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NSE Intra-day chart (12 November 2020)
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Market Commentary 13 November 2020
Markets to make negative start amid weak global cues


After rallying for eight sessions in a row, Indian equity benchmarks took a breather on Thursday as it ended around half percent lower, as investors' booked profits in banking, financial services, utilities and energy stocks amid lackluster global cues. Markets made negative start and stayed in red for whole day, as traders were concerned with the RBI's statement that the GDP is likely to contract by 8.6 percent for the July-September period, which means India will enter into a recession for the first time in history in the first half of this fiscal with two successive quarters of negative growth due to the COVID-19 pandemic. Some concerns also came with rating agency ICRA's report that the aggregate debt of 12 major states is estimated to worsen significantly, and their capital spending might decline sharply because of lower-than-expected goods and services tax (GST) revenue and shortfall in Centre's devolution. It added that this could lead to a 1-2 per cent contraction in Q4FY21. Weak trade continued over the Dalal Street in second half of the session, as traders remained on sidelines ahead of the macro economic data -- industrial production and inflation data -- scheduled to be announced later in the day. Sentiments remained down-beat even after Finance Minister Nirmala Sitharaman announced 12 measures under AtmanirbharBharat 3.0 to revive the economy. She also said Indian economy is seeing a strong recovery taking root in the economy, as seen by increased goods and service tax collections and other metrics. The new announcements comes a day after the government approved a Rs 1.45-trillion package by extending the production-linked incentive (PLI) scheme to 10 more sectors. The latest approval is in addition to the already announced Rs 51,311-crore PLI for three sectors. With this, the total incentives under the PLI schemes come to Rs 2 trillion. Finally, the BSE Sensex fell 236.48 points or 0.54% to 43,357.19, while the CNX Nifty was down by 58.35 points or 0.46% to 12,690.80.


The US markets ended in red on Thursday as the recent surge in coronavirus cases across the US and Europe has led to renewed concerns about the economic outlook. According to data from John Hopkins University, the US reported more than 144,000 new coronavirus cases on Wednesday, a new one-day record high. The seven-day average of new cases has skyrocketed to more than 127,400, reflecting a 35 percent spike compared with a week ago. The jump in new cases has been accompanied by notable increases in hospitalizations and deaths, suggesting the surge is not only due to increased testing. The latest wave of coronavirus cases has led to concerns about the economic impact of new restrictions and lockdowns. On the economic data front, a report released by the Labor Department showed a bigger than expected decrease in first-time claims for US unemployment benefits in the week ended November 7th. The Labor Department said initial jobless claims fell to 709,000, a decrease of 48,000 from the previous week's revised level of 757,000. Street had expected jobless claims to dip to 735,000 from the 751,000 originally reported for the previous week. With the bigger than expected decrease, jobless claims fell to their lowest level since before lockdowns were imposed in mid-March. The report said the less volatile four-week moving average also slid to 755,250, a decrease of 33,250 from the previous week's revised average of 788,500.


Crude oil futures ended lower on Thursday as the continued rise in coronavirus cases across the US and several European countries raised concerns about energy demand. Further, Oil prices were also hurt by data showing an increase in U.S. crude inventories in the week ended November 6. According to the data from Energy Information Administration (EIA), crude stockpiles rose by 4.3 million barrels last week compared to expectations for a draw of 913,000 barrels. Crude oil futures for December fell 33 cents or 0.8 percent to settle at $41.12 a barrel on the New York Mercantile Exchange. However, January Brent crude rose 25 cents or 0.6% to settle at $44.05 a barrel on London's Intercontinental Exchange.


Indian rupee tumbled against dollar on Thursday, on account of sustained dollar demand from importers and banks amid selling pressure in domestic equities. Sentiments remained fragile with Reserve Bank of India (RBI) official's statement that the country's GDP is likely to contract by 8.6 percent for second quarter of current financial year (Q2FY21), which means India will enter into a recession for the first time in history in the first half of this fiscal with two successive quarters of negative growth due to the COVID-19 pandemic. On the global front, dollar steadied on Thursday as investors tempered bullish expectations about a COVID-19 vaccine that is unlikely to avert a grim winter in Europe and the United States as the pandemic's second wave intensifies. Finally, the rupee ended at 74.64, 28 paise weaker from its previous close of 74.36 on Wednesday.


The FIIs as per Thursday's data were net buyer in both equity and debt segment. In equity segment, the gross buying was of Rs 16852.30 crore against gross selling of Rs 8272.29 crore, while in the debt segment, the gross purchase was of Rs 485.40 crore with gross sales of Rs 406.11 crore. Besides, in the hybrid segment, the gross buying was of Rs 20.87 crore against gross selling of Rs 39.77 crore.  


The US markets ended lower on Thursday amid a pickup in Covid-19 hospitalizations and renewed talks of lockdowns and restrictions to curb the virus's spread. Asian markets are trading in red on Friday following on from selloffs in the United States and Europe as investors feared the economic impact of an accelerating rise in coronavirus infections. Indian markets ended lower on Thursday, snapping 8 sessions of gains after a slew of announcements by the Finance Minister Nirmala Sitharaman to boost the economy failed to impress the Street. Losses in the benchmarks were led by banks and financials. Today, the last day of the Samvat 2076 is likely to see markets opening lower amid weak global cues. Weak macro-economic data may also dampen sentiments in domestic markets. Retail inflation soared to a 77-month high in October led by a surge in food prices. The inflation based on the Consumer Price Index (CPI) was 4.62 percent for the same period a year ago. India's index of industrial output for the month of September was at 0.2 percent versus -8 percent in August, as per the Index of Industrial Production (IIP) data released by the government on November 12. Also, there will be some cautiousness with report that India has reported 43,861 fresh Covid-19 cases in the past 24 hours. The total caseload now stands at 8,727,900. The country's death toll has mounted to 128,686. However, traders may be taking encouragement later in the day as Union Finance Minister Nirmala Sitharaman announced 12 fresh stimulus measures under the Atmanirbhar 3.0 stimulus package, amounting to Rs 2.65 lakh crore. The fresh stimulus package, which has been in the works for more than three months, focused on helping stressed sectors, middle income groups, MSMEs and more. Some support may also come as the Reserve Bank of India said it will conduct simultaneous purchase and sale of government securities under Open Market Operations (OMO) for an aggregate amount of Rs 10,000 crore each on November 19. The decision was taken after a review of the current liquidity and financial conditions.  There will be some reaction in fertilizer industry stocks after Finance Minister Nirmala Sitharaman announced a Rs 65,000-crore fertilizer subsidy for farmers as part of her stimulus package to boost the economy.


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  • HDFC Bank has launched India's first comprehensive banking and payment solution for merchants - SmartHub Merchant Solutions 3.0. 
  • Hero MotoCorp has delivered 751 units of Hero Glamour BS-VI motorcycle to Karnataka's police department. 
  • ICICI Bank's retail mortgage book has crossed the Rs 2 lakh crore mark recently and October witnessed the highest ever disbursements. 
  • Maruti Suzuki India has offered customers festival edition variants of three of its best-selling cars; Alto, Celerio and WagonR.
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