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NSE Intra-day chart (19 November 2019)
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Market Commentary 20 November 2019
Markets likely to make a negative start on Wednesday


Indian equity indices settled with notable gains on Tuesday. The start of the day was firm, aided with Union Minister Anurag Thakur's statement that India is not facing 5 per cent economic slowdown and continues to be the fastest growing economy in the world. Thakur also said that a number of steps are being taken by the government to strengthen the economy that includes merger of banks and tax concessions to industries. The street remained optimistic, amid reports that India has the potential for very rapid economic growth over the next decade which will lift people out of poverty and allow the government to invest in health and education priorities in an exciting way. Despite some volatility during the session, bourses managed to keep their heads above water for the whole day, taking support with Finance Minister Nirmala Sitharaman's statement that the government has implemented major reforms in the last five years to build the investment climate in the country for becoming a $5 trillion economy. Investors took a note of Finance Commission chairman NK Singh's statement that the government must complete unfinished tax reforms to improve the woefully inadequate tax buoyancy witnessed in the past one-and-a-half years, while advocating that simple direct tax code should be implemented soon & that the GST Council ought to go to the drawing board to address compliance issues. Finally, the BSE Sensex rose 185.51 points or 0.46% to 40,469.70, while the CNX Nifty was up by 55.60 points or 0.47% to 11,940.10.


The US markets ended mostly lower on Tuesday, with the Dow Jones Industrial Average and S&P 500 retreating from records, on disappointing earnings results and doubts about a US - China trade deal. Shares of Home Depot moved sharply lower after the home improvement retailer reported weaker than expected third quarter revenues and lowered its full-year sales forecast. Department store chain Kohl's (KSS) also posted a steep loss after reporting weaker than expected third quarter results and cutting its annual guidance. Meanwhile, in a continuation of the market' recent trend of shrugging off negative reports on the trade front, traders seemed unfazed by President Donald Trump threatening higher tariffs on Chinese goods if an agreement is not reached. However, the Nasdaq notched a record finish on the strength of technology shares. On the economic data front, a report released by the Commerce Department showed a substantial rebound in new residential construction in the month of October. The Commerce Department said housing starts surged up by 3.8 percent to an annual rate of 1.314 million in October after plunging by 7.9 percent to a revised rate of 1.266 million in September. Street had expected housing starts to jump by 5.1 percent to a rate of 1.320 million from the 1.256 million originally reported for the previous month. Despite the notable rebound, housing starts remain below the more than twelve-year high of 1.375 million set in August. The report said single-family housing starts climbed by 2.0 percent to a rate of 936,000 in October, while multi-family starts surged up by 8.6 percent to a rate of 378,000.


Crude oil futures ended deeply lower on Tuesday amid rising concerns about excess supply in the market.  Street expects the Energy Information Administration (EIA) on Wednesday to report a fourth straight weekly climb in crude inventories. A survey called for a increase of 1.6 million barrels for the week ended November 15. Both crude benchmarks marked the lowest front-month contract settlements since October 31. Besides, the Organization of the Petroleum Exporting Countries is slated to hold a two-day gathering beginning December 5 in Vienna, with its core members and major outside producers like Russia - part of an oil group known as OPEC+. Benchmark crude oil futures for December dropped $1.84 or 3.2 percent to settle at $55.21 a barrel on the New York Mercantile Exchange. January Brent fell $1.53 or 2.5 percent to settle at $60.91 a barrel on London's Intercontinental Exchange.


Indian rupee ended marginally higher on Tuesday on selling of dollars by banks and exporters. Local currency got some support with Union Minister Anurag Thakur's statement that India is not facing 5 per cent economic slowdown and continues to be the fastest growing economy in the world. Thakur also said that a number of steps are being taken by the government to strengthen the economy that includes merger of banks and tax concessions to industries. Besides, positive trend in equity market also supported the rupee. However, further gains were restricted as some concern came with a private report indicating that India's real Gross Domestic Product (GDP) growth is likely to average at 5 per cent in calendar year 2019, as against 7.4 per cent last year, before picking up to 6.3 per cent in 2020 and 6.8 per cent the next year. On the global front, dollar fell against yen on Tuesday as receding hopes for a preliminary trade deal between the United States and China hurt demand for the greenback. Finally, the rupee ended at 71.71, 13 paise stronger from its previous close of 71.84 on Monday.


The FIIs as per Tuesday's data were net sellers in both equity and debt segments. In equity segment, the gross buying was of Rs 4371.79 crore against gross selling of Rs 4900.65 crore, while in the debt segment, the gross purchase was of Rs 573.35 crore with gross sales of Rs 1471.44 crore. Besides in the hybrid segment, the gross buying was of Rs 55.72 crore against gross selling of Rs 31.76 crore.


The US markets ended mostly lower on Tuesday on disappointing earnings results and doubts about a US-China trade deal. Asian markets are trading in red on Wednesday as the Sino-US trade talks produced nothing but a stream of conflicting messages. Indian markets ended volatile session in green territory on Tuesday on fresh buying in energy, telecom, power and oil & gas stocks. Today, the start of session is likely to be pessimistic following weakness in Asian peers. There will be some cautiousness with ratings agency CARE Ratings' report that the pace of employment growth in India slowed in the last two years with job creation growing 3.9% in 2017-18 and 2.8% in 2018-19. The ratings agency highlighted that core industries have witnessed virtually negative growth in headcount, with crude oil just about maintaining the employment level. However, traders may take note of report that the government categorically stated that it does not intend to revise its fiscal deficit target of 3.3 percent of gross domestic product (GDP) for the current financial year notwithstanding the slowdown in economic activities. Minister of State for Finance Anurag Thakur said expenditure of various ministries and departments of the government is as per the estimates approved by Parliament. Meanwhile, markets regulator SEBI has said trading and clearing members should compulsorily collect upfront certain margins from their clients in the cash segment. There will be some buzz in the reality stocks with a private report indicating that housing sales of nine major real estate companies, which are listed on stock exchanges, increased marginally 2 percent to Rs 5,520 crore during the second quarter of 2019-20. Telecom stocks will be in focus with report that the telecom regulator will wait for operators to report their new tariffs to the authority before taking a view on whether the revised pricing is within the regulatory framework. There will be some reaction in banking stocks with report that Finance Minister Nirmala Sitharaman told lawmakers that the country's state-run banks have reported frauds worth Rs 95,760 crore ($13.34 billion) in the first six months of FY20.


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  • Tata Steel is planning to cut 3,000 jobs in its European operations, amid oversupply and flat demand in the continent.  
  • Bharti Airtel is going to appropriately increase price offerings in the month beginning December. 
  • TCS has expanded its partnership with Virgin Atlantic, one of the UK's leading airlines, to create innovative customer experiences. 
  • Maruti Suzuki's Mini-SUV S-PRESSO, marks its presence amongst country's top 10 bestselling cars within a month of its launch.
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