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NSE Intra-day chart (20 September 2022)
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Market Commentary 21 September 2022
Markets likely to make weak start amid lackluster global cues


Indian equity benchmarks ended higher for the second straight session on Tuesday, led by broad-based gains amid a rebound in the global equities. Key gauges made gap-up opening and traded in fine-fettle in early deals as traders took some solace with a private survey report indicating that Indian consumers are concerned about rising costs but 71 per cent of them believe the economy will recover within a year. Foreign fund inflows also aided the domestic sentiments. Foreign institutional investors (FIIs) have net bought shares worth Rs 312.31 crore on September 19, as per provisional data available on the NSE.  Traders took a note of the watchdog - Insolvency and Bankruptcy Board of India (IBBI) has amended its regulations to allow sale of one or more assets of an entity undergoing insolvency resolution process, besides other changes. This move will provide better market-linked solutions for stressed companies. Bourses maintained healthy gains in late afternoon session, taking support from reports that the commerce and industry ministry is planning a multi-media campaign to promote over 400 GI (Geographical Indication) products such as Darjeeling Tea, Chanderi Fabric, Mysore Silk, and Kashmir Walnut Wood Carving. It added this would further increase employment avenues for the producers and boost the economy. Some optimism also came after report stated that India and Saudi Arabia have discussed the feasibility of institutionalizing trade in rupee and riyal and the introduction of UPI (Unified Payment Interface) and RuPay card there. Diversification and expansion of trade and commerce, removal of trade barriers, automatic registration and marketing authorization of Indian pharma products in Saudi Arabia, feasibility of institutionalizing Rupee-Riyal trade, introduction of UPI and Rupay cards in Saudi Arabia; were amongst the key points of discussion. Finally, the BSE Sensex rose 578.51 points or 0.98% to 59,719.74 and the CNX Nifty was up by 194.00 points or 1.10% to 17,816.25.


The US markets ended lower on Tuesday as traders seemed jittery ahead of the Federal Reserve's monetary policy decision on Wednesday. The Fed is widely expected to raise interest rates by another 75 basis points, although some see an outside chance for a 100 basis point rate hike. Further, treasury yields saw upside ahead of the Fed announcement, with the yield on the benchmark ten-year note jumping to a new eleven-year high. Several of other major central banks around the world are also scheduled to announce their latest monetary policy decisions this week, including the Bank of England and the Bank of Japan. Besides, a notable drop by shares of Ford (F) also weighed on Wall Street, with the auto giant plunging by 12.3 percent to its lowest closing level in almost two months. The pullback by Ford comes after the company warned inflation-related supplier costs during the third quarter will run about $1.0 billion higher than originally expected. On the economic data front, the Commerce Department released a report showing an unexpected spike in new residential construction in the US in the month of August, although the report also showed a steeper than expected slump in building permits. The report showed housing starts soared by 12.2 percent to an annual rate of 1.575 million in August after plunging by 10.9 percent to a revised rate of 1.404 million in July. The sharp increase surprised participants, who had expected housing starts to edge down by 0.1 percent to an annual rate of 1.445 million from 1.446 million originally reported for the previous month. On the sectoral front, Gold stocks turned in some of the market's worst performances on the day, dragging the NYSE Arca Gold Bugs Index down by 3.0 percent.


Crude oil futures ended lower with cut of one and half percent on Tuesday on concerns about interest rate hikes and worries about the outlook for energy demand. The outlook for energy demand is somewhat weak as it is feared that aggressive interest rate hikes by central banks might hurt growth, which in turn will result in a drop in demand for oil.  Further, a firm dollar amid expectations of a sharp interest rate hike by the Federal Reserve on Wednesday weighed on oil prices. Benchmark crude oil futures for October delivery fell $1.28 or 1.5 percent at $84.45 a barrel on the New York Mercantile Exchange. Brent crude for November delivery dropped $1.42 or about 1.7 percent to settle at $83.94 a barrel on London's Intercontinental Exchange.


The rupee settled higher against the US dollar on Tuesday as investors await the US Fed's policy statement for further cues. Traders took solace as foreign institutional investors (FIIs) have bought (net) shares worth Rs 312.31 crore on September 19, as per provisional data available on the NSE. Additional support came with private survey report indicating that Indian consumers are concerned about rising costs but 71 per cent of them believe the economy will recover within a year. On the global front, pound was little changed against the dollar on Tuesday, hovering barely above its lowest level since 1985, ahead of expected interest rate hikes from the Bank of England (BoE) and Federal Reserve (Fed). Finally, the rupee ended at 79.74 (Provisional), stronger by 7 paisa from its previous close of 79.81 on Monday.


The FIIs as per Tuesday's data were net buyers in equity segment, while net sellers in debt segment. In equity segment, the gross buying was of Rs 18042.20 crore against gross selling of Rs 17309.95 crore, while in the debt segment, the gross purchase was of Rs 266.47 crore against gross selling of Rs 267.12 crore. Besides, in the hybrid segment, the gross buying was of Rs 236.22 crore against gross selling of Rs 222.61 crore.


The US markets ended lower on Tuesday as the eve of a U.S. Federal Reserve meeting expected to bring another large interest rate hike brought further evidence of the impact on corporate America from the inflation that the U.S. central bank wants to tame. Asian markets are trading mostly in red on Wednesday following Wall Street's negative lead ahead of the Federal Reserve's expected rate hike. Indian markets ended with strong gains on Tuesday with firm global cues and steady foreign flows. Gains in financial, healthcare, consumer durables and auto stocks, also supported the indices. Today, markets are likely to get weak start, following two back-to-back days of gains, amid lackluster trade in global markets ahead of a key rate decision by the Fed. Traders will be concerned as retail inflation for farm and rural workers increased to 6.94 per cent and 7.26 per cent, respectively, in August mainly due to higher prices of certain food items. In July, retail inflation for farm and rural workers stood at 6.60 per cent and 6.82 per cent respectively. There will be some cautiousness as chief economic advisor V Anantha Nageswaran said Indian economy will grow at over 7 per cent, down from above 8 per cent of growth rate projected in January. He, however, said that the economic momentum and the animal spirits are unmistakable. Though, foreign fund inflows likely to aid domestic sentiments. Foreign institutional investors (FIIs) have net bought shares worth Rs 1,196.19 crore on September 20, as per provisional data available on the NSE. Some respite may come later in the day chairman of National Bank for Financing Infrastructure and Development K V Kamath said India is expected to be a $25-trillion economy in 25 years. He said the Indian economy is growing at a compound annual growth rate of 8-10 per cent. Some support may come as Chief Economic Advisor V. Anantha Nageswaran said India's fintech market is expected to reach $1 trillion by 2030, from $31 billion in 2021. Meanwhile, the government has extended the last date for the export of broken rice in transit till September 30. It was earlier allowed till September 15. Traders may take note of report that Commerce and Industry Minister Piyush Goyal has said the government was working on production-linked incentive (PLI) schemes for more products to boost manufacturing in India. The government had rolled out PLI schemes for 15 key sectors, including technology, textile, automobile, pharmaceutical drugs, speciality steel, electronics, among others. There will be some reaction in medical devices industry stocks as the Union government notified the Medical Devices Rules as Medical Devices (Amendment) Rules, 2022. The Rules made provisions for all class A medical device manufacturers to register themselves through an identified online portal established for the purpose.


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  • ONGC has entered into Memorandum of understanding with Chevron New Ventures PTE, subsidiary of Chevron Corporation.  
  • Tata Motors has launched 5W30 synthetic engine oil developed specially to boost the performance of the new-generation BS6 diesel engines. 
  • Infosys has collaborated with Telenor Norway, in its business transformation program to become a digital telecommunications company.
  • Tech Mahindra has launched YANTR.AI - a transformational cognitive Artificial Intelligence solution to enhance and simplify field services.
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