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NSE Intra-day chart (24 June 2019)
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Market Commentary 25 June 2019
Markets likely to make a weak start on Tuesday


Indian equity bourses witnessed volatility on Monday, with Sensex and Nifty closing lower by 71.53 and 24.45 points, respectively. The start of day was cautious, amid Finance Ministry's report showing that government's total liabilities reached Rs 84.68 lakh crore at the end of March 2019, up 1.5 per cent over the preceding quarter. The total liabilities stood at Rs 83.40 lakh crore at end-December 2018. The street were also cautious, as the Federation of Indian Chamber of Commerce and Industry (FICCI) in its quarterly survey found that sentiment in the manufacturing sector remains subdued as the proportion of respondents reporting higher output growth during Q1 (April-June) of 2019-20 has dropped to 41 percent as against 54 percent  in January-March (Q4) of 2018-19. Key indices staged recovery during noon deals but failed to sustain it and ended the session in red terrain, on the back of mix cues from global markets. Market participants overlooked a report stating that investments in the Indian capital market through participatory notes increased by nearly Rs 1,400 crore to Rs 82,619 crore till May-end, a gain of 1.72 percent over the previous month. The street also paid no heed towards Niti Aayog's statement that expert panel for macroeconomics and employment came out with suggestions to achieve $5 trillion economy target during an interaction with Prime Minister Narendra Modi. Improvement of governance in PSU banks, enhancing growth rate of exports & employment generation were some of the key areas identified. Finally, the BSE Sensex lost 71.53 points or 0.18% to 39,122.96, while the CNX Nifty was down by 24.45 points or 0.21% to 11,699.65.


The US markets ended mostly lower on Monday as traders seemed reluctant to make more significant moved ahead of the highly anticipated G20 summit in Osaka, Japan, later this week. US President Donald Trump and Chinese President Xi Jinping are scheduled to meet during the summit in an effort to kick start stalled trade negotiations. Further, rising tensions between the US and Iran also kept traders on the sidelines, with Trump announcing new sanctions on Iran after an unmanned US surveillance drone was recently shot down by Iranian forces. Trump said that the US does not seek conflict with Iran but said his administration will continue to increase pressure on Tehran until the regime abandons its dangerous activities. The executive order signed by the president includes sanctions on Iran's Supreme Leader, Ayatollah Ali Khamenei, as well as the Supreme Leader's Office. Besides, reports on new home sales, consumer confidence, durable goods orders, and personal income and spending may also attract attention in the coming days. Traders are likely to analyze the data with an eye out for any clues about the timing of an interest rate cut by the Federal Reserve. The Fed signaled last week that the next move in interest rates would likely be lower but did not specifically outline the time frame for the reduction. Nasdaq declined 26.01 points or 0.32 percent to 8005.70 and S&P 500 lost 5.11 points or 0.17 percent to 2945.35, while Dow Jones Industrial Average was up 8.41 points or 0.03 percent to 26727.54.


Crude oil futures ended higher on Monday as the US announced new sanctions on Iran. President Donald Trump signed an executive order imposing financial sanctions on Iranian leaders. New sanctions will likely have limited impact, particularly on the oil sector, as current US sanctions have essentially eliminated Iranian crude from the global marketplace. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its allies will hold meetings on July 1-2. The session was originally scheduled for June 25-26. The impetus behind delaying the meeting is a wait-and-see approach. OPEC officials want to see the outcome of the G-20 summit, and they hope Trump and China President Xi at least make some progress on a trade deal. Benchmark crude oil futures for July surged 47 cents or 0.8 percent to settle at $57.90 a barrel on the New York Mercantile Exchange. However, August Brent declined 34 cents or 0.5 percent to settle at $64.86 a barrel on London's Intercontinental Exchange.


Indian rupee ended higher against the American currency on Monday, as fresh sale of the US currency by exporters paced up. Local currency got support with Niti Aayog's statement that expert panel for macroeconomics and employment came out with suggestions to achieve $5 trillion economy target during an interaction with Prime Minister Narendra Modi. Besides, the dollar losing muscle against other currencies overseas helped the domestic currency rebound. However, rising crude oil prices due to US-Iran tensions along with lackluster trade in the equity markets restricted the further up move. On the global front, euro rose to a three-month high against the dollar on Monday, as bearish bets on the US currency remained solid on prospects of a near-term interest rate cut by the Federal Reserve. Finally, the rupee ended at 69.35, 23 paise stronger from its previous close of 69.58 on Friday.


The FIIs as per Monday'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 11011.32 crore against gross selling of Rs 12013.15 crore, while in the debt segment, the gross purchase was of Rs 1822.93 crore with gross sales of Rs 1260.64 crore. Besides, in the hybrid segment, the gross buying was of Rs 5.38 crore against gross selling of Rs 5.43 crore.


The US markets ended mostly lower on Monday as a dearth of economic data kept trading activity relatively subdued. Asian markets are trading mostly in red on Tuesday as investors looked toward a meeting between US President Donald Trump and Chinese President Xi Jinping set to happen later in the week. Indian markets settled in red territory for second straight session on Monday, with marginal cut, amid weak global cues and rise in oil prices. Today, the markets are likely to make a weak start following lackluster trade in Asian peers. There will be some cautiousness with a report that unaccounted wealth outside the country held by Indians was estimated in the range of $216.48 billion to $490 billion over various periods between 1980 and 2010. As per the report, the sectors where unaccounted income is found to be the highest included real estate, mining, pharmaceuticals, pan masala, gutkha, tobacco, bullion, commodity, film, and education. However, some support may come later in the day with the India Meteorological Department's (IMD) statement that India's annual monsoon rains have covered nearly half of the country and conditions are favourable for further advancement into the central and western parts this week. It added that the monsoon's progress will help farmers to accelerate sowing of summer-sown crops, which has been lagging due to a delay in the arrival of monsoon rains. Traders may take note of Union Minister for Micro, Small and Medium Enterprises Nitin Gadkari's statement that Micro, Small and Medium Enterprises MSMEs generated 5.87 lakh employment in 2017-18. Meanwhile, capital markets regulator SEBI plans to tighten its norms for encumbrance disclosure by promoters of listed firms, amid growing number of cases of shares seeing a free fall due to post-default distress sale of pledged securities by lenders. There will be some reaction in telecom stocks with Crisil's report that greater spread of optical fibre is necessary before 5G becomes a reality and the already stretched telcos will have to invest at least Rs 1 lakh crore in laying fibre networks in the next three years.


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  • L&T's Power business has bagged a mega EPC order from SJVN Thermal to set up a 2x660 MW ultra-supercritical power plant in Buxar district in the state of Bihar. 
  • SBI is planning to expand its market in Singapore by enhancing its relationship across SMEs some of which have strong footholds across Asia Pacific. 
  • Infosys has entered into a long term strategic partnership with Toyota Material Handling Europe. 
  • Reliance Industries' telecom arm -- Reliance Jio Infocomm has added 80,82,383 customers in April 2019.
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