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Market Commentary 10 June 2019
Markets to get a positive start tracking firm global cues


Indian equity benchmarks ended volatile session with marginal gains on Friday, with Sensex and Nifty settling above their crucial psychological levels of 39,600 and 11,850, respectively. After a cautious start, key indices swung between green and red terrain, with the India Meteorological Department's (IMD) statement that the arrival of the monsoon in the national capital is likely to be delayed by two-three days, though the city is expected to receive normal rainfall. It said normally, the monsoon reaches Delhi by June 29. Since there is a delay in its onset in the southern peninsula, the wind system is likely to take two-three days longer to reach northwest India. Traders got anxious, amid a private report stating that marked slowdown in Asia's third-largest economy pushed growth concerns to the top of the Reserve Bank of India's (RBI's) agenda, suggesting more policy easing will follow its third interest-rate cut of the year. In the last leg of trade, markets staged recovery to settle the day above their neutral lines, tracking firm global markets. The street got relief with Commerce and Industry minister Piyush Goyal's statement that the repo rate cut by the RBI will help boost India's economy by making loans affordable to MSMEs, exporters and home buyers. He also added that removal of charges on NEFT and RTGS transactions will bring great relief to the people and will help in promoting Digital India initiative. Adding some comfort, industry chambers hailed the RBI's decision to cut lending rate by 0.25 per cent as a welcome step to boost demand and revive economy. Traders took a note of the RBI governor Shaktikanta Das' statement that the RBI expects the government to continue to be broadly prudent on the fiscal side. Finally, the BSE Sensex gained 86.18 points or 0.22% to 39,615.90, while the CNX Nifty was up by 26.90 points or 0.23% to 11,870.65.


The US markets ended higher with gains of over one percent on Friday after a weaker-than-expected jobs report, which supported the case for the Federal Reserve to ease interest rates in the near future, amid fears that the US economy is decelerating as trade tensions between the US and counterparts Mexico and China persist. The Labor Department's closely watched monthly jobs report showed a substantial slowdown in the pace of US job growth in the month of May. The report said non-farm payroll employment rose by 75,000 jobs in May after soaring by a downwardly revised 224,000 jobs in April. Street had expected employment to increase by about 185,000 jobs compared to the jump of 263,000 jobs originally reported for the previous month. The much weaker than expected job growth came a modest increases in professional and business services, leisure and hospitality and healthcare jobs were partly offset by a drop in retail employment. Meanwhile, the report said the unemployment rate came in at 3.6 percent in May, unchanged from the previous month and in line with street estimates. Besides, consumer credit in the US jumped by much more than anticipated in the month of April, according to a report released by the Federal Reserve. The Fed said consumer credit surged $17.5 billion in April after climbing by an upwardly revised $11.0 billion in March. Revolving credit, which largely reflects credit card debt, showed a notable rebound, advancing by $7.0 billion in April after falling by $2.0 billion in March. Dow Jones Industrial Average surged 263.28 points or 1.02 percent to 25983.94, Nasdaq rose 126.55 points or 1.66 percent to 7742.10 and S&P 500 was up by 29.85 points or 1.05 percent to 2873.34.


Magnifying their previous' gains, crude oil futures ended higher on Friday with reports that a possible progress between the US and Mexico over tariffs and some expectations that major oil producers will extend their production-cut agreement beyond this month's expiration. Positive signs from Organization of the Petroleum Exporting Countries (OPEC) and partners have been the strong buoyant support for the commodity over several months.  However, traders were awaiting clarity on Russia's production strategy for the coming months. The country has indicated it wants to re-assess their production strategy, especially to address their declining revenue stream. Benchmark crude oil futures for July surged $1.40 or 2.7 percent to settle at $53.99 a barrel on the New York Mercantile Exchange. August Brent rose $1.62 or 2.6 percent to settle at $63.29 a barrel on London's Intercontinental Exchange.


Indian rupee ended weaker against the American currency on Friday, due to fresh dollar demand from banks and importers. Sentiments remained down-beat with the India Meteorological Department's (IMD) statement that the arrival of the monsoon in the national capital is likely to be delayed by two-three days, though the city is expected to receive normal rainfall. It said normally, the monsoon reaches Delhi by June 29. Since there is a delay in its onset in the southern peninsula, the wind system is likely to take two-three days longer to reach northwest India. However, dollar losing sheen against some other currencies overseas capped the losses to some extent. On the global front, dollar was under pressure on Friday and was poised for its worst weekly performance for the year, as investors waited on a key US jobs report that is expected to back expectations for a near-term Federal Reserve rate cut to support a slowing economy. Finally, the rupee ended at 69.44, 18 paise weaker from its previous close of 69.28 on Thursday.


The FIIs as per Friday's data were net sellers in equity segment, while they were net buyers in debt segment. In equity segment, the gross buying was of Rs 6958.75 crore against gross selling of Rs 8524.63 crore, while in the debt segment, the gross purchase was of Rs 3207.09 crore with gross sales of Rs 2232.06 crore. Besides, in the hybrid segment, the gross buying was of Rs 2.11 crore against gross selling of Rs 2.66 crore.


The US markets ended higher on Friday as a disappointing jobs report for May raised investors' hopes that the Federal Reserve would cut interest rates. Asian markets are trading in green on Monday following signs of a reprieve in global trade tensions and the likelihood of lower US interest rates. Indian markets snapped tow-day losing streak and ended highly volatile session in green with marginal gains on Friday tracking mixed domestic and global cues. Today, the start of new week is likely to be positive, tacking supportive global cues after the US and Mexico agreed to end their trade dispute. Investors will be looking ahead for key inflation and manufacturing data due to be released later in the week. Traders will be getting some encouragement with report that foreign investors have pumped in a net amount of Rs 7,095 crore into the Indian capital markets during the first week of June in anticipation of continued policy reforms. There will be some support with Trade Promotion Council of India's (TPCI) statement that the government should take six concrete steps such as reducing cost and time of port clearance for goods and enhancing availability of credit with a view to boost exports. Traders may take note of report that India pitched for promoting micro, small and medium enterprises (MSMEs) in developing countries as they are important for employment and income generation. Meanwhile, the finance ministry is likely to propose Rs 50 crore as the turnover threshold for entities to generate e-invoice on a centralised government portal for business-to-business (B2B) sales as it looks to curb GST evasion. However, there may be some cautiousness with the India Meteorological Department's (IMD) statement that a delay in the arrival of monsoon has pushed the country's rainfall deficiency in the first nine days of June to 45 per cent. Monsoon made an onset over Kerala on June 8, a week after its normal arrival date. There will be some buzz in the aviation stocks with the International Air Transport Association's (IATA) chief Alexandre de Juniac's statement that high costs, adverse conditions such as fluctuation in rupee against the US dollar and strong competition were putting pressure on the profitability of airlines. There will be some reaction in power stocks as Power and New and Renewable Energy Minister Raj Kumar Singh exuded confidence that the renewable energy target of 175 gigawatt (GW) by 2022 would be achieved.


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  • Wipro has completed divestment of the company's Workday & Cornerstone OnDemand Business in Portugal, France and Sweden. 
  • Tata Motors has launched its next-generation range of Ultra Business Utility Vehicles in Vietnam. 
  • Mahindra Electric, the electric vehicle arm of M&M is in talks with global automotive manufacturers to supply electric vehicle powertrains. 
  • Reliance Industries is planning to spend Rs 2,270 crore to remove production bottlenecks at its flagship Vadodara Manufacturing Division as part of a plan to increase petrochemical output.
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