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NSE Intra-day chart (08 September 2022)
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Market Commentary 09 September 2022
Markets likely to get positive start tracking gains in global peers


Indian equity benchmarks ended with strong gains on Thursday following value buying in banking, TECK and IT stocks and a largely positive trend in global markets. Markets begun the day on a strong note, as traders took encouragement as International Monetary Fund's (IMF) Managing Director Kristalina Georgieva said that despite global uncertainty and headwinds, India continues to be a bright spot in the global economy. Investors continued to take support with Sanjiv Bajaj, President of industry body CII stating that India is in a much better position to deal with the challenges related to growth and inflation. Besides, foreign institutional investors (FIIs) have net-bought shares worth Rs 758.37 crore on September 7, as per provisional data available on the NSE. Markets extended gains in last leg of trade, taking support as Finance Minister Nirmala Sitharaman highlighted that inflation has come down to a manageable level and said the country's economic growth remains a priority for the government. She added that job creation and equitable distribution of wealth remain the other focus areas. The sentiments remained ebullient amid private report stating that the Indian market has chartered a divergent path with most world markets over the past three months. To illustrate, the benchmark Sensex is up 7 per cent over the past three months even as the MSCI World index has declined 7 per cent. Finally, the BSE Sensex rose 659.31 points or 1.12% to 59,688.22 and the CNX Nifty was up by 174.35 points or 0.99% to 17,798.75.


The US markets ended higher after moving between gains and losses on Thursday, extending their previous session gains, as traders digested comments from Federal Reserve Chair Jerome Powell, who reiterated the central bank's commitment to aggressively fighting inflation. Powell also once again warned about the dangers of allowing elevated prices to become entrenched, noting the Fed has a responsibility to bring inflation back down to 2 percent. He said the longer inflation remains well above target, the greater the risk the public does begin to see higher inflation as the norm, and that has the capacity to raise the costs of getting inflation down. On the sectoral front, Biotechnology stocks turned in some of the market's best performances on the day, driving the NYSE Arca Biotechnology Index up by 3.4 percent. Substantial strength was also visible among banking stocks, as reflected by the 2.8 percent surge by the KBW Bank Index. The index continued to rebound after ending Tuesday's trading at its lowest closing level in well over a month. On the economic data front, the Labor Department released a report unexpectedly showing a modest decrease in initial jobless claims in the week ended September 3rd. The report showed initial jobless claims edged down to 222,000, a decrease of 6,000 from the previous week's revised level of 228,000. Street had expected jobless claims to inch up to 240,000 from the 232,000 originally reported for the previous week. With the unexpected dip, jobless claims fell to their lowest level since hitting 202,000 in the week ended May 28th.


Crude oil futures ended higher on Thursday after dropping to a seven-month low in the previous session as some technical traders bought the dip and Russia threatened to halt oil and gas exports to some buyers. Further, oil prices rose despite data showing a sharp increase in crude inventories in the US in the week ended September 2nd. Data from Energy Information Administration (EIA) showed crude stockpiles rose by 8.844 million barrels last week, the highest for a week since the week ended April 8. Crude inventories were expected to drop by 250,000 barrels last week. The data also showed that the US Strategic Petroleum Reserve saw an outflow of 7.5 million barrels last week. Benchmark crude oil futures for October delivery rose $1.60 or about 2 percent to settle at $83.54 a barrel on the New York Mercantile Exchange. Brent crude for November delivery surged $1.15 or about 1.30 percent to settle at $89.15 a barrel on London's Intercontinental Exchange.   


Erasing previous session drubbing, Indian rupee ended higher against dollar on Thursday, on persistent selling of the American currency by exporters. Sentiments were upbeat as International Monetary Fund's (IMF) Managing Director Kristalina Georgieva said that despite global uncertainty and headwinds, India continues to be a bright spot in the global economy. Besides, healthy gains in equity markets also supported the domestic currency. On the global front, euro was hovering above Tuesday's two-decade low on Thursday as investors awaited a policy decision from the European Central Bank (ECB) and comments from the head of the Federal Reserve for insight on the path for global monetary tightening. Finally, the rupee ended at 79.69 (Provisional), stronger by 26 paisa from its previous close of 79.95 on Wednesday.


The FIIs as per Thursday's data were net buyers in both equity and debt segment. In equity segment, the gross buying was of Rs 6309.73 crore against gross selling of Rs 6198.68 crore, while in the debt segment, the gross purchase was of Rs 709.02 crore against gross selling of Rs 516.68 crore. Besides, in the hybrid segment, the gross buying was of Rs 370.86 crore against gross selling of Rs 23.33 crore.


The US markets ended higher on Thursday mainly lifted by financial institutions and healthcare companies, as investors digested hawkish remarks from policymakers that cemented bets of a large interest rate hike later this month. Asian markets are trading mostly in green on Friday as investors digest Federal Reserve Chair Jerome Powell's latest comments as he vowed to raise rates to tackle inflation until the job is done. Indian markets ended higher with gains of around a percent on Thursday as positive global cues, sharp fall in crude oil prices and strong overseas flows aided the sentiments. Today, the markets likely to continue their previous session's northward journey with positive start following gains in global markets. Some support will come with Finance Minister Nirmala Sitharaman's statement that India has ramped up the import of crude oil from Russia at discounted prices amid sanctions on Moscow as part of the country's inflation management. Buying by Foreign investors likely to aid sentiments. Foreign institutional investors (FIIs) have net bought shares worth Rs 2,913.09 crore on September 8, as per provisional data available on the NSE. Besides, commerce and industry minister Piyush Goyal said the Indo-Pacific Economic Framework (IPEF) will open up opportunities for countries like India to work in partnership with other like-minded nations and ensure that supply chains remain open and businesses don't suffer, particularly during difficult times. However, there may be some cautiousness as the Centre for Monitoring Indian Economy said consumer sentiments in India deteriorated in August 2022 and in the first week of September, after having improved substantially in the previous month, with significant dip in urban sentiments. According to CMIE, the Index of Consumer Sentiments (ICS) shrunk by 0.5% in August, after having risen by an impressive 6.7% in July, and further by a 3.1% in the first week of September. Traders may take note of report that the government imposed a 20 per cent export duty on non-Basmati rice except for parboiled rice to boost domestic supplies amid a fall in area under the paddy crop in the current Kharif season. There will be some buzz in steel industry stocks with Crisil's report that steel-makers are in for better times from the second half of the current fiscal as lower input cost and robust domestic demand will ease their margin pressure and lift operating margins to over 25 per cent. Power stocks will be focus as a draft government plan showed India expects annual electricity demand to grow at an average of 7.2% over five years ending March 2027, nearly double the growth rate of over 4% seen during the five years to March 2022. There will be some reaction in broking industry stocks as ICRA Research in a note said the growth in the domestic broking industry is moderating, following a robust performance during the 2021-22 financial year (FY22). It added during the first quarter of FY23, the net operating income for the industry fell 10 per cent, while net profits dropped 25 per cent on a quarterly basis.


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  • Axis Bank has entered into partnership with Paynearby. 
  • Bharti Airtel is eyeing to roll out 5G services within a month and cover key metros by December. 
  • Dr. Reddy's Laboratories has launched Lenalidomide Capsules, a therapeutic equivalent generic version of Revlimid (lenalidomide) Capsules approved by USFDA in U.S. market. 
  • Coal India is aiming to reach close to its production target of 306 MT in the first half of FY23, provided its mining areas are not extremely affected by heavy rains.
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