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NSE Intra-day chart (30 October 2020)
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Market Commentary 02 November 2020
Benchmarks to make positive start tracking Asian peers


Falling for 3rd straight session, Indian equity benchmarks ended Friday's session with marginal losses, dragged by losses in telecom, auto and banking sectors amid weak global cues. After making cautious start, markets gained momentum to enter into green zone, as traders found some solace with Prime Minister Narendra Modi's statement that the Indian economy is getting back on track faster than expected as a timely lockdown and various relief measures announced by the government helped address issues faced by all sections of society and all economic sectors due to the COVID-19 pandemic. Some respite also came with report that the Reserve Bank of India will conduct the second Open Market Operations (OMOs) purchase of State Developments Loans (SDLs), aggregating Rs 10,000 crore, on November 5, 2020. However, key gauges erased all their gains and turned negative in late morning session, as some cautiousness came with the government data showed that the growth of eight core infrastructure industries contracted by 0.8 percent in September 2020 as compared to same period of last year, mainly due to decline in production of crude oil, natural gas, refinery products and cement. The production of eight core sectors had contracted 5.1 percent in September 2019. Some anxiety also came as the government's fiscal deficit rose to Rs 9.14 lakh crore, about 114.8 percent of the annual budget estimate, during the first six months of the current financial year, mainly on account of poor revenue realisation. But, benchmarks managed to trim some of their losses in late trade, taking support from Union Minister Nitin Gadkari's statement that micro, small and medium enterprises (MSMEs) are the backbone of the Indian economy and can help in boosting exports. He said we are giving highest priority for how we can reduce our import and increase our exports. Finally, the BSE Sensex fell 135.78 points or 0.34% to 39,614.07, while the CNX Nifty was down by 28.40 points or 0.24% to 11,642.40.


The US markets ended lower on Friday, with the tech-heavy Nasdaq showing a particularly steep drop, on negative reaction to earnings news from a number of big-name tech companies. Shares of Apple (AAPL) slumped by 5.6 percent after the tech giant reported better than expected fiscal fourth quarter earnings but a steep decline in iPhone sales. Apple also failed to provide guidance for the current quarter. Social media giant Facebook (FB) also came under pressure after reported third quarter results that exceeded estimates but warning of a significant amount of uncertainty looking ahead. Shares of Amazon (AMZN) also moved notably lower after the online retail giant reported third quarter results that beat estimates but provided a disappointing forecast for operating income in the fourth quarter. Twitter (TWTR) also posted a steep loss after the social media giant reported third quarter earnings that exceeded estimates but weaker than expected user growth. Lingering concerns about the recent spike in coronavirus cases also weighed on Wall Street along with uncertainty about next week's presidential election. Meanwhile, traders shrugged off some upbeat economic data, with a report from the Commerce Department showing personal income rebounded by more than anticipated in the month of September. The Commerce Department said personal income climbed by 0.9 percent in September after tumbling by a revised 2.5 percent in August. The report also showed a bigger than expected increase in personal spending, which surged up by 1.4 percent in September. A separate report from the University of Michigan showed consumer sentiment improved slightly more than initially estimated in the month of October. The report showed the consumer sentiment index for October was upwardly revised to 81.8 from the preliminary reading of 81.2.


Extending their losses for third straight session, crude oil futures settled lower on Friday on concerns about the outlook for energy demand amid a continued spike in coronavirus cases. The number of new COVID-19 cases in the United States reached a new record high on Thursday, with health experts expecting cases to soar going forward and death rates to triple by mid-January. 88,521 new coronavirus cases were reported in the US on Thursday, according to data from Johns Hopkins University, an increase of 9,540 cases compared to Wednesday. Uncertainty about the outcome of next week's presidential elections also generated selling pressure as recent polls show Democratic nominee Joe Biden leading President Donald Trump. Crude oil futures for December fell $0.38 or 1.1 percent to settle at $35.79 a barrel on the New York Mercantile Exchange. December Brent crude dropped $0.51 or 1.4 percent to settle at $37.14 a barrel on London's Intercontinental Exchange.


Indian money market remained closed on Friday on account of Id-e-Milad. 


The FIIs as per Thursday's data were net seller in both equity and debt segment. In equity segment, the gross buying was of Rs 7621.27 crore against gross selling of Rs 8493.38 crore, while in the debt segment, the gross purchase was of Rs 370.62 crore with gross sales of Rs 1010.95 crore. Besides, in the hybrid segment, the gross buying was of Rs 14.59 crore against gross selling of Rs 18.37 crore.


The US markets tumbled on Friday triggered by a selloff in tech heavyweights following their underwhelming business updates, with a record rise in coronavirus cases and nerves over the presidential election adding to a downbeat mood. Asian markets are trading mostly higher on Monday as data showed China's manufacturing activity grew in October. Indian markets ended lower on Friday dragged by losses in banks, FMCG and auto sectors. Today, the start of November month is likely to be positive tacking gain in Asian markets coupled with hopes of reviving growth in Indian economy. Investors will be eyeing Markit Manufacturing PMI data for October, slated to be declared later in the day. Traders will be taking encouragement as Ficci President Sangita Reddy said India's strategy of dealing with the COVID-19 crisis has paid off and the country's economy is set to bounce back and emerge stronger. She said it was time to take bold actions and push the growth agenda vigorously. Some support will come as Goods and Services Tax (GST) collections in October 2020 were Rs 1.05 lakh crore, making it the first time monthly revenues crossed the Rs 1 lakh crore mark in FY21. Also, foreign portfolio investors (FPIs) turned net buyers in October in Indian markets by putting in Rs 22,033 crore as participant sentiment was driven by resumption of economic activities and robust quarterly corporate results among others. However, there may be some cautiousness with a private report that the pandemic-induced growth contraction and additional spending to support the needy amounting to a little over 2 percent of the economy are likely to push the combined fiscal deficit to 13 percent of GDP this fiscal - nearly double of the past year. Besides, India has reported a daily jump of 46,441 Covid-19 cases, even as the tally has soared to 8,222,231. The country's death toll has mounted to 122,642. Banking stocks are likely to be in focus as the Supreme Court gets ready to hear the loan moratorium case. There will be some buzz in the power stocks with the power ministry data showing that India's power consumption grew 13.38 per cent to 110.94 billion units (BU) in October this year, mainly driven by buoyancy in industrial and commercial activities. Electricity consumption in the country was recorded at 97.84 BU in October 2019. Sugar industry stocks will be in limelight as Food and Commerce Minister Piyush Goyal said the government is currently not considering an extension of sugar export subsidies for the 2020-21 season that commenced this month in view of stable international sugar prices. Meanwhile, Equitas Small Finance Bank will debut on the bourses today. The IPO has garnered a 1.95 times subscription for its 11.58 crore equity shares at the issue price of Rs 33 apiece.


Support and Resistance: NSE (Nifty) and BSE (Sensex)



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  • IOC has reported over 12-fold jump in its net profit attributable to equity holder at Rs 6025.81 crore for Q2FY21 as compared to net profit of Rs 468.04 crore for Q2FY20. 
  • TCS has launched ThisRun, a new worldwide community for runners, reinforcing its long-standing commitment to global marathon and running partnership platforms. 
  • Wipro has strengthened relationship with IBM to expand IBM Hybrid Cloud Practice. 
  • M&M's subsidiary company -- Mahindra Electric Mobility has launched its new electric 3-wheeler cargo model Treo Zor.
News Analysis

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