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NSE Intra-day chart (14 November 2018)
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Market Commentary 15 November 2018
Benchmarks to make positive start on Thursday


Wednesday turned out to be a volatile day for the Indian markets, as both Sensex and Nifty ended flat with a negative bias after altering between green and red terrain. The start of the trading session was cheerful, amid reports that the Reserve Bank (RBI) will infuse Rs 12,000 crore into the system through purchase of government securities on November 15, with an aim to ease tight liquidity situation. Traders also got encouragement as the Securities and Exchange Board of India (SEBI) tightened disclosure and review norms for credit rating agencies (CRAs). SEBI ordered CRAs to analyse deterioration in the liquidity conditions of an issuer, while monitoring its repayment schedules and taking into account any asset-liability mismatches. These measures will enable investors to understand underlying rating drivers better and make more informed investment decisions. Sentiments were also positive during early morning deals with Prime Minister Narendra Modi's statement that financial inclusion has become a reality for 1.3 billion Indians as he pitched India as a favourite investment destination at the Fintech Festival. However, key indices gave up their early gains and traded volatile throughout the session, after WPI inflation spread concerns on street by rising 4-month high to 5.28% in October from 5.13% in September and 3.68% during the corresponding month of the previous year. The mood of the market participants got affected with a private report stating that the overall hiring sentiment for the second half of this financial year has declined by 3% to 92% with persisting currency and oil pricing concerns in the country. Traders also got worried as the CriSidEx index showed that sentiment among micro and small enterprises (MSEs) dipped marginally in the quarter ended September, compared to the last three months. The CriSidEx index stood at 124 in Q2 FY19, marginally lower than 127 in Q1. Adding more concerns, a private report showed that the liquidity crisis at non-bank lenders and higher interest rates seem to have rattled chief financial officers (CFOs) of India Inc and resulted in their optimism to slip to a 19-quarter low. Finally, the BSE Sensex lost 2.50 points or 0.01% to 35,141.99, while the CNX Nifty was down by 6.20 points or 0.06% to 10,576.30.


The US markets ended Wednesday's volatile trading session in red territory, with major indices losing around a percent, amid lingering worries about slowing global growth coupled with declines in financial and technology stocks. A continued decline by shares of Apple (AAPL) weighed on stocks on Wall Street, with the tech giant slumping by 2.8 percent to a four-month closing low. Apple extended a recent downtrend after Guggenheim Partners downgraded its rating on the company's stock to Neutral from Buy amid expectations of a 5 percent drop in iPhone units sold in 2019. Traders also turned cautious with comments by Congresswoman Maxine Waters, D-Calif., who is expected to take over the powerful House Financial Services Committee in the next Congress. Ahead of testimony by Federal Reserve Vice Chairman for Supervision Randal Quarles, Waters suggested she would halt President Donald Trump's efforts to roll back banking regulations. However, traders shrugged off a report from the Labor Department showing consumer prices increased in line with traders' estimates in the month of October. The Labor Department said its consumer price index rose by 0.3 percent in October after inching up by 0.1 percent in September. Street had expected prices to climb by 0.3 percent. Excluding food and energy prices, core consumer prices edged up by 0.2 percent in October after creeping up by 0.1 percent in September. The uptick in core prices also matched expectations. The annual rate of consumer price growth accelerated to 2.5 percent in October from 2.3 percent in September, while the annual rate of core consumer price growth slowed to 2.1 percent from 2.2 percent. Dow Jones Industrial Average slipped 205.99 points or 0.81 percent to 25,080.50, Nasdaq declined 64.48 points or 0.90 percent to 7,136.39 and S&P 500 was down by 20.60 points or 0.76 percent to 2,701.58


Snapping 12-day losing streak, crude oil futures ended higher on Wednesday amid strengthening signals that the Organization of the Petroleum Exporting Countries (OPEC) and allied producers are considering production cuts as soon as next year. OPEC-non-OPEC Ministerial Monitoring Committee reportedly debated over whether it would be necessary to reduce output by one million barrels a day next year to prevent a market glut, but there was no consensus as yet among oil producers about cutting production. Meanwhile, traders were looking ahead to the official crude inventory data from US Energy Information Administration. Benchmark crude oil futures for December climbed 56 cents or 1 percent to settle at $56.25 a barrel on the New York Mercantile Exchange. January Brent crude gained 65 cents or 1 percent to settle at $66.12 a barrel on London's Intercontinental Exchange.


Continuing strong recovery momentum for the second day, Indian rupee ended considerably stronger against dollar on Wednesday, after crude prices fell to a one-year low in the global market, easing concerns over expanding current account deficit and inflation. Traders took support with Prime Minister Narendra Modi stating that financial inclusion has become a reality for 1.3 billion Indians as he pitched India as a favourite investment destination at the Fintech Festival. The market participants overlooked data indicating that Inflation based on wholesale prices rose to over 4-month high of 5.28 percent in October on rising prices of crude, natural gas, fuel and power although food prices have softened. On the global front, euro hovered below $1.13 on Wednesday as Italy re-submitted its draft budget for next year to the European Commission and traders prepared for economic growth numbers due out later. Finally, the rupee ended at 72.31, 36 paise stronger from its previous close of 72.67 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 4933.88 crore against gross selling of Rs 4000.80 crore, while in the debt segment, the gross purchase was of Rs 1198.39 crore with gross sales of Rs 1461.61 crore. Besides, in the hybrid segment, the gross buying was of Rs 1.55 crore against no selling.


The US markets end lower on Wednesday, with the Dow Jones Industrial Average logging its longest losing streak in 3-month, as blue-chip Apple Inc. flirted with bear-market territory. Cautiousness prevailed in the markets on report that Congresswoman Maxine Waters, D-Calif., who is expected to take over the powerful House Financial Services Committee in the next Congress. Asian markets are trading mostly in red on Thursday following the losses on the Wall Street. Indian equity indices gave up all of the early gains to end flat with marginal losses on Wednesday, despite a drop in global crude oil prices as well as a strengthening rupee. Higher wholesale inflation print and disappointment surrounding corporate earnings capped any up-move. Today, the markets are likely to start on positive note despite weak global cues. Traders will also be getting some support with Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra stating that direct tax collection has already crossed Rs 5 lakh crore that is 44% of the net direct tax collection target and will exceed the budgeted target of Rs 11.5 crore set for the current fiscal. He further highlighted that so far the I-T department has issued refunds to 2.15 crore assessees amounting to Rs 1.15 lakh crore and from now onwards the net collections will increase. Traders further may get some encouragement as the Confederation of Indian Industry (CII) called for a change in regulations to improve access to credit for micro, small and medium enterprises (MSME), which the lobby group says are facing increased risk of financial stress due to a liquidity crunch in the market. Also, the government and Reserve Bank seem to be veering around to reach an agreeable solution particulary with respect of relaxation of the Prompt Corrective Action (PCA) framework and easing of lending norms for the MSME sector ahead of the RBI board meeting on November 19. As a result of relaxation, some banks may come out of the PCA framework by the end of the current fiscal. The renewable energy stocks will be in action on report that India's renewable energy space is turning out to be an attractive domain for foreign investors. Over the next four years, the renewable energy sector is projected to attract investments pegged at $80 billion. More than $42 billion has been invested in the country's renewable energy sector since 2014. There will be some buzz in the Agriculture stocks on report that Agriculture Minister Radha Mohan Singh has launched Rs 1000 crore start-up scheme to encourage youth to join cooperative business ventures in agriculture and allied sectors.  Apart from a subsidy for the entrepreneur, the scheme also makes available an interest subvention of 2% per annum.


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  • Infosys will open its next Technology and Innovation Hub in the State of Texas and hire 500 American workers in the state by 2020.
  • Maruti Suzuki India has opened bookings for the next generation Ertiga at its dealerships across the country.
  • Hindalco Industries' wholly owned subsidiary -- Novelis Inc. -- has made an investment of $175 million in its Pindamonhangaba plant, located in the Paraiba Valley between Sao Paulo and Rio de Janeiro.
  • Tata Steel has reported around 4 fold jump in its consolidated net profit of Rs 3,604.21 crore for Q2FY19 as compared to Rs 975.87 crore for Q2FY18.

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