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NSE Intra-day chart (17 November 2021)
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Market Commentary 18 November 2021
Markets likely to make cautious start amid weak cues from global markets


Indian equity benchmarks ended lower for the second straight day in choppy trade on Wednesday, amid selling in frontline bluechip counters. Initially, benchmarks traded in a narrow band with a negative bias, as traders got anxious as Fitch Ratings has kept India's sovereign rating unchanged at BBB- with a negative outlook. It stated that the rating balances a still-strong medium-term growth outlook and external resilience from solid foreign-reserve buffers against high public debt, a weak financial sector and some lagging structural issues. Further, weakness also prevailed in the markets as foreign portfolio investors (FPIs) sold shares worth Rs 560.67 crore, in the Indian equity market on 16 November, provisional data showed. However, key gauges recouped initial losses to trade marginally in green in afternoon deals, as traders took some support with Commerce and Industry Minister Piyush Goyal's statement that India attracted record foreign direct investments (FDI) in the last seven years and this trend is expected to continue in the coming years as well on account of major structural reforms being undertaken by the government. He also said that India is focusing on integrating its quality standards with the world and the country needs to let go of the mindset of a particular product being for the domestic market and others for the export market. Though, markets failed to hold recovery and extended losses in late afternoon trading tracking weakness across other Asian markets. Sentiments remain dampened even as a private report stated that private equity (PE) and venture capital (VC) investments touched an all-time high of $12.9 billion in October, on the back of high-value deals. The investments were 71 per cent higher as compared with October 2020's $7.5 billion and 2.5 times the $5.2 billion value recorded in September this year. Traders also took a note of the Reserve Bank Governor Shaktikanta Das' statement that numerous macro indicators suggest that the economic recovery is now taking hold after the beating it has taken during the pandemic, but for growth to be sustainable and reach its potential, private capital investment has to resume. He said the economy has the potential to grow at a reasonably high pace in the post-pandemic scenario, provided private capital investment resumes. Finally, the BSE Sensex fell 314.04 points or 0.52% to 60,008.33 and the CNX Nifty was down by 100.55 points or 0.56% to 17,898.65.


The US markets ended lower on Wednesday as traders expressed some uncertainty about the near-term outlook for the markets following recent volatility. Traders showed a mixed reaction to earnings news from retail giants Target (TGT) and Lowe's (LOW). Shares of Target moved sharply lower even though the retailer reported third quarter results that beat expectations on both the top and bottom lines. However, shares of Lowe's (LOW) closed modestly higher after the home improvement retailer reported better than expected third quarter results and raised its full-year revenue guidance. On the sectoral front, significant weakness emerged among steel stocks, as reflected by the 1.9 percent drop by the NYSE Arca Steel Index. The index slid to an eight-month closing low. Brokerage, transportation and natural gas stocks also saw considerable weakness on the day, while some strength was visible among housing and gold stocks. On the economic data front, the Commerce Department released a report showing an unexpected decrease in new residential construction in the month of October, although the report also showed a bigger than expected spike in building permits. The report showed housing starts slid by 0.7 percent to an annual rate of 1.520 million in October after tumbling by 2.7 percent to a revised rate of 1.530 million in September. The continued decline came as a surprise to participants, who had expected housing starts to jump by 1.6 percent to an annual rate of 1.580 million from the 1.555 million originally reported for the previous month. Meanwhile, the Commerce Department said building permits surged up by 4.0 percent to an annual rate of 1.650 million in October after plummeting by 7.8 percent to a revised rate of 1.586 million in September.


Crude oil futures ended sharply lower on Wednesday on rising COVID-19 cases in Europe. New waves of COVID-19 cases in Europe which drove some governments to reimpose restrictions weighed on prices. Further, oil prices were also weighed down by warnings from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency that the oil market will likely see excess supply in the fourth quarter.  OPEC Secretary General Mohammad Barkindo said the group sees signs of an oil supply surplus building beginning next month, adding that its members and allies will have to be very, very cautious. Benchmark crude oil futures for December delivery fell $2.40 or 3 percent to settle at $78.36 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $2.02 or 2.5 percent to settle at $80.41 a barrel on London's Intercontinental Exchange.


Rising for the second consecutive day, Indian rupee ended higher against dollar on Wednesday, on weak dollar in overseas markets. Sentiments were upbeat as Commerce and Industry Minister Piyush Goyal's states that India attracted ‘record' foreign direct investments (FDI) in the last seven years. And this trend is expected to continue in the coming years as well on account of major structural reforms being undertaken by the government. Additional support also came in with report stating that the Reserve Bank of India's low interest rates will continue to boost demand in the Indian economy, even if the government scales back pandemic support. However, volatility in the Indian stock markets capped the gains. On the global front; pound briefly climbed to a one-week high versus the U.S. dollar and a 21-month high against the euro on Wednesday after data showed UK inflation surged to a 10-year high last month, boosting expectations of a rate hike as early as next month. Finally, the rupee ended 74.28 (provisional), stronger by 9 paise from its previous close of 74.37 on Tuesday.


The FIIs as per Wednesday's data were net buyers in equity segment, while net sellers debt segment. In equity segment, the gross buying was of Rs 24497.91 crore against gross selling of Rs 10257.94 crore, while in the debt segment, the gross purchase was of Rs 35 crore with gross sales of Rs 289.44 crore. Besides, in the hybrid segment, the gross buying was of Rs 17.26 crore against gross selling of Rs 14.57 crore.


The US markets ended lower on Wednesday on inflation fears and supply chain concerns stemming from retailers' earnings, with investors betting the Federal Reserve will raise interest rates sooner than expected to tame rising prices. Asian markets are trading mostly lower in early deals on Thursday following weak cues from the US markets. Indian equity benchmarks ended lower on Wednesday as Fitch Ratings kept India's sovereign rating unchanged at BBB- with a negative outlook. Today, markets are likely to make cautious start on the last day of the holiday-truncated trading week amid weak cues from global markets. However, some respite may come later in the day as Finance Minister Nirmala Sitharaman said there are clear signs of an uptick in the economy and the industry should now start taking risks and invest in capacity creation that will help cut reliance on imports. She also asked the industry to offer jobs to reduce income disparity and cut down on importing finished goods reduce and instead ramp up investment in manufacturing. Traders may take note of DEA Secretary Ajay Seth's statement India needs to double the capital expenditure in the medium term from about 5-6 per cent of the Gross Domestic Product (GDP) currently to fund infrastructure. He added efforts have to be made to channelise all avenues of savings for garnering resources for stepping up investment in the infrastructure sector. Meanwhile, department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said the government will invite financial bids for privatisation of five to six public sector undertakings (PSUs) in December-January, and close these transactions in the current financial year. There may be some action in leather industry stocks as Union Minister of Commerce and Industry, Piyush Goyal, said India should aim to achieve more than $10 billion worth of leather exports by 2025.  There will be some buzz in steel sector's stocks as the PHD Chamber of Commerce and Industry (PHDCCI) requested the government to have a regulator to check rising steel prices. There may be some action in coal related stocks on report that India's coal consumption is expected to grow in absolute terms in the coming few years and phasing out the fuel could have severe repercussions on the livelihoods of many Indians. There may be some buzz in sugar stocks as industry body ISMA said India's sugar production rose 24 per cent to 20.9 lakh tonnes during October 1-November 15 on higher output in Maharashtra and Karnataka, while mills have entered into contracts to export 25 lakh tonnes of sweetener so far. Meanwhile, Indian digital payments company Paytm is set to make its stock market debut today, after its $2.5 billion initial public offering (IPO), India's largest, was oversubscribed last week. Paytm, which counts China's Ant Group and SoftBank among its backers, raised $1.1 billion from institutional investors and last week received $2.64 billion worth of bids for the remaining shares on offer, or 1.89 times.




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  • Cipla has launched Spirofy, India's first pneumotach based portable, wireless Spirometer, on World COPD Day.
  • IndusInd Bank has launched Indus Merchant Solutions to enable merchants, retailers and professionals to carry out banking transactions digitally, on a single platform. 
  • Coal India has allocated 72.1% higher quantity of coal at 17.34 million tones under the special forward e-auction scheme to the power sector during the April-September period.
  • State Bank of India has partnered with UGRO Capital for a co-lending arrangement to disburse up to Rs 500 crore to micro, small and medium enterprises by the end of this fiscal.
News Analysis

AJR Infra And Tolling has completed sale of 2,87,73,117 equity shares of Rs 10 each (33.00% of the total paid-up capital of Vizag Seaport) held by the company in Vizag Seaport to Shripriya Ports at a consideration of Rs 26.40 crore. Conseq...

Artson Engineering has secured order of Rs 8.60 crore. The company has received order from Tata Projects for construction of Tanks at their ONGC Kakinada Site. Nature of order is unit rate contract.

Artson Engineerin...

Bharat Dynamics has signed a contract for design, development, manufacture, supply and support of CMDS worth Rs 171 crore approximately. The order book position of the company as on November 17, 2021 is Rs 8991 crore. The company has recei...

Knowledge Marine & Engineering Works has received the Letter of Award (LoA) from Ministry of External Affairs, Government of India, for 'Dredging and providing maintenance for least available depth of 7.9 M on Access Channel and Port b...