NSE Intra-day chart (30 August 2019)
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Market Commentary 03 September 2019
Markets to make a negative start on weak economic data


Indian equity bourses staged recovery to end the last trading day of the week on higher note, with the Sensex and the Nifty gaining over 250 and 50 points, respectively. After a positive start of the trading day, markets turned sluggish and traded in red terrain, ahead to the April-June quarter (Q1FY20) Gross Domestic Product (GDP) numbers to be out later in the day. However, in the second half of the session, key indices erased all of their losses, taking support from Union Home Minister Amit Shah's statement that India's macroeconomic fundamentals are quite strong and its economy is currently growing at the fastest pace in the world. Recovery on the street was also because of firm cues from global markets. Market participants took comfort with Union Finance Minister Nirmala Sitharaman's statement that the Centre will announce two more big steps in the coming days to give momentum to industry. She said the government has decided to increase spending and has announced a slew of measures to arrest the sluggishness in the automobile market. Separately, Union Minister Prakash Javadekar, executing confidence that India will become a five trillion dollar economy in the next five years, said that good governance and zero corruption are needed for sustainable economic development in the country. Finally, the BSE Sensex gained 263.86 points or 0.71% to 37,332.79, while the CNX Nifty was up by 74.95 points or 0.68% to 11,023.25.


The US markets remained closed on Monday on account of Labor Day.


Indian rupee ended significantly higher against dollar on Friday on persistent selling of the American currency by exporters. Rupee throughout the day remained positive, taking support from Union Home Minister Amit Shah's statement that India's macroeconomic fundamentals are quite strong and its economy is currently growing at the fastest pace in the world. Also, last hour splendid recovery in local equity markets and easing crude oil prices gave the uptrend some momentum. However, there was some cautiousness too ahead of release the April-June quarter (Q1FY20) Gross Domestic Product (GDP) numbers later in the day. On the global front, dollar held firm against the yen on Friday, as comments from Beijing sparked renewed hopes that China and the United States (US) could get full-fledged negotiations back on track to resolve their protracted trade dispute. Finally, the rupee ended at 71.42, 38 paise stronger from its previous close of 71.80 on Thursday.


The FIIs as per Friday'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 4420.11 crore against gross selling of Rs 5047.33 crore, while in the debt segment, the gross purchase was of Rs 1268.46 crore with gross sales of Rs 532.84 crore. Besides, in the hybrid segment, the gross buying was of Rs 10.60 crore against gross selling of Rs 10.29 crore.


Asian markets are trading mixed on Tuesday as the US-China trade tensions continue to rise after China lodged a complaint against the United States at the World Trade Organization over US import duties. Indian equity benchmarks ended in green on Friday propelled by gains in index heavyweights HDFC, ICICI Bank and HUL amid positive cues from the global markets.  Markets remain closed on Monday on account of Ganesh Chaturthi. Today, the start of the session is likely to be on negative side on weak regional cues. Traders will remain concern on report that India's economic growth has slumped for the fifth straight quarter to an over six-year low of 5% in the first three months (April-June) of current fiscal year (Q1FY20). The growth slumped as consumer demand and private investment slowed amid deteriorating global environment. The previous low in Gross Domestic Product (GDP) growth was recorded at 4.3% in the January-March quarter of 2012-13. Also, India's manufacturing growth declined to its 15-month low in August. The IHS Markit India Manufacturing Purchasing Managers' Index (PMI), fell to 51.4 in August, its lowest mark since May 2018, from 52.5 in July, as most survey indicators fell since July to signal a widespread loss of momentum. There will also be concerned with the government data showing that growth of eight core industries industries -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- dropped to 2.1 per cent in July, mainly due to contraction in coal, crude oil and natural gas production. The eight core sector industries had expanded by 7.3 per cent in July last year. The banking sector stocks will be in action on report that the government unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as it looks to boost economic growth. Finance Minister Nirmala Sitharaman announced four new set of mergers -- Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the nation's second-largest lender; Canara Bank and Syndicate Bank will merge; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank; and Indian Bank will merge with Allahabad Bank. There will be some buzz in agriculture stocks with Crisil Research in its Agriculture Report 2019 stating that Farmers' profit from kharif crops this year could shrink to 10-12% from 37% a year ago, mainly on account of lower production. The automobile stocks will keep buzzing on report that India's automakers reported their monthly sales numbers, which showed that sales of four- and two-wheelers almost halved in August, compared to the equivalent month last year.


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  • NTPC has incorporated a wholly owned subsidiary in the name of NTPC Mining with Registrar of Companies, NCT of Delhi on August 29, 2019 for taking up coal mining business.
  •  The NDRF has signed a MoU with Wipro 3D to work together in design for additive manufacturing of aerospace systems and developing related industry standards.
  •  M&M has launched 'New Bolero City Pik-Up', an addition to its 'pick-up' range, priced at Rs 6.25 lakh.
  •  L&T and Mitsubishi Hitachi Power Systems' JV company -- L&T -MHPS Boilers has secured large order from THDC India.
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