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NSE Intra-day chart (16 March 2023)
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Market Commentary 17 March 2023
Markets likely to get positive start on firm global cues


Indian equity benchmarks witnessed rollercoaster ride throughout the session to finally end with marginal gains on Thursday, on fag-end value buying in Utilities, Power and Oil & Gas stocks along with a positive opening in the European markets. The indices oscillated between the red and the green throughout the session, as continued foreign fund outflows dented domestic sentiments. The National Stock Exchange's provisional data showed foreign institutional investors (FII) sold shares worth Rs 1,271.25 crore on March 15. Some concern also came amid a private report stating that it would be a tough task for the Indian economy to reach the $5-trillion mark a year before the International Monetary Fund (IMF) projection of 2026-27. Adding more worries among market participants, a parliamentary panel has raised concerns over the marginal budgetary increase in one of the key components of Pradhan Mantri Krishi Sinchayee Yojana. It also raised concern over the reduced allocation in the Digital India Land Records Management Programme, saying both the schemes have remarkable impact on the ground. However, in late afternoon session, equity benchmarks bounced back to end in the positive territory as traders found support with IMF senior representative to India Luis Breuer stating that the RBI was doing the right thing on rate hikes, and added that there was need for more. Breuer also said the Budget's focus on prudence and fiscal consolidation was a good step that will reduce and stabilise public debt, which is quite high in the country compared to other G20 countries. Some support also came with Commerce Secretary Sunil Barthwal's statement that the government is expected to release the new five-year foreign trade policy (FTP) by the end of this month, with a view to promoting the country's outbound shipments of goods and services. Finally, the BSE Sensex rose 78.94 points or 0.14% to 57,634.84 and the CNX Nifty was up by 13.45 points or 0.08% to 16,985.60.


The US markets ended higher on Thursday following a private report stating that JPMorgan Chase (JPM), Morgan Stanley (MS) and several other big banks are discussing a potential deal with First Republic Bank (FRC). The potential deal could include a sizable capital infusion to shore up the beleaguered lender. First Republic is working on various potential options including a capital raise that could take various forms. Besides, reports that Credit Suisse will borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence also helped ease recent concerns about turmoil in the banking sector. On the sectoral front, banking stocks showed a significant turnaround over the course of the session, the KBW Bank Index jumping by 2.6 percent after hitting its lowest intraday level in over two years. On the economic data front, the Labor Department released a report showing first-time claims for U.S. unemployment benefits pulled back by more than expected in the week ended March 11th. The report said initial jobless claims fell to 192,000, a decrease of 20,000 from the previous week's revised level of 212,000. Street had expected jobless claims to slip to 205,000 from the 211,000 originally reported for the previous week. A separate report released by the Labor Department showed import prices edged slightly lower in the month of February. The Labor Department said import prices dipped by 0.1 percent in February after falling by a revised 0.4 percent in January. Street had expected import prices to slip by 0.2 percent, matching the decrease originally reported for the previous month.


Crude oil futures ended higher on Thursday on reports that Saudi Arabia's energy minister and Russia's deputy prime minister met to discuss about ways to enhance market stability. Crude oil prices were also supported by reports from OPEC and the International Energy Agency that global oil demand will see an increase. Besides, improved risk sentiment in financial markets contributed as well to the rise in oil prices. Credit Suisse reportedly secured a lifeline from Swiss National Bank. Benchmark crude oil futures for April delivery surged $0.74 or 1.1 percent to $68.35 a barrel on the New York Mercantile Exchange. Brent crude for May delivery rose $1.37 or 1 percent to $74.70 a barrel on London's Intercontinental Exchange.


Indian rupee tumbled against dollar on Thursday amid mixed cues from global equity markets and foreign fund outflows. Sentiments remained downbeat as commerce ministry in its latest data has showed that India's Merchandise exports dipped by 8.8 per cent to $33.88 billion in February 2023 as compared to $37.15 billion in the same month last year due to a slowdown in global demand. Besides, a private report stated that it would be a tough task for the Indian economy to reach the $5-trillion mark a year before the International Monetary Fund (IMF) projection of 2026-27. On the global front, Russian rouble fell towards its weakest mark against the dollar in almost 11 months on Thursday, dragged down by sharply lower oil prices amid fragile market sentiment over fears of a deepening crisis for banks worldwide. Finally, the rupee ended at 82.77 (Provisional), weaker by 12 paise from its previous close of 82.65 on Wednesday.


The FIIs as per Thursday's data were net sellers in equity segment, while net buyers in debt segment. In equity segment, the gross buying was of Rs 5737.78 crore against gross selling of Rs 6984.47 crore, while in the debt segment, the gross purchase was of Rs 956.75 crore against gross selling of Rs 835.58 crore. Besides, in the hybrid segment, the gross buying was of Rs 28.17 crore against gross selling of Rs 6.53 crore.


The US markets ended higher on Thursday after a consortium of banks said it would aid First of Republic with $30 billion deposits. Asian markets are trading in green on Friday following cues from Wall Street. Indian markets snapped the five-day losing streak and ended higher on Thursday on fag-end value buying in banking, energy and financial stocks. Today, markets are likely to extend previous session's gains with optimistic start as investors react to positive global cues and await next week's FOMC meeting. Domestic sentiments will get some support with report that liquidity support to Credit Suisse by the Swiss central bank helped ease some of the worries about a global banking crisis. Traders may take note of rating agency Crisil's statement that the India's economy is likely to log in 6 per cent growth next fiscal, in line with consensus estimates, driven by an increased capex by the private sector. It added the private sector capex is expected to deliver double-digit revenue growth for the second year on the trot. The economy is projected to grow 7 per cent this fiscal. Crisil further said it expects the corporate revenue to log in double-digit rise again next fiscal. Though, there may be some cautiousness amid continued foreign fund outflows. Foreign institutional investors (FII) net sold shares worth Rs 282.06 crore on March 17, according to the provisional data available on the NSE. There will be some buzz in microfinance companies' stocks with a private report that loan disbursals by microfinance companies increased 19 per cent to Rs 77,877 crore during December quarter 2022-23. The total microfinance loan portfolio increased to Rs 3.21 lakh crore as on December 31, 2022. Textile industry stocks will be in focus as Cotton Association of India (CAI) further reduced its cotton crop estimate for the 2022-23 season to 313 lakh bales as production is expected to decline in Maharashtra, Telangana and Haryana. There will be some reaction in thermal power industry stocks with report that thermal power plants monitored by the Central Electricity Authority (CEA) had 33.5 million tonne of coal stock as on Sunday, which was sufficient to run them for 12 days at 85 per cent capacity utilization. Adani Group stocks will be in limelight after stock exchanges removed three group companies from short-term surveillance.


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  • ITC's wholly owned subsidiary -- ITC Infotech India has incorporated wholly owned subsidiary in Germany under the name of ITC Infotech GmbH on March 10, 2023.
  • NTPC has commissioned first-of-its-kind commercial green coal project in Varanasi, which will make torrefied charcoal from municipal waste.
  • Dr. Reddy's Laboratories has signed a deal to divest certain non-core brands of the company in the dermatology segments to Eris Lifesciences.
  • HDFC Bank and Flipkart Wholesale have launched co-branded credit card for Flipkart Wholesale members.
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