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NSE Intra-day chart (25 November 2020)
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Market Commentary 26 November 2020
Domestic markets to open in green on Thursday


Wednesday turned out to be a dismal day of trade for Indian equity benchmarks, where key gauges went home with a cut of over one and half percent each, breaching their crucial 43,850 (Sensex) and 12,900 (Nifty) levels, as investors booked profit across-the-board. Both indices had scaled fresh record highs in the opening session, as sentiments got a boost after Nilesh Shah, a part-time member of the economic advisory council to the Prime Minister, said the GDP contraction will improve to higher single digits in the September quarter, and the economy will be back to positive growth by the March quarter. Some support also came with CII National Committee on Retail Chairman Shashwat Goenka's statement that a cohesive national retail policy would go a long way in reviving the sector and help generate up to 30 lakh additional jobs in the country by 2024, He said a thorough national retail policy would help the sector bounce back and grow exponentially in the years to come. However, benchmark indices erased all gains and slipped into the red in late morning deals, as the sentiments turned pessimistic with S&P Global Ratings' statement that non-performing loans in the Indian banking sector is likely to witness an uptick and may shoot up to 11 per cent of gross loans in the next 12-18 months. Some cautiousness also came after a senior finance ministry official said that India's score on protection of minority investors compiled by the World Bank as part of the Ease of Doing Business rankings has slipped recently and there is a need for stakeholders to improve on this aspect. Traders remain concerned even after Union Commerce and Industry Minister Piyush Goyal has said that the results of the second quarter of major companies show that profitability of most of them has gone up, indicating that the Indian industry has utilized the Covid period to do the belt-tightening, improve the product-mix, and focus on quality and productivity. Finally, the BSE Sensex fell 694.92 points or 1.56% to 43,828.10, while the CNX Nifty was down by 196.75 points or 1.51% to 12,858.40.


The US markets ended mostly lower on Wednesday as some traders looked to cash in on yesterday's gains, although recent upbeat coronavirus vaccine news kept selling pressure relatively subdued. The mixed performance on markets came as traders seemed reluctant to make more significant moves amid uncertainty about the near-term outlook for the markets. Traders were also digesting a slew of US economic data, with a report from the Labor Department showing fist-time claims for US unemployment benefits unexpectedly increased in the week ended November 21st. The report said initial jobless claims climbed to 778,000, an increase of 30,000 from the previous week's revised level of 748,000. The increase surprised participants, who had expected jobless claims to drop to 730,000 from the 742,000 originally reported for the previous week. Meanwhile, new orders for US manufactured durable goods increased by more than expected in the month of October, the Commerce Department revealed in a report. The Commerce Department said durable goods orders jumped by 1.3 percent in October after spiking by 2.1 percent in September. Street had expected durable goods orders to climb by 0.9 percent. Excluding an increase in orders for transportation equipment, durable goods orders still surged up by 1.3 percent in October after jumping by 1.5 percent in September. Ex-transportation orders were expected to rise by 0.4 percent.


Crude oil futures ended higher on Wednesday, extending recent gains, and posted an over 8-month high after data showed a fall in US stockpiles last week. Data released by the Energy Information Administration (EIA) shoed crude inventories in the US dropped by 754,000 barrels last week, as against expectations for an increase of about 127,000 barrels. The EIA data also showed that inventories at Cushing, Oklahoma, declined by 1.7 million barrels last week. Further, continued optimism about coronavirus vaccine and a likely pick-up in energy demand further supported oil's uptick. Crude oil futures for January rose $0.80 or about 1.8 percent to settle at $45.71 a barrel on the New York Mercantile Exchange. January Brent crude surged $0.48 or 1 percent to settle at $48.34 a barrel on London's Intercontinental Exchange.


Indian rupee ended higher for fourth straight session against dollar on Wednesday, on persistent selling of the American currency by exporters amid optimism about coronavirus vaccines. Sentiments also got boost after Nilesh Shah, a part-time member of the economic advisory council to the Prime Minister, said the GDP contraction will improve to higher single digits in the September quarter, and the economy will be back to positive growth by the March quarter. Traders paid no heed toward, S&P Global Ratings' statement that non-performing loans in the Indian banking sector is likely to witness an uptick and may shoot up to 11 per cent of gross loans in the next 12-18 months. On the global front; dollar nursed losses on Wednesday as progress in developing a novel coronavirus vaccine and expectations for a fiscal boost from a new U.S. government triggered a shift of funds from the greenback to riskier assets. Finally, the rupee ended at 73.91, 10 paise stronger from its previous close of 74.01 on Tuesday.


The FIIs as per Wednesday's data were net buyer in equity segment and net seller in debt segment. In equity segment, the gross buying was of Rs 13381.83 crore against gross selling of Rs 7855.62 crore, while in the debt segment, the gross purchase was of Rs 307.29 crore with gross sales of Rs 1062.72 crore. Besides, in the hybrid segment, the gross buying was of Rs 68.02 crore against gross selling of Rs 72.08 crore.


The US markets ended mostly lower on Wednesday as investors switched their focus from vaccine hopes to disappointing US jobs data and new Covid-19 lockdowns. Asian markets are trading mixed on Thursday as investors reacted to minutes released overnight from the U.S. Federal Reserve's November meeting. Indian markets fell from their record-highs and ended lower on Wednesday after investors booked profits. Banking and financial stocks dragged the most, while IT and pharma stocks also weighed on the indices. Today, the start of F&O expiry day is likely to be positive despite mixed cues from global peers. Traders will be getting encouragement with a private report stating that the Indian economy is likely to have improved in the second quarter with GDP printing in at -7.8 percent as against 24 percent contraction in the June quarter. Some support will come with another private report that India was the fourth major host of greenfield foreign direct investment (FDI) projects and eight major host of cross-border M&A deals between 2004 to 2015. Traders may take note of report that in a bid to push infrastructure creation in the country, the Union Cabinet has approved Rs.6000 crore capital infusion in National Investment and Infrastructure Fund's (NIIF) debt platform over the next two years. Investors will track the meeting of SEBI-appointed Secondary Market Advisory Committee which is expected to discuss big bang reforms for the capital market. However, there may be some cautiousness with report that India reported 44,699 fresh Covid-19 cases on Wednesday, taking its tally to 9,266,697. The country's death toll mounted to 135,261. Meanwhile, market regulator SEBI has relaxed certain surveillance measures, including those pertaining to market wide position limits that were put in place eight months ago to curb volatility in the markets due to the coronavirus pandemic. Metal stocks will be in focus with World Steel Association (worldsteel) report that India's crude steel output increased marginally by 0.9 per cent to 9.058 million tonne (MT) in October 2020. There will be some reaction in real estate sector stocks as a recent CRISIL report on the real estate sector has said that new home sales have seen a surprise surge in the last couple of months bringing it back to pre-pandemic levels in key markets.


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



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Nifty Top volumes





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Axis Bank






  • L&T's construction arm -- L&T construction has secured a large contract to construct India's longest road bridge across river Brahmaputra connecting Dhubri in Assam to Phulbari in Meghalaya. 
  • HDFC has entered into agreements for investment in Renaissance Investment Solutions ARC.  
  • Alphabet Inc's Google has paid Rs 33,737 crore for a 7.73 percent stake in Reliance Industries' digital subsidiary, Jio Platforms, joining the list of global investors such as Facebook. 
  • JSW Steel has entered into a legally binding share purchase agreement to acquire paid-up share capital of JSW Vallabh Tinplate.
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