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NSE Intra-day chart (08 November 2021)
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Market Commentary 09 November 2021
Markets likely to get flat-to-positive start


Indian equity benchmarks recovered from opening lows and ended more than half a percent higher on Monday, led by buying in Oil & Gas, Consumer Durables and Power stocks. The benchmarks edged lower in opening deals, as traders got anxious with a private report that the excise duty cuts on diesel and petrol will cost Rs 45,000 crore and lead to a 0.3 percentage point widening in the Centre's fiscal deficit. Some cautiousness also came with report that even though the retail inflation rate fell to a five-month low of 4.35 per cent in September, there was concern on the part of reputed agencies, from the International Monetary Fund (IMF) to Nomura, and companies over inflationary pressure. The wholesale price inflation (WPI) rate came down in September to the level seen in April, but remained elevated at 10.7 per cent. Adding to the pessimism, another private report stated that rapid strides in digital payments notwithstanding, the Indian economy will likely remain cash-dependent for many years to come, at least that's what the automated teller machine makers and cash logistics companies are betting on. However, benchmark indices staged a strong recovery in afternoon trading as traders turned optimistic with industry chamber PHDCCI stating that India's economic recovery gained momentum in recent months on the back of rapid progress in vaccinations, festive season and consequent improvement in consumer and industry sentiments. The PHDCCI Economy GPS Index for October 2021 increased to 131 as compared with 113.1 in the previous month. Some solace also came with State Bank of India (SBI) Chairman Dinesh Kumar Khara's statement that India is ready to move into the next orbit of growth with the hugely successful implementation of the COVID-19 vaccination program. Additional support also came after Reserve Bank of India (RBI) in its latest report showed that India's forex reserves have increased by $1.919 billion to $642.019 billion for the week ended October 29 on a healthy increase in the currency assets and value of gold. Meanwhile, the Finance Ministry has asked for suggestions on taxation from industries and trade bodies for Budget 2022-23, which is going to set the tone for the growth of India's economy hit by the COVID-19 pandemic. Finally, the BSE Sensex rose 477.99 points or 0.80% to 60,545.61and the CNX Nifty was up by 151.75 points or 0.85% to 18,068.55.


The US markets ended higher on Monday after the House of Representatives passed infrastructure bill. The US House of Representatives passed a more than $1 trillion infrastructure bill, sending the legislation to President Joe Biden for his signature. First passed by the Senate in August, the package would provide new funding for transportation, utilities and broadband, among other infrastructure projects. The passage of the infrastructure stimulus, an improving Covid situation in the US and a better-than-expected labor market reading boosted investors' confidence in the economic recovery. However, upside remained capped traders seemed reluctant to make more significant moves amid some uncertainty about the near-term outlook for the markets following the recent upward trend. A lack of major US economic data also kept some traders on the sidelines ahead of the release of reports on producer and consumer prices and consumer sentiment in the coming days. On the sectoral front, Steel stocks moved sharply higher on the news of the long-awaited approval of the infrastructure bill, resulting in a 2.6 percent jump by the NYSE Arca Steel Index. Significant strength was also visible among oil service stocks, as reflected by the 1.8 percent gain posted by the Philadelphia Oil Service Index. The advance by oil service stocks came amid an increase by the price of crude oil, with crude for December delivery climbing $0.66 to $81.93 a barrel. Semiconductor stocks also turned in a strong performance on the day, driving the Philadelphia Semiconductor Index up by 1.3 percent.


Crude oil futures ended higher on Monday on rising optimism about outlook for energy demand. Oil prices rose as positive signs for global economic growth supported the outlook for energy demand and the United States said it was weighing options to address high prices. Strong US jobs data, a bigger than expected increase in China's exports in October, and the passage of the infrastructure bill in the US have raised hopes that energy demand will see a marked surge in coming weeks. Meanwhile, Saudi's state-owned producer Aramco's decision to raise the official selling price for its crude to customers in Europe, Asia and United States suggest that demand remains strong. Benchmark crude oil futures for December delivery rose $0.66 or 0.8 percent to settle at $81.93 a barrel on the New York Mercantile Exchange. Brent crude for January delivery surged $0.90 or 1.1 percent to settle at $83.64 a barrel on London's Intercontinental Exchange.


Indian rupee ended significantly higher against dollar on Monday, on persistent selling of American currency by exporters. Sentiments were upbeat as RBI in its latest report showed that India's forex reserves have increased by $1.919 billion to $642.019 billion for the week ended October 29 on a healthy increase in the currency assets and value of gold. In another positive development, PHD Chamber of Commerce and Industry (PHDCCI) has said that the country's economic recovery gained momentum in recent months on the back of rapid progress in vaccinations, festive season and consequent improvement in consumer and industry sentiments. Healthy gains in Indian equity markets also supported domestic currency. On the global front, dollar was broadly steady on Monday and currency markets lacked momentum as investors weighed up volatile rate projections and central banks' tolerance of inflation. Finally, the rupee ended 74.03, stronger by 43 paise from its previous close of 74.46 on Thursday.


The FIIs as per Monday's data were net sellers in both equity and debt segments. In equity segment, the gross buying was of Rs 9051.18 crore against gross selling of Rs 9570.73 crore, while in the debt segment, the gross purchase was of Rs 203.08 crore with gross sales of Rs 397.31 crore. Besides, in the hybrid segment, the gross buying was of Rs 22.74 crore against gross selling of Rs 18.45 crore.


The US markets ended in green on Monday amid a positive reaction to news that the House of Representatives has passed a $1 trillion infrastructure bill. Asian markets are trading mostly higher on Tuesday as the passage of a U.S. infrastructure bill boosted sentiment. Indian markets ended Monday's session notably higher as traders returned to their desks after a long holiday weekend despite muted cues from other Asia and Europe markets. Today, the start of session is likely to be flat-to-positive tracking gains in global peers. Traders will be taking encouragement as domestic rating agency Brickwork Ratings revised its growth estimate for the country's gross domestic product (GDP) to 10-10.5 per cent in the current financial year from an earlier expectation of a 9 per cent growth. It said many economic growth indicators are suggesting a faster-than-expected revival in economic activities. Some support will come as SBI report stated that India is now ahead of China in financial inclusion metrics, with mobile and internet banking transactions rising to 13,615 per 1,000 adults in 2020 from 183 in 2015 and the number of bank branches inching up to 14.7 per 1 lakh adults in 2020 from 13.6 in 2015, which is higher than Germany, China and South Africa. However, there may be some cautiousness as Rating agency Crisil's latest report stated that higher diesel prices will shave off the overall profitability of transporters despite an improvement in freight rates since last month following the withdrawal of the monsoons, consumption recovery and higher infrastructure activity. Meanwhile, Markets regulator SEBI allowed foreign portfolio investors (FPIs) to write off all debt securities that they are unable to sell. This will be applicable only to such FPIs who wish to surrender their registration. There will be some buzz in the telecom stocks as global ratings agency Fitch expects the Telecom Regulatory Authority of India (Trai) to cut base prices of coveted airwaves in the 700 Mhz and 3.3-3.6 Ghz bands and expects the much awaited 5G spectrum sale to happen next year. Power stocks will be in focus as the Union power ministry said that peak power demand deficit in the country was almost wiped out in 2020-21 period. Providing statistics, the ministry said the deficit stood at 0.4 per cent in 2020-21 compared to 16.6 per cent in 2007-08 and 10.6 per cent in 2011-12. There will be some reaction in housing finance companies (HFCs) stocks with rating agency Icra Ratings' report stating that HFCs are likely to witness a growth of 8-10 per cent in fiscal 2022 helped by rise in economic and higher demand.


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



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  • Tata Motors' wholly owned subsidiary -- JLR is anticipating the semiconductor shortage situation to gradually start recovering in the remaining part of the current financial year. 
  • Sun Pharmaceutical Industries is recalling 22,752 blister packs of Loratadine-D extended-release tablets, used for the treatment of allergic rhinitis and the common cold, in the US market. 
  • L&T construction arm -- L&T construction has secured orders for its various businesses in India. 
  • IOC is planning to set up 10,000 charging stations for EVs in the next three years as it prepares for the energy transition leading to net-zero by 2070.
News Analysis

Balaxi Pharmaceuticals' wholly owned subsidiary -- Balaxi Global DMCC, Dubai (BGD), has completed acquisition of 99% shares of Balaxi Healthcare El Salvador, S.A DE C.V, El Salvador, Central America (BHES), which has consequently become th...

Emerald Leasing Finance & Investment Company has tied up with HDFC bank for issuing co-branded prepaid cards. The company will have the access to load and reload the cards, new card indent etc. The Card can also be used on all domestic...

Consortium of Olectra Greentech and Evey Trans (EVEY) have received Letter of Award (LoA) from one of the State Transport Corporations for 100 Electric Buses under FAME-I1 scheme of Government of India. This order for supply of 100 electri...

Ugro Capital has raised Rs 25 crore through issuance and allotment of 500 units of Commercial Paper (CP) of face value Rs 5,00,000 each. The tenure of the security is 97 days and redemption date is February 7, 2022.