (Provisional), weaker by 35 paise from its previous close of 82.71 on Monday.


The FIIs as per Tuesday's data were net sellers in both equity and debt segments. In equity segment, the gross buying was of Rs 8237.22 crore against gross selling of Rs 10612.86 crore, while in the debt segment, the gross purchase was of Rs 207.11 crore with gross sales of Rs 233.75 crore. Besides, in the hybrid segment, the gross buying was of Rs 52.73 crore against gross selling of Rs 53.35 crore.


The US markets ended lower on Tuesday as Treasury yields rose along with oil prices and investors assessed prospects for the Federal Reserve's interest rate path. Asian markets are trading mostly in red on Wednesday after Saudi Arabia and Russia extended voluntary oil production cuts to the end of the year. Indian markets ended higher for the third consecutive session on Tuesday with healthy buying in FMCG, IT, pharma, realty, metals, and oil and gas stocks. Today, domestic equity indices are likely to get flat-to-positive start amid weakness in global markets. Some support will come as Union Finance Minister Nirmala Sitharaman said there has been a threefold increase in income tax filing in each bracket, an indication of significant improvement in the formalisation of the economy. She said each tax bracket, that is, the tax slabs, has seen a minimum threefold increase in tax filing. Some even achieved a nearly fourfold surge. More optimism will come as the RBI Deputy Governor said India was in a sweet spot to grow robustly, despite global turmoil and monsoon risks to growth, and to do so, developing credit markets was essential. Traders may take note of RBI Governor Shaktikanta Das' statement that the Reserve Bank of India (RBI) is determined to bringing down inflation to 4 per cent and will remain watchful of risks as more frequent global supply shocks can have profound implications on the management of the price situation. However, some cautiousness may come as S&P Global Ratings Economist (Asia Pacific) Vishrut Rana said inflation in India is likely to remain elevated in the near terms but government policies will prevent it from rising further. In July, the consumer price index based retail inflation spiked to 15-month high of 7.44 per cent in July, with specific food commodities mainly driving the increase. Also, foreign fund outflows may dent domestic sentiments. Provisional data from the National Stock Exchange (NSE) showed foreign institutional investors (FII) sold shares worth Rs 1,725.11 crore on September 5. There will be some buzz in shipping sector stocks as the union government is looking to make India as the refuelling hub of green hydrogen, ammonia and methanol for the shipping sector. The union minister for power, new and renewable energy R K Singh said India will provide these green fuels at the cheapest rates. Banking stocks will be in focus with RBI Governor Shaktikanta Das' statement that our banking system remains resilient and healthy with improved capital ratios, asset quality and profitability.


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  • Hero MotoCorp has received approval for investment of up to Rs 550 crore, in the Rights issue of Ather Energy. 
  • Hindalco Industries and Ayana Renewable Power have entered into Power Purchase agreement for the supply of 100 MW of Round-the-Clock renewable energy to Hindalco's smelter plants in Odisha. 
  • Tata Consultancy Services has been selected as a strategic partner by Lantmannen Ekonomisk Forening, a leader in agriculture, machinery, bioenergy and food products.  
  • Cipla's 100% owned subsidiary -- Cipla South Africa has signed a binding term sheet with Actor Holdings (Pty) to acquire 100% of the issued ordinary shares of Actor Pharma (Pty).
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