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NSE Intra-day chart (11 September 2020)
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Market Commentary 14 September 2020
Markets to get optimistic start following global peers


Fluctuating between losses and gains, Indian equity benchmarks ended the day largely flat on Friday, on the back of weak global cues amid ongoing coronavirus spread. Markets made a cautious start and struggled for direction throughout the day, as sentiments got hurt with ratings agency Crisil's report that the Indian economy will contract by 9 per cent in 2020-21 as the coronavirus infections are yet to peak and the government is not providing adequate direct fiscal support. Some concern also came with rating agency ICRA's report that asset reconstruction companies (ARCs) are facing slowdown in recoveries from bad loans procured from banks due to failed auctions, absence of bidders and delay in payments amid COVID-19 pandemic. Trading sentiments remained in lackluster mood with CARE Ratings' report that reflecting the overall stress in the economy, the employment growth rate declined to 3.5 percent in FY20 as compared to 3.8 percent in the previous fiscal year, but the total number of jobs increased to 50.02 lakh from 48.32 lakh. Adding more pessimism, the International Monetary Fund (IMF) has said the impact of COVID-19 pandemic is significant on India's development and the immediate priority is a coordinated policy response. However, markets managed close session with minor gains, as traders found some solace with report that India and China have agreed on a five-point plan for resolving the prolonged border face-off in eastern Ladakh that included abiding by all existing agreements and protocol on management of the frontier, maintaining peace and tranquility and avoiding any action that could escalate matters. Finally, the BSE Sensex rose 14.23 points or 0.04% to 38,854.55, while the CNX Nifty was up by 15.20 points or 0.13% to 11,464.45.


The US markets ended choppy trading session mostly higher on Friday as traders seemed reluctant to make significant moves following the substantial volatility seen over the past several sessions. Buying interest waned over the course of the session, leading to another tech sector-led drop by the broader markets. In spite of the lackluster performance by the broader markets, steel stocks showed a significant move to the upside. Considerable strength was also visible among housing stocks. Chemical, banking and computer hardware stocks also saw notable strength. Traders also looking ahead to the Federal Reserve's latest monetary policy decision scheduled for next Wednesday. The Fed is widely expected to leave rates at near-zero levels but could make tweaks to its accompanying statement. The central bank's latest economic projections may also attract some attention. On the economic front, the Labor Department released a report showing consumer prices increased by slightly more than anticipated in the month of August. The Labor Department said its consumer price index climbed by 0.4 percent in August after advancing by 0.6 percent for two straight months. Street had expected consumer prices to rise by 0.3 percent. Excluding food and energy prices, core consumer prices still rose by 0.4 percent in August following a 0.6 percent increase in July. Core consumer prices were expected to edge up by 0.2 percent.


Crude oil futures ended sluggish trading session slightly in green on Friday. Worries over the outlook for energy demand due to a continued surge in coronavirus cases and data showing higher crude inventories weighed on the commodity and limited its upside. US crude inventories increased by about 2 million barrels last week compared to expectations for a drop of 1.3 million barrels. As per a private report, US gasoline demand fell nearly 2% in the last week of August compared to a week earlier. According to Baker Hughes, weekly active oil-rig count in the US has dropped by 1 to 180 this week. Total weekly drilling-ring count has come down by 2 to 254. Crude oil futures for October rose 3 cents or 0.08 percent to settle at $37.33 a barrel on the New York Mercantile Exchange. However, November Brent crude declined 23 cents or 0.6 percent to settle at $39.83 a barrel on London's Intercontinental Exchange.


Indian rupee ended lower against dollar on Friday, on account of sustained dollar demand from importers and banks. Sentiments remained impacted as Ratings agency Crisil in its latest report has sharply lowered its forecast for India's gross domestic product (GDP) growth for the current fiscal 2020-21 (FY21) to (-) 9 percent as against its earlier estimate of (-) 5 percent projected in May, as the coronavirus infections are yet to peak and the government is not providing adequate direct fiscal support. Traders took note of report that India-US limited trade deal may be signed after elections there, Commerce and Industry Minister Piyush Goyal said India has given America a very good, very balanced offer for the agreement. On the global front; pound rose against the dollar on Friday, bobbing above the $1.28 mark after a week in which new Brexit friction between Britain and the European Union put the currency on track for its worst week since March's coronavirus-led market selloff. Finally, the rupee ended at 73.53, 7 paise weaker from its previous close of 73.46 on Thursday.


The FIIs as per Thursday's data were net buyer in equity and debt segment. In equity segment, the gross buying was of Rs 5896.20 crore against gross selling of Rs 4976.04 crore, while in the debt segment, the gross purchase was of Rs 197.18 crore with gross sales of Rs 180.27 crore. Besides, in the hybrid segment, the gross buying was of Rs 10.47 crore against gross selling of Rs 21.07 crore.


The US markets ended mostly higher on Friday as traders seemed reluctant to make significant moves following the substantial volatility seen over the past several sessions. Asian markets are trading mostly higher on Monday with investors watching shares of Japanese conglomerate Softbank Group following an announcement of its sale of U.K. chip designer Arm. Indian markets ended flat on Friday as gains from IT and auto stocks were capped by banking and financial services sector. Today, the markets are likely to make positive start following global peers. Investors will be eyeing CPI and WPI inflation data which are scheduled to be release later in the day. Traders will be taking encouragement as Chief Economic Adviser K V Subramanian exuded confidence that retail inflation will come down in the days ahead with the easing of lockdowns, attributing the rise in inflation to supply-side frictions. Some support will come as the finance ministry said banks have sanctioned loans worth over Rs 1.63 lakh crore to more than 42 lakh business units under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector. Also, RBI data showed that the country's foreign exchange reserves rose by $582 million to reach a lifetime high of $542.013 billion in the week ended September 4. However, there may some cautiousness as India's industrial output contracted 10.4 percent in July as against a 4.9 percent growth year-on-year (YoY). traders may be concerned as rating agency Moody's projected India's real gross domestic product (GDP) to contract by 11.5 percent in FY21. Also, domestic rating agency CARE Ratings said the country's economy is likely to see a sharper contraction of 8-8.2 percent in the current financial year compared to a decline of 6.4 per cent it had projected earlier. Meanwhile, with over 93,215 new cases, India's coronavirus tally has reached 4,845,003. The death toll has risen by 1,140 to 79,754. DTH companies stocks will be in focus with Crisil's report that people staying indoors due to the COVID-19 pandemic has proved to be a bonanza for direct-to-home (DTH) broadcasters as the industry is all set to post a growth of up to 6 per cent in its topline to Rs 22,000 crore in FY21. There will be some reaction in coal industry stocks as India's coal import declined by 34.9 percent to 12.46 million tonnes (MT) in August on account of subdued demand for the dry fuel from consuming sectors like power and cement.


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



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Reliance Industries





Zee Entertainment Enterprises






  • Infosys is planning to hire 500 additional tech workers in Rhode Island, US by 2023. 
  • Coal India is planning to restore production from its discontinued underground mines. 
  • ICICI Bank has launched a new offering, iStartup 2.0, for start-ups with improved features. 
  • Bajaj Finance has raised Rs 400 crore through Secured redeemable non-convertibles debentures.
News Analysis