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NSE Intra-day chart (09 March 2016)
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Market Commentary 10 March 2016
Markets to get a flat-to-positive start on sanguine global cues

Indian markets witnessed a volatile trade on Wednesday when major averages after making a gap-down start and remaining weak for most part of the day, gathered momentum in the final hours to post gains of over half a percent. Earlier, the start was sluggish tracking the weak global cues and lacking any support from domestic front. Traders remained concerned with comments from Chief economic adviser Arvind Subramanian, who in an effort to put some pressure off the RBI, said that we should not peg all the hopes on a rate cut by the Reserve Bank of India to cure the economy from all that plagues it. However, markets got some support with Finance Minister Arun Jaitley's statement that Indian economy is improving, also the Moody's Investors Service stated that though the prolonged decline in oil prices and weaker expansion in Chinese economy have dimmed growth prospects of several economies, but it does not signal a threat of global recession. It said that the positive impact of lower commodity prices on global growth helps mitigate the negative effect from the financial market turbulence. The Indian rupee too made a good bounce back against US dollar and supported the equity markets. The global cues remained mixed and after a weak closing of the US markets, the Asian markets followed the trend on worries emanating from China and decline in crude oil prices. The European markets made a strong start but soon gave up their gains. Back home, markets that looked weak in the morning after a flat closing in the last session, made a good comeback in the late hour of trade, following strong cues from the European markets, though the bourses came off the intraday low levels in the very noon deals, paring all their losses but remained rangebound, with intermittent attempt to enter the green. Later there was good bounce back in the banking stocks that took the bourses higher. Finally, the BSE Sensex gained 134.73 points or 0.55% to 24,793.96, while the CNX Nifty ended higher by 46.50 points or 0.62% to 7,531.80.


The US markets closed higher on Wednesday, as a rally in oil prices and sharp advances in energy and tech stocks kept the main indexes buoyant. Investors are awaiting the European Central Bank policy meeting set for Thursday, which will have implications for US investors. On the economy front, US wholesale inventories unexpectedly rose in January as sales tumbled, suggesting that efforts by businesses to reduce an inventory overhang could persist well into 2016 and restrain economic growth. The wholesale inventories increased 0.3 percent in January. December inventories were revised up to show them unchanged instead of the previously reported 0.1 percent dip. The Dow Jones Industrial Average added 36.26 points or 0.21 percent to 17,000.36, the Nasdaq was up 25.55 points or 0.55 percent to 4,674.38 while, the S&P 500 gained 10.00 points or 0.51 percent to 1,989.26.


Crude oil futures surged, hitting their best levels of 2016 on Wednesday and recovering more than what they had lost in previous session, following the release of inline US supply report. The US Energy Information Administration (EIA) reported a 3.9 million-barrel rise in crude oil stockpiles for the week ending March 4. Motor gasoline inventories fell by 4.5 million barrels in line with seasonal patterns. US crude production ticked up by 1,000 barrels per day to 9.078 million bpd, halting a skid of six consecutive weekly declines. Benchmark crude oil futures for April delivery surged by $1.69 or 4.63percent to $38.23 a barrel after trading in a range of $36.25 and $38.44 a barrel on the New York Mercantile Exchange. In London, Brent crude for May delivery closed at $ 41.01, up $1.36 or 3.43 percent on the ICE.


Indian rupee, which started off on a weaker note, recouped all its losses and ended stronger on Wednesday on the back of gains in local equities. Besides, selling of American currency by banks and exporters also added to the positive milieu of rupee. Sentiment further got some support from Finance Minister Arun Jaitley's statement that the Indian economy is improving. On the global front, safe-haven yen was broadly higher amid anxiety about a slowdown in China and euro underperformed and was weaker ahead of European Central Bank meeting on Thursday. Finally, the rupee ended at 67.21, 13 paise stronger from its previous close of 67.34 on Tuesday.


The FIIs as per Wednesday's data were net buyers in equity segment while they were net sellers in debt segment. In equity segment, the gross buying was of Rs 7085.01 crore against gross selling of Rs 6310.85 crore, while in the debt segment, the gross purchase was of Rs 522.17 crore with gross sales of Rs 989.76 crore.         


The US markets made a positive close in last session, partly offsetting the weakness that was seen in the previous session, as oil after a sharp plunge rebounded. However, overall trading activity remained somewhat subdued amid another relatively quiet day on the US economic front. The Asian markets have made mostly a positive start taking cues from the US markets, though the Chinese market was trading lower on report that consumer prices in China were up 2.3 percent on year in February, however producer prices were down 4.9 percent on year - in line with expectations. The Indian markets showing a smart recovery in the final hours, ended higher in last session. Today, the start is likely to be in green and the markets continuing their momentum will extend the gains. Traders will be getting some encouragement with Prime Minister Narendra Modi making a fresh pitch for passage of GST and other legislations in the Rajya Sabha, considering the 'conducive atmosphere' that has been prevailing in Parliament this session with cooperation from the opposition. Also, the Commerce Ministry has informed that Investment commitments worth $45.68 billion have been made through Foreign Direct Investment (FDI) inflows after the launch of 'Make in India' initiative in September, 2014. The Ministry also pointed out that a little over 90 per cent of the total FDI received during April-December 2016 came through automatic route. Meanwhile, the Finance Ministry has said that the government will set up a panel in a month to look into the feasibility of setting a range for fiscal deficit targets rather than a fixed figure. Pharma stocks will be in action, as a high level panel, in order to bring down drug prices, has recommended capping the trade margins at 35 percent on all the drugs with MRP of above Rs 50. For drugs priced between Rs 20-50, the panel has proposal to cap the margin at 40 percent.


Support and Resistance: NSE Nifty and BSE Sensex



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  • Lupin has completed its acquisition of privately held US based GAVIS Pharmaceuticals LLC and Novel Laboratories Inc.
  • Yes Bank launched an all-women operated bank branch ‘Yes Grace' on Cunningham Road in Bengaluru, aimed at offering customized banking solutions to women.
  • NTPC's Kudgi Super Thermal Power Project's first unit of 800 MW is set to commence commercial production in September.
  • The APAC region of ZEEL has launched ‘ATL Media APAC', a new division that will represent varied Indian and South Asian media businesses in the region for advertising sales.
  • Tata Power's arm TPREL has signed a pact with Indo Rama Renewables to acquire its 100% subsidiary IRRJL, which owns a 30 MW wind farm in Sangli District of Maharashtra.
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