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NSE Intra-day chart (12 January 2023)
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Market Commentary 13 January 2023
Benchmarks to get optimistic start on firm global cues


Indian equity benchmarks traded volatile and ended lower on the weekly expiry day. After the flat start, the trade was negative for the most part of the session as investors preferred a cautious approach ahead of inflation and industrial production data to be released later in the day.  Traders also remained cautious as a World Economic Forum's report stated that a cost of living crisis, digital inequality, geopolitical contest for resources, natural disasters and extreme weather events are the biggest risks for India over the short and medium term. Some anxiety also came with a private report stating that funding for Indian startups dropped by 33 per cent to $24 billion in 2022 as compared to the previous year though it was nearly double the amount recorded in 2019 or 2020. Unabated foreign fund outflows also hit the investor sentiment. Foreign institutional investors (FIIs) offloaded shares worth Rs 3,208.15 crore on Wednesday, according to exchange data. However, indices trimmed most of their losses in the final hours. Traders found some support with the government's data showing that the country's gross direct tax collection rose 24.58 per cent to Rs 14.71 lakh crore till January 10 this fiscal, buoyed by an upsurge in personal income tax mop-up. After adjusting refunds, net direct tax collection stood at Rs 12.31 lakh crore, 19.55 per cent higher than the net collections for the corresponding period of last year. Traders also took a note of Road Transport and Highways Minister Nitin Gadkari's statement that India and Japan will undertake joint projects for digital transformation in the areas of Intelligent Transport Systems (ITS) and eco-friendly mobility. Further, he said India has always placed the Indo-Pacific at the heart of its engagement with the countries of Southeast and East Asia under India's Act East Policy. Finally, the BSE Sensex fell 147.47 points or 0.25% to 59,958.03 and the CNX Nifty was down by 37.50 points or 0.21% to 17,858.20.


The US markets ended higher on Thursday, magnifying their recent sessions' gains, following the release of highly anticipated consumer price inflation (CPI) data, which largely came in line with Street estimates. The Labor Department said its consumer price index edged down by 0.1 percent in December after inching up by 0.1 percent in November. Street had expected consumer prices to come in unchanged. The report also showed the annual rate of consumer price growth slowed to 6.5 percent in December from 7.1 percent in November, in line with expectations. The annual growth was the slowest since October 2021. Excluding food and energy prices, core consumer prices rose by 0.3 percent in December following a 0.2 percent uptick in November. The increase matched economist estimates. The annual rate of core price growth slowed to 5.7 percent in December from 6.0 percent in November. The year-over-year growth was also in line with expectations. Meanwhile, the Labor Department also released a separate report showing first-time claims for U.S. unemployment benefits unexpectedly edged slightly lower in the week ended January 7th. The report said initial jobless claims slipped to 205,000, a decrease of 1,000 from the previous week's revised level of 206,000. The dip surprised participants, who had expected jobless claims to rise to 215,000 from the 204,000 originally reported for the previous week. On the sectoral front, Airline stocks showed a substantial move to the upside over the course of the session, with the NYSE Arca Airline Index soaring by 4.1 percent to its best closing level in well over four months. Significant strength was also visible among energy stocks, which benefited from a continued increase by the price of crude oil.


Crude oil futures ended higher on Thursday, extending the upward trend seen over the past several sessions, on expectations of increased demand from China and data showing a slowdown in U.S. consumer price inflation. China's decision to reopen its economy after the end of strict COVID-19 curbs has boosted hopes of higher oil demand. Meanwhile, data released by the Labor Department showed U.S. consumer price index edged down by 0.1% in December after inching up by 0.1% in November. Street had expected consumer prices to come in unchanged. Besides, the dollar's decline also contributed significantly to the rise in oil prices. Benchmark crude oil futures for February delivery rose $0.98 or 1.3 percent at $78.39 a barrel on the New York Mercantile Exchange. Brent crude for March delivery surged $1.26 or 1.52 percent at $83.93 a barrel (provisional) on London's Intercontinental Exchange.


Indian rupee strengthened against the dollar for fourth consecutive day tracking the overall weakness in the American currency. Traders remained optimistic after government data has showed that the country's gross direct tax collection rose 24.58 per cent to Rs 14.71 lakh crore till January 10 this fiscal, buoyed by an upsurge in personal income tax mop-up. After adjusting refunds, net direct tax collection stood at Rs 12.31 lakh crore, 19.55 per cent higher than the net collections for the corresponding period of last year. On the global front, yen got a boost on Thursday on expectations that the Bank of Japan will review the side effects of its monetary easing, while the dollar slipped and wobbled near a seven-month low against the euro ahead of U.S. inflation data later in the day. Finally, the rupee ended at 81.57 (Provisional), stronger by 11 paise from its previous close of 81.68 on Wednesday.


The FIIs as per Thursday's data were net sellers in both equity and debt segment. In equity segment, the gross buying was of Rs 6801.56 crore against gross selling of Rs 10206.47 crore, while in the debt segment, the gross purchase was of Rs 682.13 crore against gross selling of Rs 740.04 crore. Besides, in the hybrid segment, the gross buying was of Rs 5.70 crore against gross selling of Rs 10.18 crore.


The US markets ended lower on Thursday after a reading of consumer prices fed expectations the Federal Reserve may have the leeway to scale back the size of future interest rate hikes. Asian markets are trading mostly in green on Friday after the US consumer price index showed inflation cooled in December, raising investors' hopes that the Federal Reserve can return to slower interest rate hikes. Indian benchmarks closed with losses in a choppy trade on Thursday as unabated foreign fund outflows hit the investor sentiment. Today, the start of last trading session of the week is likely to be positive aided by cooler-than-expected retail inflation data, for the month of December, in India and the US. India's retail inflation or CPI fell to a one-year low of 5.72% in December, owing to a sharp deflation (-15.08%) in vegetables and easing price pressures in the broader food and beverages category. US CPI inflation in December eased. The year-on-year inflation number for December has fallen to 6.5% from 7.1% in November 2022. Sentiments will also get a boost as India's factory output rebounded to a five-month high in November. Traders may take note of report that Prime Minister Narendra Modi will hold a pre-budget meeting with more than two dozen economists and sector experts at NITI Aayog to seek their view on measures to push up economic growth. However, there may be some cautiousness as foreign institutional investors (FII) have net sold shares worth Rs 1,662.63 crore on January 12, as per provisional data available on the NSE. Traders may be concerned as a private report stated that the Centre as well as state governments are likely to budget for higher market borrowings next fiscal even though the Union Budget may peg a lower-than-expected fiscal deficit at 5.8 per cent of GDP. There will be some reaction in coal industry stocks as days after the Union power ministry directed all power generating companies (gencos) to import coal up to 6 per cent of their requirement, the coal ministry said the decision was just an act of caution and that domestic coal capacity would be ramped up. Banking stocks will be in limelight as in a research report, S&P Global said Indian banks posted some of the best total stock returns among their Asia-Pacific peers for the second consecutive quarter as they continued to benefit from solid financial metrics, a resurgent equities market, and growth prospects for the country's economy. Investors will also be eyeing the earnings reaction with lots of companies slated to report their December quarter results, including L&T Housing Finance, Just Dial, and Wipro.


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



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Bharti Airtel






  • Maruti Suzuki India has unveiled two new SUVs - FRONX and JIMNY, appealing to both new-age SUV lovers as well as passionate off-roaders. 
  • Tech Mahindra has entered into strategic collaboration with Microsoft to enable cloud-powered 5G core network modernization for telecom operators globally.
  • Reliance Industries' subsidiary -- Jio has expanded the footprint of True 5G services in Tamil Nadu by launching in six key cities, taking the total number of Jio True 5G cities to 101 across the nation. 
  • Tata Motors has unveiled the Harrier EV and Sierra EV, while it showcased the Altrzo CNG as well as the Curvv Coupe in its private vehicle segments at Auto Expo 2023.
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