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NSE Intra-day chart (09 March 2021)
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Market Commentary 10 March 2021
Markets likely to get positive start amid firm global cues


Indian equity benchmarks moved significantly higher amid heightened volatility on Tuesday, mainly driven by buying in banking, financial and IT stocks amid positive cues from global markets. The benchmarks made gap-up opening, as traders got some support with Finance Minister Nirmala Sitharaman's statement that the fiscal measures taken by the government have resulted in positive growth of 0.4 per cent in the third quarter of the current financial year. The minister further said that the gradual unlocking of the economy has eased supply-side disruptions enabling inflation to decline from 7.6 per cent in October, 2020 to 4.1 per cent in January 2021, mainly on account of decline in food inflation. She added that the economy is estimated to contract by 8 per cent during 2020-21 due to the impact of the COVID-19 pandemic. Sentiments remained positive with Chief Economist of the IMF Gita Gopinath's statement that India has been at the forefront in fighting the coronavirus pandemic and really stands out in terms of its vaccine policy. She noted that India has been providing vaccines through grants to several of its neighbour countries, including Bangladesh, Nepal and Myanmar, and through commercial arrangements as well. However, markets gave up gains in afternoon trading, as some concern came with Fitch Ratings' report stated that the impact of Covid-19 pandemic is likely to pose challenges to improving financial performance of Indian banks once asset-quality risks manifest in the financial year ending March 2022 (FY22). The banks reported lower impaired loans and improved profitability for nine months ended December 2020 due to various forbearance measures and continued large write-offs. But late buying in private banks and IT shares helped benchmarks close near the day's highest levels. Traders found support after Ministry of Finance, Department of Expenditure has released the 19th weekly installment of Rs 2,104 crore to the States. Out of this, an amount of Rs 2,103.95 crore has been released to 7 States and an amount of Rs. 0.05 crore has been released to the Union Territory of Puducherry. Meanwhile, 15th Finance Commission Chairman NK Singh has called for setting up a Fiscal Council like institution to better manage the debt trajectory of the Centre and states. He also highlighted the substantial increase in the proportion of cess and surcharge in Gross Tax Revenue (GTR) in the past 10 years, saying only if a Constitutional amendment is introduced to include a portion of it into the divisible pool, then states' could get a share of the revenue earned under that head. Finally, the BSE Sensex rose 584.41 points or 1.16% to 51,025.48, while the CNX Nifty was up by 142.20 points or 0.95% to 15,098.40.


The US markets settled higher on Tuesday with Nasdaq gaining around 4% to recover from heavy losses seen in the previous session as US bond yields retreated and investors scooped up battered technology stocks. The rebound by the Nasdaq came as a pullback by long-term treasury yields contributed to significant strength among tech stocks. The yield on the benchmark ten-year note showed a notable move to the downside after ending the previous session at its highest closing level in over a year. The subsequent pullback shown by yields inspired traders to pick up tech stocks at reduced levels despite lingering concerns about inflation and the outlook for interest rates. Electric car maker Tesla showed a significant rebound after closing lower for five straight sessions, while tech giants Facebook, Apple and Amazon (AMZN) also posted strong gains. Semiconductor stocks turned in some of the market's best performances, with the Philadelphia Semiconductor Index spiking by 6.1 percent after ending the previous session at its lowest closing level in over two months. Software, networking and computer hardware stocks also saw significant strength, contributing to the rally by the tech-heavy Nasdaq. Outside of the tech sector, gold stocks also moved sharply higher on the day. The rally by gold stocks came amid a substantial increase by the price of the precious metal, with gold for April delivery soaring $38.90 to $1,716.90 an ounce. Retail and brokerage stocks also saw notable strength on the day, while energy stocks came under pressure amid a steep drop by the price of crude oil. Meanwhile, investors were awaiting for a Labor Department report on consumer prices to be out on Wednesday, as concerns about inflation have contributed to the recent jump in bond yields.


Extending their previous session's losses, crude oil futures ended lower on Tuesday as traders awaited weekly crude inventory data for further direction. Oil prices moved higher earlier in the day as the dollar retreated but failed to hold gains and slipped into the red as the session progressed. Investors were looking ahead to the weekly inventory report from the American Petroleum Institute (API). The Energy Information Administration (EIA) is scheduled to release its weekly oil report on Wednesday. According to a survey, crude stockpiles may have risen by about 2.7 million barrels in the week ended March 5. Crude oil futures for April fell $1.04 or about 1.6 percent to settle at $64.01 barrel on the New York Mercantile Exchange. May Brent crude dropped $0.77 or 1.1 percent to settle at $ 67.46 a barrel on London's Intercontinental Exchange.


Erasing prevision three session losses, Indian rupee ended considerably higher against dollar due to selling of the US currency by exporters and banks. Sentiments were upbeat with Finance Minister Nirmala Sitharaman's statement that the fiscal measures taken by government during 2020-21 have been calibrated to sustain high spending in the economy and assist in its V-shaped recovery, resulting in a positive GDP growth of 0.4 percent in third quarter of FY 2020-21. The economy is estimated to contract by 8 per cent during 2020-21 due to the impact of the COVID-19 pandemic. Besides, healthy growth in the domestic equity market added to the rupee gains On the global front, pound rose to a two-week high against the euro and also gained versus the dollar, supported by progress in Britain's speedy vaccination programme, with the Bank of England governor cautiously optimistic about the recovery. Finally, the rupee ended at 72.93, stronger by 32 paise from its previous close of 73.25 on Monday.


The FIIs as per Tuesday's data were net seller in both equity and debt segment. In equity segment, the gross buying was of Rs 6170.62 crore against gross selling of Rs 7372.84 crore, while in the debt segment, the gross purchase was of Rs 83.99 crore against gross selling of Rs 1339.95 crore. Besides, in the hybrid segment, the gross buying was of Rs 4.07 crore against gross selling of Rs 22.78 crore.


The US markets end higher on Tuesday as falling bond yields eased concerns about surging inflation. Asian markets are trading mostly in green on Wednesday following overnight gains on Wall Street, although focus will shift to Chinese markets amid worries about policy tightening in the world's second-largest economy. Indian markets ended higher on Tuesday with gains of around a percent, following gains in Asian peers, mainly boosted by banking, financials and IT stocks. Today, the markets are likely to get positive start amid firm global cues. Traders will be taking encouragement as the Organization for Economic Co-operation and Development (OECD) raised the projection for India's economic growth rate by 4.7 percentage points at 12.6 per cent for 2021-22. That would enable India to retain its earlier tag of the fastest growing large economy in the world. Also, CRISIL has projected India's economy to grow by 11 per cent in the next fiscal year against expected contraction of 8 per cent in 2020-21, but GDP will still tread below the pre-Covid trend. It added that next year would be a story of two halves with broad-based recovery to come in the second half. Some support will come as Finance Minister Nirmala Sitharaman said monetisation of CPSE assets is based on the principle of value creation for the government and investors and would bring about a paradigm shift in infrastructure augmentation and maintenance. Traders may take note of report that the Finance Ministry said the Centre has released Rs 1.06 lakh crore to the states since October 2020 to meet GST compensation shortfall. However, there may be some cautiousness as India reported 16,846 fresh Covid-19 cases on Wednesday pushing the overall tally to 11,261,470, according to Worldometer. The death toll from the deadly infection jumped to 158,079. There will be some buzz in MSME stocks as Minister of State for Finance Anurag Thakur said banks have sanctioned loans worth Rs 2.46 lakh crore to about 92 lakh accounts under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme for the MSME sector. Auto stocks will be in focus with data from the Federation of Automobile Dealers Associations (FADA) showing that retail sales of passenger vehicles rose by 10.59 per cent in February 2021 to 2,54,058 units from 2,29,734 units in the year ago period, while two-wheeler sales dropped by 16.08 per cent to 10,91,288 units from 13,00,364 units in the corresponding period last year. There will be some reaction in renewable energy sector stocks as Moody's Investors Service in its latest report said that close to 15-20 per cent of wind and solar power projects underperformed during 2019-20. However, with portfolio diversification, it said a lot of green energy companies will withstand the slowdown. The equity markets will remain closed tomorrow that is March 11 on account of Mahashivratri.


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



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Oil & Natural Gas Corporation






  • Coal India's board has approved 32 coal mining projects in the current financial year (till January), indicating an incremental capital of around Rs 47,300 crore. 
  • Bharti Airtel's B2B unit -- Airtel Business has released its first Business Insights report under the aegis of its Customer Advisory Board. 
  • Axis Bank has allotted 2,30,140 equity shares of Rs 2 each of the Bank on March 8, 2021, pursuant to exercise of stock options under its ESOP Scheme. 
  • L&T's Heavy Engineering arm has dispatched the first out of four 700 MWe Steam Generators for the GHAVP 1&2 project in 36 months, creating a new global benchmark in the nuclear manufacturing industry.
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