Daily Newsletter
NSE Intra-day chart (27 November 2019)
Top Gainers
Company NameClose% Change
Top Losers
Company NameClose% Change
World Indices
IndicesLast Trade% Change
IndicesLast Trade% Change
FII Activity(Rs. Cr)
DateMarketGross PurchaseGross SalesNet Change
Market Commentary 28 November 2019
Markets to open marginally in red amid mixed Asian cues


Indian equity bourses ended Wednesday's session at fresh record closing highs. After a fabulous start, indices remained bullish, aided with Commerce & Industry Piyush Goyal's statement that India's service sector can help achieve the Central government's target of $5 trillion GDP. He said the service sector has the potential to be the largest job creators in the country & over the next five years, it has the potential to contribute $3 trillion out of the $5 trillion GDP target set by the government. However, in noon deals, some of gains got trimmed, as Moody's showed that Indian states face difficulties in reducing deficits, constraining the country's ability to meet medium-term fiscal consolidation goals as economic growth slows. But, in the last leg of the trade, key bourses gained traction to reach near their intraday high points, tracking firm cues from global markets. Domestic sentiments remained positive, amid a report stating that net investment of equity and debt reported by foreign portfolio investors (FPIs) stayed bullish with net buying logged at Rs 4,677.75 crore from Indian equities. Market participants also remained encouraged with another private report indicating that the Reserve Bank of India (RBI) is expected to cut interest rates in its December bi-monthly monetary policy and again before July. Finally, the BSE Sensex surged 199.31 points or 0.49% to 41,020.61, while the CNX Nifty was up by 63.00 points or 0.52% to 12,100.70.


Extending their the upward trend seen over the past few sessions, the US markets closed at new records on Wednesday, supported by rosier US economic data and trade deal hopes. Revised data released by the Commerce Department showed the US economy grew by more than initially estimated in the third quarter. The Commerce Department said real gross domestic product jumped by 2.1 percent in the third quarter compared to the previously estimated 1.9 percent increase. Street had expected the pace of GDP growth to be unrevised. With the upward revision, the GDP growth in the third quarter represents an acceleration from the 2.0 percent increase in the second quarter. The stronger than previous estimated growth reflects upward revisions to private inventory investment, non-residential fixed investment, and consumer spending. Besides, the Commerce Department released a report showing US personal income came in nearly flat in the month of October, while personal spending rose in line with Street estimate. The report said personal income inched up by less than a tenth of a percent in October after rising by 0.3 percent in September. Street had expected another 0.3 percent increase. Meanwhile, the Commerce Department said disposable personal income, or personal income less personal current taxes, edged down by 0.1 percent in October after climbing by 0.3 percent in the previous month.


Crude oil futures ended lower on Wednesday, after moving higher over the two previous sessions, on unexpected increase in inventories. The Energy Information Administration (EIA) released a report unexpectedly showing a weekly increase in crude oil inventories. Crude inventories rose by 1.6 million barrels in the week ended November 22 as compared to Street estimate for a decrease of about 0.3 million barrels. The American Petroleum Institute had reported on Tuesday that US crude supplies rose by roughly 3.6 million barrels for the week ended November 22. Besides, The EIA said gasoline inventories also surged up by 5.1 million barrels during the week, while distillate fuel inventories increased by 0.7 million barrels. Benchmark crude oil futures for January fell 30 cents or 0.5 percent to settle at $58.11 a barrel on the New York Mercantile Exchange. January Brent lost 21 cents or 0.3 percent to settle at $64.06 a barrel on London's Intercontinental Exchange.


Indian rupee continued its upward momentum for the second day on Wednesday on persistent selling of the American currency by exporters. Sentiments got up-beat with Commerce & Industry Piyush Goyal's statement that India's service sector can help achieve the Central government's target of $5 trillion Gross Domestic Product (GDP). He said the service sector has the potential to be the largest job creators in the country and over the next five years it has the potential to contribute $3 trillion out of the $5 trillion GDP target set by the government. The rupee also derived its strength from strong gains in the local equity markets as well as easing crude oil prices. On the global front, dollar pushed higher on Wednesday boosted by yet more talk of a deal to resolve the US-China trade dispute. Finally, the rupee ended at 71.35, 15 paise stronger from its previous close of 71.50 on Tuesday.


The FIIs as per Wednesday's data were net buyers in equity segment, while they were net sellers in debt segment. In equity segment, the gross buying was of Rs 39364.23 crore against gross selling of Rs 34848.90 crore, while in the debt segment, the gross purchase was of Rs 896.07 crore with gross sales of Rs 2115.10 crore. Besides, in the hybrid segment, the gross buying was of Rs 24.03 crore against gross selling of Rs 20.28 crore.


The US markets ended higher on Wednesday supported by rosier US economic data and ongoing hopes for a US-China trade deal. Asian markets are trading mixed on Thursday as concerns that tensions over Hong Kong could stymie a US-China trade deal cast a pall over Thanksgiving cheer from unexpectedly positive US economic data. Indian markets ended higher on Wednesday, with both Sensex and Nifty at their record closing highs led by gains in banking, auto, metal, and IT stocks. Today, the start of F&O series expiry session is likely to be slightly negative amid mixed cues from Asian peers. There will be some cautiousness with report indicating that a majority of economy watchers were quick to point out that Q2FY20 growth rate will be lower than the 5 per cent rise seen in April-June quarter, especially due to the havoc caused by Monsoon rains across India. However, traders may take note of Finance Minister Nirmala Sitharaman's statement that economic growth might have slowed down but there was no impending threat of a recession. Defending the current state of the Indian economy, the finance minister said that every step that had been taken by the government was aimed at development. Meanwhile, markets regulator SEBI came out with a framework pertaining to preferential issue as well as institutional placement of units by a listed real estate investment trust (REIT) and infrastructure investment trust (InvIT). There will be some buzz in the textile stocks with report that the Indian textile industry can become a $300 billion industry by 2030 and create an additional 35 million jobs. As per the report, this can be achieved if the industry enhanced its focus on exporting higher value added products, modernisation and sustainable business practices. Cement stocks will be in focus with ICRA's report that the domestic cement demand growth is expected to taper to around 4% in FY2020 from a double-digit growth rate of 13.3% in the previous fiscal year. There will be some reaction in infra stocks with Union Minister Piyush Goyal's statement that the Centre has chalked out a plan envisaging an investment of Rs 100 lakh crore in the infrastructure sector over the next five years.


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



Previous close



NSE Nifty




BSE Sensex





Nifty Top volumes




Previous close (Rs)

Support  (Rs)

Resistance (Rs)

(in Lacs)

Yes Bank




















Tata Motors






  • Coal India has liquidated 35 MT of coal from its pithead stock in the first half of the current fiscal 2019-20. 
  • Yes Bank is planning to raise funds by issue of equity/ equity linked securities through permissible modes, subject to necessary shareholders/ regulatory approvals. 
  • Tata Motors has christened its upcoming flagship SUV as Gravitas. 
  • Ashok Leyland has signed a MoU with Axis Bank to enter into a strategic financing partnership for two years.
News Analysis