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NSE Intra-day chart (05 May 2023)
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Market Commentary 08 May 2023
Benchmarks likely to get optimistic start on firm global cues


Hectic selling dragged Indian equity benchmarks to end near their intraday low points, with Sensex and Nifty closing over a percent cut, amid weak sentiments as U.S. bank contagion fears resurfaced and investors awaited the all-important U.S. jobs data that could influence the Federal Reserve's monetary policy path. After a negative start, equity benchmarks remained under selling pressure for the whole trading session. HDFC twins led losses, amid indications that the merged entity will have a lower weight in the MSCI index. Losses got intensified in the last leg of the trade, as bears tighten their grip over the Dalal Street, despite positive cues from the European markets. Traders remained cautious amid a private report predicting that the risks to earnings growth, which include the impact of the global economic slowdown, specifically on the IT sector, as well as potential delays in rural revival and the possibility of a peak in urban demand, are apparent in the market movements. On the sectoral front, chemicals companies stocks remained in watch, after the credit rating agency, India Ratings and Research (Ind-Ra) in its latest report has maintained a neutral outlook on the Indian chemicals sector for FY24, amid robust domestic demand, comfortable profitability and strong balance sheets. Besides, the rating agency maintained a Stable Rating Outlook on its rated chemical portfolio for FY24. Finally, the BSE Sensex fell 694.96 points or 1.13% to 61,054.29 and the CNX Nifty was down by 186.80 points or 1.02% to 18,069.00.


Regaining lost ground from previous session, the US markets closed higher with notable gains of around 2% on Friday. Strength on the Wall Street came as some traders looked to pick up stocks at reduced levels following recent weakness. Regional banks helped lead the recovery after ongoing concerns about turmoil in the sector weighed on the markets in recent sessions. PacWest Bancorp (PACW) skyrocketed by 81.7 percent after plummeting by 50.6 percent to a record closing low on Thursday. Western Alliance (WAL), Zions Bancorp (ZION) and Comerica (CMA) also posted standout gains after JPMorgan upgraded the stocks to Overweight, saying they appear substantially mispriced. A positive reaction to quarterly results from tech giant Apple (AAPL) also contributed to the rebound on Wall Street. Shares of Apple jumped by 4.7 percent after the company reported fiscal second quarter results that beat street estimates on both the top and bottom lines. On the economic data front, traders were reacting to the release of the Labor Department's closely watched monthly jobs report for April. The report showed job growth far exceeded street estimates in the month of April, the jump in employment followed notable downward revision to the two previous months. The Labor Department said non-farm payroll employment shot up by 253,000 jobs in April compared to street estimates for an increase of about 179,000 jobs. However, the job growth in February and March was downwardly revised to 248,000 jobs and 165,000 jobs, respectively, reflecting a combined downward revision of 149,000 jobs. The report also said the unemployment rate edged down to 3.4 percent in April from 3.5 percent in March.


Crude oil futures ended significantly higher on Friday amid data showed China's services sector activity remained well within growth territory in April, and the U.S. economy saw a bigger than expected addition in U.S. non-farm payrolls in April. Data from the Labor Department said non-farm payroll employment shot up by 253,000 jobs in April compared to economist estimates for an increase of about 179,000 jobs. Benchmark crude oil futures for June delivery rose $2.78 or about 4.1 percent to settle at $71.34 a barrel on the New York Mercantile Exchange.  However, Brent crude for July delivery added $2.69 or about 3.9 percent to settle at $75.30 a barrel on London's Intercontinental Exchange.


Forex markets were shut on Friday on the account of Buddha Purnima.


The FIIs as per Thursday's data were net buyers in equity segment, while net sellers in debt segment. In equity segment, the gross buying was of Rs 7537.46 crore against gross selling of Rs 6148.04 crore. In the debt segment, the gross purchase was of Rs 1050.28 crore against gross selling of Rs 2191.79 crore. Besides, in the hybrid segment, the gross buying was of Rs 3.14 crore against gross selling of Rs 3.44 crore.


The US markets ended higher on Friday as shares of Apple surged more than 4% after upbeat results and U.S. jobs data pointed to a resilient labor market. Asian markets are trading mostly in green on Monday as investors braced for a week where U.S. inflation data will test wagers the next move in interest rates will be down. Indian markets tumbled towards the fag end of the trading session, and finally ended with significant losses on Friday amid selling pressure in index heavyweights - HDFC and HDFC Bank. Today, start of the new week is likely to be optimistic tracking firm global cues and Q4FY23 earnings. Investors await more of financial results from India Inc for domestic cues, with UPL due to post its earnings later in the day. Foreign fund inflows likely to aid domestic sentiments. Foreign institutional investors (FII) bought shares worth Rs 777.68 crore on May 5, provisional data from the National Stock Exchange showed. Some support will come as the Reserve Bank of India said India's foreign exchange reserves jumped $4.532 billion to $588.78 billion for the week ended April 28. The overall reserves had dropped $2.164 billion to $584.248 billion in the previous reporting week. Meanwhile, Commerce & Industry Minister Piyush Goyal has said that India-US partnership is at a defining stage and the two countries will continue to work towards diversifying and deepening trade and investment ties for mutual growth and prosperity. Traders may take note of report that Finance Minister Nirmala Sitharaman said inflation in India is slightly above the tolerance limit, and the government is taking steps to control it. She said Because we took a very calibrated approach, today we have an inflation which is slightly above the tolerance limit, but which is constantly being worked at so it can be brought down. Moreover, Finance Minister Nirmala Sitharaman will review the state of the economy amid global and domestic challenges at a meeting of the Financial Stability and Development Council (FSDC) on May 08. The 27th meeting of the high-level panel to be held here will be attended by all financial sector regulators, including RBI Governor Shaktikanta Das. This would be the first meeting of the FSDC after the passage of Rs 45 lakh crore Budget for 2023-24 with greater emphasis on capital expenditure with an outlay of Rs 10,00,961 crore. There will be some reaction in agriculture related stocks with report that exports of agricultural and processed food products rose by 9% to $26.3 billion in 2022-23 as compared to FY22, driven by a spike in shipment of rice, fruits and vegetables, livestock and dairy products. Also, Mankind Pharma is likely to make a stellar debut on the bourses today.


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  • Coal India is planning to invest Rs 91,000 crore in various projects, including diversification and mine development, by 2025-26. 
  • HDFC Bank is aiming to double its semi-urban and rural business in the next three to four years.
  • Reliance Industries has received an approval from Shareholders and creditors for a plan to demerge the company's financial services arm, Reliance Strategic Ventures. 
  • Tech Mahindra has received approval to acquire additional 29% stake in Tech Mahindra Arabia.
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