Morning Notes
23rd Sep, 2019

Trading Range:

Nifty opened gap up at 10747 on Friday and made a high and low of 11382 and 10691 respectively before closing positive at 11274.


For the day, support for Nifty exists at 11180 and 11100 levels whereas resistance for Nifty stands at 11380 and 11500 levels.


Bank Nifty opened gap up at 26879, made a high of 29419, low of 26728, and closed positive at 28982. For the day, support for Bank Nifty exists at 28700 and 28400 levels whereas resistance for Bank Nifty stands at 29400 and 30000 levels.

Market Scan
Benchmark Indices
Index Clsg Chg%
Sensex 38,014 +5.32
Nifty 11,274 +5.32
BSE 200 4,736 +5.46
BSE Midcap 14,120 +6.28
BSE Smallcap 13,204 +3.94
Dow Jones 26,935 -0.59
NASDAQ 8,118 -0.80


NIFTY 11274.20 (+569.40) (+5.32%)
NIFTY SEP FUTURE 11295.50 (21.30 Points Premium)
NIFTY PCR - OI 1.39(+0.35)
NIFTY OPEN INTEREST 2.30Cr. (+8.24%)
INDIA VIX 15.40 (-0.96%)


CALL 11400 CE +9.15 lac Shares
CALL 11500 CE +9.82 lac Shares
PUT 11200 PE +19.14 lac Shares
PUT 11000 PE +26.49 lac Shares
Sectoral Indices (BSE)
Index Clsg Chg%
Auto 17,081 +9.85
Bankex 32,626 +8.21
PSU 6,699 +4.72
Healthcare 13,017 +2.40
IT 15,579 -1.09
Market Turn Over (`cr)
Index 20/09 19/09
BSE Cash 6,040 3,779
NSE Cash 82,329 27,455
NSE F&O 1,996,255 2,576,937
BSE Delivery % 33.95 45.15
Advances / Decines BSE Cash
Adv(%) Dec(%)
BSE 100 92.08 7.92
BSE 200 91.04 8.96
BSE 500 84.63 15.17
Total BSE 67.69 27.23
Commodities, Forex & Debt
Clsg Chg%
Crude Oil NYMEX $ bl 58.09 -0.17
Gold Rs./ 10 Gms 37697.00 +0.03
Silver Rs./ Kg 46465.00 -0.30
Rs.- US $ 71.15 -0.31
Rs.- Euro 78.32 -0.70
FII (Rs cr )
20/09* 19/09*
FIIs -744.78 -932.23
MFs - -

*Date refers to the day of activity and not the day on which it is reported.

Details Buy Sell Open interest at the
end of the day
Net Position
No. of
(Rs. Cr)
No. of
(Rs. Cr)
No. of
(Rs. Cr)
(Rs. Cr)
Index Futures    2,53,006.00     19,054.61    1,94,235.00     13,975.82    2,89,954.00     23,336.49  5,078.79
Index Options  52,28,253.00  3,65,957.80  52,38,160.00  3,65,796.83    8,60,638.00     68,030.00     160.97
Stock Futures    5,90,327.00     33,700.64    5,55,855.00     32,019.00  16,09,310.00     97,326.28  1,681.64
Stock Options    3,39,280.00     20,326.47    3,31,564.00     19,883.60       89,530.00       5,154.05     442.87
Total  64,10,866.00  4,39,039.52  63,19,814.00  4,31,675.25  28,49,432.00  1,93,846.82  7,364.27
Corporate News
Cipla on Sunday announced the closure of the inspection by the US health regulator at the company’s API manufacturing facility in Bengaluru. It had earlier said that the USFDA issued seven observations after conducting a routine ‘CGMP inspection’ at the facility. (BL).
Dr Reddy’s Laboratories Limited on Sunday said that it is suspending supply of its drug Ranitidine worldwide as a precautionary measure, following the ongoing probe by the US Food and Drug Administration (USFDA) into the reported impurity N-nitrosodimethylamine in it at low levels. (ET).
Drug firm Torrent Pharmaceuticals is expanding its voluntary recall for tablets used to control hypertension in the US due to detection of traces of N-Methylnitrosobutyric acid, according to health regulator USFDA. (BL).
Maruti Suzuki India (MSI) on Saturday said it will launch mini SUV S-Presso later this month, coinciding with the start of the festive season. The company said the indigenously conceived, designed and developed vehicle is made for India as well as the world. (ET).
Britain’s Thomas Cook being on the brink of financial collapse will not have any impact on Thomas Cook (India), which is a completely different entity. Thomas Cook (India) was acquired by Canada-based Fairfax Financial Holdings in August 2012. (ET).
Usha Martin Ltd (UML) will focus on consolidating and strengthening its wire rope business over the next three quarters before embarking on organic and inorganic growth opportunities once demand revives. (BL).
Biotechnology major Biocon on Friday said it has received a total of eight observations from the US health regulator for its two new biologics manufacturing facilities in Bengaluru. The United States Food and Drug Administration(USFDA) conducted a pre-approval inspection (PAI) at two of the company’s new biologics manufacturing facilities in Bengaluru from September 10-19, 2019, Biocon said in a filing to the BSE. (ET).
Japan’s Nippon Express has acquired a 22 per cent stake in Kishore Biyani’s Future Supply Chain Solutions Ltd (FSC) for Rs.641 crore as the logistics company looks to tap into the rapidly-growing Indian logistics market. As part of the deal, Nippon Express has bought the 14.6 per cent stake of the existing share capital held by SSG Capital Management in FSC. (ET).
CARE Ratings has downgraded Reliance Capital Ltd Ltd’s debt aggregating to Rs.17,000 crore to default grade ‘D’ from ‘BB’. The rating revision takes into account the recent instance of a delay in servicing of coupons on several non-convertible debentures (NCDs) by the company, CARE said in a statement. (BS).
Petronet LNG Ltd, India’s biggest LNG importer, has signed an agreement with US gas producer Tellurian Inc., for a potential equity investment of about $2.5 billion and purchase of as much as 5 million tonnes per annum (mtpa) of liquefied natural gas (LNG) from the Driftwood project. (BL).
Tata Motors on Friday launched accessory upgrade packages for its various models, including SUVs Harrier and Nexon, with price starting at Rs.29,999. (ET).
Wipro Consumer Care and Lighting has launched Wipro Consumer Care - Ventures. This initiative will invest in innovative start-ups in the consumer brands space. The venture will focus on companies with a differentiated approach where both parties can learn by leveraging their strengths and add value to each other. (ET).
BHEL on Friday announced a total 100 per cent dividend for its shareholders for FY2018-19. Earlier, BHEL had paid 40 per cent interim dividend for 2018-19, which was Rs 279 crore in value terms. In the AGM held on Thursday, additional final dividend of 60 per cent was declared. (BL).
State Bank of India (SBI) is expected to launch a co-lending business model soon with 4-5 medium to large-sized NBFCs, an official of the lender said. (ET).
Ending days of agonising wait for employees, crisis-ridden Bharat Sanchar Nigam Ltd (BSNL) has made salary payment to its staff for August, according to a top official. BSNL Chairman and Managing Director P K Purwar confirmed to that the corporation transferred the funds and made August salary payment to its employees, last week. (ET).
Economy and Sector News
India’s coal import declined by 3.7 per cent to 18.93 million tonnes (MT) in July this year from 19.67 MT in the same month a year ago.. Of the total coal imports in July 2019, non-coking coal shipment was at 12.66 MT, coking coal’s was at 4.17 MT, among others, according to a provisional compilation by mjunction services based on monitoring of vessels’ positions and data received from shipping companies. (BL).
Petrol prices have soared by Rs.1.59 a litre and diesel by Rs.1.31 in the last six days -- the most since daily price revision was introduced in 2017, as a massive strike at Saudi Arabian oil facilities jolted oil markets. In more news, the 37th GST Council met in Goa under the Chairmanship of Union Finance & Corporate Affairs Minister Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Anurag Thakur besides Chief Minister of Goa Pramod Sawant, Finance Ministers of States & UTs and seniors officers of the Ministry of Finance. (ET).
The Centre is mulling imposing stock limits on onion traders as the retail prices of the key kitchen staple have shot up to Rs.70-80 per kg in the national capital and other parts of the country owing to supply disruption in the wake of excess monsoon rains in the major growing states, according to sources. As per the data maintained by the consumer affairs ministry, retail onion prices rose to Rs.57/kg in Delhi, Rs.56/kg in Mumbai, Rs.48/kg in Kolkata and Rs.34/kg in Chennai last week. The prices were quoted at Rs.60/kg in Gurgoan and Jammu during the same period. However, trade data showed retail onion prices skyrocketing to Rs.70-80 per kg towards the end of the last week from Rs.50-60/kg in the previous week. Onion prices are on the rise despite several measures taken by the central government to boost supply. (BL).
The reduction in corporate tax announced by Finance Minister Nirmala Sitharaman on Friday could help the top 1,000 listed companies in the country save at least Rs.37,000 crore this fiscal year. Segments linked to the consumer will benefit the most given higher effective tax rates of over 30 per cent. Export-linked sectors such as IT and pharma, on the other hand, will benefit the least, accounting for only 5-6 per cent of potential savings. That’s because they already enjoy low effective tax rates. According to an analysis by CRISIL Research, over 25,000 companies made profits in FY18, and they accounted for nearly 60 per cent of the tax paid by India Inc. Of this 1,074 companies with revenues of Rs.1,000 crore or more had the highest effective tax rate of 27 per cent, and they accounted for nearly 40 per cent of the total corporate tax revenue, and nearly 80 per cent of the tax collected. Nearly 1,360 companies with revenues of Rs.400-1,000 crore had an effective tax rate of 24 per cent, while the large majority (about 24,000) with less than Rs.400 crore in revenues had an effective tax rate of 25.4 per cent. (ET).
* ET - Economic Times, BS - Business Standard, BL - Business Line, TOI - Times of India, Mint, IE - Indian Express, BT - Business Today, IE - Indian Express
Global Markets

DJIA and NASDAQ Composite

US markets closed lower Friday, for the first weekly decline in a month, as investors looked beyond a litany of central-bank decisions of the past week and focused on the state of China-U.S. trade talks. The Dow Jones Index closed at 26,935, down 159.72 points by 0.59%. The Standard & Poors 500 index closed at 2,992, down 14.72 points by 0.49%. The Nasdaq Composite Index closed at 8,118, down 65.20 points by 0.80%.

FTSE 100

UK markets finished the session on Friday and the weekly a tad lower as trading on Wall Street got off to a slightly volatile start, while the more domestic oriented shares on London's second-tier index managed to put in modest gains despite the mixed messages about the progress being made in Brexit negotiations. The FTSE 100 index closed at 7,345, down 11.50 points by 0.16%.

Global Indices
20/09/2019 Clsg Chg%
Dow Jones 26,935 -0.59
NASDAQ 8,118 -0.80
FTSE 100 7,345 -0.16
Bovespa 104,817 +0.46
23/09/2019 Latest
(6:47AM IST)
Nikkei 22,079 +0.16
Hang Seng 26,436 -0.13


Asian shares started higher on Monday on hopes of an interim Sino-U.S. tariff deal after the two countries described their talks as “productive” and “constructive”, while oil gained more than 1% as Middle East tensions remained elevated. Nikkei is currently trading at 22,079, up 34.64 points by 0.16%.

Precious Metals

Spot gold XAU= was off 0.1% at $1,514.56 an ounce on Monday.

Base Metals

The three-month lead price on the London Metal Exchange rose by 1.2% at the close of trading on Friday September 20, climbing beyond the $2,100 per tonne support level, while forward spreads in LME nickel tightened over the afternoon.

Crude Oil

Brent crude LCOc1 futures jumped 1.2%, or 75 cents, to $65.03 a barrel on Monday, while U.S. crude CLc1 futures escalated 1.14%, or 66 cents, to $58.75 a barrel.


Retail Research Desk:

Akhil Rathi D: 91 22 2858 3210
Hrishikesh Yedve D: 91 22 2858 3207
Vrinda Aditya D: 91 22 2858 3209
Neeraj Sharma D: 91 22 2858 3208
Rohan Gawale D: 91 22 2858 3213

Karan Desai D: 91 22 2858 3221

Research Analyst Registration Number:
CIN: U65990MH1993PLC075388


Follow us on:


Information pertaining to Asit C. Mehta Investment Interrmediates Limited (ACMIIL): ACMIIL is a SEBI registered Stock Broker, Merchant Banker and Depository Participant. It is also a AMFI registered Mutual Fund Distributor. It does not have any disciplinary history. Its associate/group companies are Asit C. Mehta Commodity Services Limited, Asit C. Mehta Realty Services Pvt. Ltd, Asit C. Mehta Forex Pvt. Ltd, Nucleus IT Enabled Services , Asit C. Mehta Financial Services Limited (all providing services other than stock broking and merchant banking).

ACMIIL/its associates and its Research analysts have no financial interest in the companies covered on the report. ACMIIL/ its associates and Research analysts did not have actual/beneficial ownership of one per cent or more in the companies being covered at the end of month immediately preceding the date of publication of the research report. ACMIIL/its associates or Research analysts have no material conflict of interest, have not received any compensation/benefits for any reason (including investment banking/merchant banking or brokera3ge services) from either the companies concerned/third parties with respect to the companies covered in the past 12 months. ACMIIL/its associates and research analysts have neither managed or co-managed any public offering of securities of the companies covered nor engaged in market making activity for the companies being covered. Further, the companies covered neither are/nor were a client during the 12 months preceding the date of the research report. Further, the Research analyst/s covering the companies covered herein have not served as an officer/director or employee of the companies being covered.

This report is based on information that we consider reliable, but we do not represent that it is accurate or complete and it should not be relied upon such. ACMIIL or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in the report. To enhance transparency we have incorporated a Disclosure of Interest Statement in this document. This should however not be treated as endorsement of the views expressed in the report.