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NSE Intra-day chart (09 January 2023)
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Market Commentary 10 January 2023
Benchmarks likely to get flat-to-negative start on Tuesday


Snapping a three-day losing streak, Indian equity benchmarks ended higher by around one and half percent on Monday amid positive trends in global markets and buying in TECK, IT and Power stocks. Markets opened higher and remained in positive territory throughout the day as traders took support with latest central bank data showing that the Reserve Bank of India's foreign exchange reserves rose by $44 million to $562.85 billion in the week ended December 30. Sentiments remained up-beat with Commerce and Industry Minister Piyush Goyal's statement that negotiations for bilateral free trade agreements with several countries are well on track and India is also looking at some multilateral pacts that are fair and equitable for all the member countries. Buying further crept in with Crisil Ratings' report stating that capital goods companies are poised to see revenue growth at a healthy 16-18 per cent during current financial year ending March 2023 on account of improved order flows. Revenue growth in the next financial year starting April 2023 too is expected to be in double digits. However, markets trimmed some gains in late afternoon deals, as some pessimism came with advanced estimates of National Income for 2022-23 revealed by the National Statistical Office (NSO) showing that Indian economy is likely to grow at 7 per cent in 2022-23 as compared to 8.7 per cent in 2021-22. The fall will mainly be due to poor performance of the manufacturing sector. Some cautiousness came as foreign institutional investors (FII) net sold shares worth Rs 2,902.46 crore on January 6, as per provisional data available on the NSE. But, markets regained traction to end higher, as some optimism remained among traders with Finance Minister Nirmala Sitharaman's statement that the central government is engaging with states and local administrations to ensure that benefits of Ease of Doing Business (EoDB) initiatives reach the ground. She said EoDB is not just the Centre's responsibility but that of states as well. Finally, the BSE Sensex rose 846.94 points or 1.41% to 60,747.31 and the CNX Nifty was up by 241.75 points or 1.35% to 18,101.20.


The US markets ended mostly in red on Monday as traders were cautious after some Fed officials said the central bank will have to keep raising rates. Comments from a couple of Fed officials that the central bank might raise rates to somewhere above 5%. Meanwhile, investors looked ahead to release of a report on consumer price inflation on Thursday. The report, which is expected to show a notable slowdown in the annual rate of consumer price growth, could have a significant impact on the outlook for interest rates. However, technology stocks outperformed as bond yield dropped. Salesforce.com gained about 4.7 percent. Intel gained 2 percent. Goldman Sachs, Microsoft, Walt Disney and Cisco Systems posted moderate gains. Tesla shares climbed nearly 6 percent. The electric vehicle maker has indicated longer waiting times for some versions of the Model Y in China, presumably due to recent price cuts. However, Merck drifted down nearly 4 percent. J&J, Travelers Companies, Amgen and Boeing ended lower by 2 to 2.6 percent. Verizon, Walmart and P&G also ended notably lower.


Crude oil futures ended higher on Monday on hopes of increased demand for oil from China after the nation's government decided to reopen the economy. China reportedly opened its borders over the weekend for the first time in three years as part of its new policy on COVID-19. Also, Chinese policymakers have pledged to increase support for the world's second-largest economy, adding to investor optimism about demand recovery in the world's top crude importer. Further, a weak dollar contributed as well to the uptick in oil prices. Benchmark crude oil futures for February delivery rose $0.86 or 1.2 percent at $74.63 a barrel on the New York Mercantile Exchange. Brent crude for March delivery surged $1.21 or 1.5 percent at $79.78 a barrel (provisional) on London's Intercontinental Exchange.


Indian rupee ended higher against dollar on Monday, supported by a weaker greenback overseas and a firm trend in domestic equities. Sentiments were positive as latest central bank data showed that the Reserve Bank of India's foreign exchange reserves rose by $44 million to $562.85 billion in the week ended December 30. Traders ignored report revealed by the National Statistical Office (NSO) that Indian economy is likely to grow at 7 per cent in 2022-23 as compared to 8.7 per cent in 2021-22. On the global front, U.S. dollar on Monday neared its lowest in seven months against other major currencies, after data last week suggested the Federal Reserve could slow the pace of its rate hikes, while China re-opening its borders boosted riskier currencies. Finally, the rupee ended at 82.37 (Provisional), stronger by 29 paise from its previous close of 82.66 on Friday.


The FIIs as per Monday's data were net sellers in both equity and debt segment. In equity segment, the gross buying was of Rs 3977.43 crore against gross selling of Rs 6653.49 crore, while in the debt segment, the gross purchase was of Rs 142.70 crore against gross selling of Rs 273.44 crore. Besides, in the hybrid segment, the gross buying was of Rs 0.19 crore against gross selling of Rs 18.84 crore.


The US markets ended mostly in red on Monday as presidents of the U.S central bank's San Francisco and Atlanta branches said the Fed will have to keep raising rates to somewhere above 5 percent in order to slow down inflation. Asian markets are trading mixed on Tuesday tracking lackluster overnight cues from Wall Street. Indian markets snapped the three-day losing streak and ended with strong gains on Monday mirroring firm cues from global markets. Today, benchmark indices are likely to get flat-to-negative start amid mixed cues from global markets and disappointing earnings from Tata Consultancy Services (TCS), the country's largest IT services company. Sustained selling by FIIs likely to dampen sentiments in the local markets. Foreign institutional investors (FII) net sold shares worth Rs 203.13 crore on January 9, as per provisional data available on the NSE. Traders will be concerned as the country's largest lender SBI dismissed the K-shaped recovery critique, saying the pandemic was a leveler which helped in reducing inequalities. However, some respite may come later in the day as Commerce and Industry Minister Piyush Goyal said huge investment opportunities are there in India due to its large domestic consumption demand, rule of law and transparent economy. He added India is a land of opportunity, and the Indian diaspora should take this message to the world. Some support may come as credit rating agency Moody's Investors Service said the credit worthiness outlook for sovereigns in the Asia-Pacific (APAC) region, including India for 2023 is stable as compared to the negative outlook for sovereigns globally. There will be some buzz in coal industry stocks with a private report that India's imports of thermal coal - used mainly for power generation - grew 14.7% to 161.18 million tonnes in 2022, driven by higher domestic production and shipments by utilities. Insurance industry stocks will be in focus as after witnessing strong growth in November, life insurers reported moderation in new business premium (NBP) growth in December. From a 30 per cent uptick in November, NBP growth last month slowed down to 10 per cent as state-owned Life Insurance Corporation's premium growth decelerated from a peak. There will be some reaction in aviation industry stocks as the International Air Transport Association (IATA) said Asia-Pacific airlines saw their air cargo volumes decrease by 18.6 per cent in November 2022, compared to the same month in 2021. As per the IATA, this was the worst performance of all regions and a decline in performance compared to October (minus 14.7 per cent). There will be some earnings announcements too to keep the markets buzzing.


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



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Tata Motors






  • Coal India's arm -- Mahanadi Coalfields is aiming 7 more First Mile Connectivity projects, taking the total to 10, by the end of the year 2023.
  • Mahindra & Mahindra has introduced an all-new range of Thar. 
  • Tata Motors has commenced deliveries of the all-new Ace EV, India's most advanced, zero-emission, four-wheel small commercial vehicle. 
  • Indian Oil Corporation is eyeing its pipelines network length to cross 20,000 km, as many ambitious projects are under various stages of implementation.
News Analysis