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NSE Intra-day chart (23 July 2019)
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Market Commentary 24 July 2019
Benchmarks to make a cautious start amid mixed Asian cues


Key Indian equity indices finished Tuesday's trading session in red terrain, with Sensex and Nifty falling 0.13% each. After a cautious start, markets managed to trade in green terrain for the most part of the session, amid reports that the government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers last year. Some relief also came after the Ministry of New and Renewable Energy (MNRE) issued guidelines for rollout of the Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM-KUSUM) Scheme, with a central aid of Rs 34,422 crore to provide financial and water security to farmers through harnessing solar energy capacities of 25.75 gigawatt (GW) by 2022. But, key indices slipped in red terrain in the last leg of trade to close the lackluster day on negative note. Domestic sentiments got hit, after outgoing Reserve Bank of India Deputy Governor Viral Acharya said that an increase in government borrowing runs the risk of flooding the debt market, and puts upward pressure on interest rates, making it more expensive for companies to borrow. The market participants got anxious, as the share of foreign portfolio investments (FPI) in domestic capital markets through participatory notes (P-notes) slipped to Rs 81,913 crore at June-end. Finally, the BSE Sensex lost 48.39 points or 0.13% to 37,982.74, while the CNX Nifty was down by 15.15 points or 0.13% to 11,331.05.


The US markets ended higher with gains of over half a percent on Tuesday on the heels of reports indicating US officials will soon travel to China for face-to-face trade talks. US Trade Representative Robert Lighthizer and a small team of senior US officials will travel to China. A private report said US officials will travel to China for discussions sometime between Friday and Thursday, August 1. Lighthizer and Treasury Secretary Steven Mnuchin have spoken with their Chinese counterparts by phone, although this would be the first face-to-face meeting since talks broke down in May. Besides, a positive reaction to the latest earnings reports contributed to strength on markets, with shares of Coca-Coca surging up by 6.1%. The jump by Coca-Cola came after the beverage giant reported second quarter results that beat street estimates and raised its full-year revenue forecast. On the economic front, after reporting a notable increase in US existing home sales in the previous month, the National Association of Realtors (NAR) released a report showing existing home sales pulled back by much more than anticipated in the month of June. NAR said existing home sales tumbled by 1.7% to annual rate of 5.27 million in June after soaring by 2.9% to an upwardly revised rate of 5.36 million in May. Street had expected existing home sales to edge down by 0.2% to a rate of 5.33 million from the 5.34 million originally reported for the previous month. The report said the median existing home price for all housing types reached an all-time high of $285,700 in June, up 4.3% from $273,800 in the same month a year ago. Dow Jones Industrial Average surged 177.29 points or 0.65 percent to 27349.19, Nasdaq gained 47.27 points or 0.58 percent to 8251.40 and S&P 500 was up by 20.44 points or 0.68 percent to 3005.47.


Crude oil futures ended higher on Tuesday, a day ahead of data that is expected to reveal a sixth consecutive weekly decline in US crude supplies. The Energy Information Administration (EIA) is expected to reveal a fall of 4.4 million barrels in crude supplies for the week ended July 19. Besides, the US and China will hold trade talks next week also helped to ease worries about energy demand, after the International Monetary Fund cut its global economic forecast-feeding the potential for a slowdown in oil consumption. US trade negotiators will head to China next week for in-person trade talks. Benchmark crude oil futures for September surged 55 cents or 1 percent to settle at $56.77 a barrel on the New York Mercantile Exchange. September Brent rose 57 cents or 0.9 percent to settle at $63.83 a barrel on London's Intercontinental Exchange.


Indian rupee ended marginally lower against US dollar on Tuesday, due to fresh demand for the American currency from banks and importers. Investors failed to get any solace with Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Ramesh Abhishek stating that India is hopeful of further improving its ranking in an index of the world's most innovative economies from the current 57th. Strengthening of the U.S. Dollar against other currencies overseas and rising crude oil prices also kept pressure on the Indian Rupee. On the global front, US dollar strengthened against its major rivals as investors awaited major central banks' next monetary moves. Finally, the rupee ended at 68.94, 2 paise weaker from its previous close of 68.92 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 3381.66 crore against gross selling of Rs 5310.89 crore, while in the debt segment, the gross purchase was of Rs 1153.88 crore with gross sales of Rs 1683.29 crore. Besides, in the hybrid segment, the gross buying was of Rs 2.18 crore against gross selling of Rs 1.43 crore.


The US markets ended higher on Tuesday amid reports that face-to-face talks between US and Chinese trade negotiators would begin next week. A batch of stronger-than-expected earnings also lifted investors' sentiment. Asian markets are trading mixed on Wednesday amid hints of progress in the Sino-US trade saga. Indian markets continued their southward journey for fourth straight session and ended marginal in red on Tuesday amid heavy selling by foreign investors. Today, the markets are likely to make a cautious start amid mixed cues from Asian peers. There will be some cautiousness with report that the International Monetary Fund (IMF) projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3 per cent for both the years, saying its GDP will now grow respectively at the rate of 7 and 7.2 per cent reflecting a weaker-than expected outlook for domestic demand. Though, it also said India will still be the fastest growing major economy of the world and much ahead of China. However, some support may come with Minister of Shipping Mansukh Mandaviya's statement that the Centre plans to bring down logistics cost down from 14 percent of the GDP to 9 percent. Meanwhile, Reserve Bank of India (RBI) Governor Shaktikanta Das has launched Utkarsh 2022, the central banks' medium-term strategy framework, in line with evolving macro-economic environment. The framework has been launched to achieve excellence in the performance of RBI's mandates and strengthening the trust of citizens and other institutions. Besides, five state-run banks- State Bank of India, Union Bank of India, Oriental Bank of Commerce, Corporation Bank and Andhra Bank will offer in-principle approval up to Rs 5 crore to MSME borrowers through PSB Loans in 59 Minutes platform. There will be some buzz in the sugar stocks with report that Cane dues to be paid by sugar mills to farmers has come down to Rs 15,222 crore so far in marketing year 2018-19, that will end in September, because of government's intervention. There will be some reaction in housing finance companies stocks amid CARE Ratings' report that the National Housing Bank's (NHB) direction on interest subvention products is likely to have an impact on the sales velocity of the developers. It added that the loan book growth of the housing finance companies (HFCs) is likely to be affected owing to this dip in sales. There will be some earnings announcements too to keep the markets buzzing.


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