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NSE Intra-day chart (30 October 2023)
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Market Commentary 31 October 2023
Markets likely to get cautious start on Tuesday


Indian equity benchmarks erased initial losses and rebounded sharply to end the trading session on a positive note on Monday, led by gains in Realty, Telecom and Energy stocks. The markets started the week on a tepid note, as traders were anxious with data showing that Foreign Portfolio Investors (FPIs) have pulled out over Rs 20,300 crore from Indian equities this month so far, primarily due to a sharp surge in the US treasury yield. Some concern also came as the Reserve Bank of India (RBI) data showed that India's forex reserves declined by $2.36 billion to $583.53 billion during the week ended October 20. However, key indices soon bounced back and stayed in positive territory thereafter as traders took support with Minister of State for Finance Pankaj Chaudhary's statement that India's G20 Presidency has opened doors for global investment and sustainable economic growth. He said under the able leadership of Prime Minister Narendra Modi, significant developments were made with world leaders. Sentiments remained up-beat in late afternoon deals, as India and the UK have reviewed the progress of negotiations of the proposed free trade agreement (FTA), talks for which have reached the final stage. The progress was reviewed by Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade Kemi Badenoch in Osaka, Japan.' Some optimism also came with Vice President Jagdeep Dhankhar's statement that India will go past Japan and Germany to become the third largest economy in the world by 2030. The vice president said India was among the 'Fragile Five' two decades back, but it has now become the fifth-largest economy in the world. Traders overlooked S&P Global's statement that India's public finances are unlikely to improve materially in the next two or three years compared to where they stood before the coronavirus outbreak. Finally, the BSE Sensex rose 329.85 points or 0.52% to 64,112.65 and the CNX Nifty was up by 93.65 points or 0.49% to 19,140.90.


The US markets ended higher on Monday with Dow Jones Industrial Average settling over 500 points. The rebound on markets partly reflected bargain hunting, with traders picking up stocks at reduced levels following last week's sell-off. The advance by the Dow came amid a strong gain by shares of McDonald's (MCD), with the fast food giant jumping by 1.7 percent after reporting third quarter results that exceeded street estimates on both the top and bottom lines. Meanwhile, traders continued to look ahead to the Federal Reserve's highly anticipated monetary policy announcement on Wednesday. With the Fed widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement for clues about the potential for further rate hikes. On the sectoral front, retail stocks extended the rally seen last Friday, with the Dow Jones U.S. Retail Index surging by 2.5 percent, climbing further off the five-month closing low set last Thursday. Considerable strength was also visible among transportation stocks, driving the Dow Jones Transportation Average up by 2.0 percent. The average ended last Friday's trading at its lowest closing level in six months. Telecom stocks also turned in a strong performance on the day, as reflected by the 2.0 percent gain posted by the NYSE Arca North American Telecom Index. Software, banking and pharmaceutical stocks also saw significant strength, while networking stocks showed a substantial move to the downside.


Crude oil futures ended sharply lower on Monday amid easing concerns about supply disruptions from the Middle East region. Although Israeli troops have entered the Gaza Strip for the first time in nearly two decades, it's unclear whether the maneuvers mark the official start of an invasion. Meanwhile, investors chose to wait for the Federal Reserve's monetary policy announcement, due on Wednesday, and the non-farm payroll data for the month of October, due on Friday. Benchmark crude oil futures for December delivery fell $3.23 or 3.8 percent to settle at $82.31 a barrel on the New York Mercantile Exchange. Brent crude for December delivery lost $3.03 or 3.4 percent to settle at $87.45 a barrel on London's Intercontinental Exchange.


Indian rupee ended lower on Monday as sustained foreign fund outflows and the strength of the American currency in the overseas market weighed on investor sentiments. However, a positive tone in domestic equities and a decline in crude oil prices moderated the downside. Traders were worried after the Reserve Bank of India (RBI) data showed that India's forex reserves declined by $2.36 billion to $583.53 billion during the week ended October 20. On the global front, Sterling was broadly flat against the dollar and euro on Monday as traders looked ahead to a Bank of England (BoE) meeting on Thursday where rates are expected to be held and the outlook is likely to be more in focus after a run of weak UK economic data. The British pound has largely been on the back foot in currency markets in recent weeks as risk appetite has faded, weighed by jitters in the stock market and war in the Middle East. Finally, the rupee ended at 83.26 (Provisional), weaker by 1 paisa from its previous close of 83.25 on Friday.


The FIIs as per Monday's data were net sellers in equity segment, while they were net buyers in debt segment. In equity segment, the gross buying was of Rs 10162.30 crore against gross selling of Rs 12656.18 crore, while in the debt segment, the gross purchase was of Rs 806.88 crore with gross sales of Rs 571.96 crore. Besides, in the hybrid segment, the gross buying was of Rs 1.73 crore against gross selling of Rs 3.60 crore.


The US markets ended higher on Monday as crude oil prices dipped and yen rose to a two-week high versus dollar after reports suggested that the Bank of Japan was considering tweaking its yield curve control policy. Asian markets are trading mixed on Tuesday ahead of the Bank of Japan's monetary policy outcome. Indian markets ended Monday's session modestly higher as Middle East tensions eased. Today, markets are likely to get cautious start amid mixed cues from Asian counterparts. Also, Middle East tensions persisted, with Israeli Prime Minister Benjamin Netanyahu rejecting calls for a ceasefire in the war against Hamas. Foreign fund outflows likely to dent sentiments. Foreign institutional investors sold shares worth Rs 1,761.86 crore on October 30, provisional data from the National Stock Exchange showed. Traders may take note of a private report that India and the UK don't expect a free trade agreement to be announced until after state elections in the South Asian nation are completed in December. There are still some differences around whether taxation will be included in a proposed investment protection pact, as well as the UK's demand that tariffs be cut on electric vehicle exports to India. However, downside may remain capped with sharp fall in crude oil prices overnight. Besides, as per a report, India will soon identify about a dozen sectors in which the country can emerge as a global manufacturing hub. The Niti Aayog is undertaking an exercise to identify these sectors and their export potential and recommend strategies accordingly. There will be some reaction in insurance industry related stocks with report that the Insurance Regulatory and Development Authority of India (IRDAI) said that insurance companies must provide their customers details on the basic features of the policy from 1 January 2024. Meanwhile, shares of Bharti Airtel, Gail, Indiabulls Realestate, IOC, Jindal Steel, Larsen & Toubro, MRPL, RITES, Star Health, Tata Consumer Products and VGuard will be in focus ahead of results today. In primary market, Honasa Consumer IPO, the parent company of Mamaearth, to open for subscription today in the price band of Rs 308 - 324 per share.


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  • Sun Pharmaceutical Industries and Zydus Lifesciences have entered into a licensing agreement to co-market an innovative drug, Desidustat in India. 
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  • Coal India's subsidiary -- South Eastern Coalfields has despatched 100 million tonnes of coal in record time till October 28 this fiscal.
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