GAIL announces Rs 60,000-Crore ethane cracker project in Madhya Pradesh : Daily Market Update -11 June 2024 | Globe Capital Market LTD.
GAIL announces Rs 60,000-Crore ethane cracker project in Madhya Pradesh : Daily Market Update -11 June 2024

GAIL Ltd will set up an ethane cracker project in Madhya Pradesh's Sehore district for Rs 60,000 crore. Land for the project will be provided by MP Industrial Development Corp. The 1,500-KTA project will be laid out on 800 hectares of land. The state government has already initiated the process for the provision, according to an exchange filing.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled on a flat to positive note.
  • European equity markets settled lower in range 0.2% to 1.37%.
  • Asian equity markets are trading mix.
  • GIFT Nifty is up by 50 points, Nifty futures likely to open around 23300 levels (as on 8:15AM).


News highlights from across the globe

  • Equity benchmark in the Asia-Pacific region are trading mix as market participants await the US May inflation data and Federal Reserve’s policy decision.
  • The US stock market found it challenging to make significant progress due to a downturn in European assets affecting the overall mood.
  • Brent crude was trading 0.12% higher at $81.75 a barrel.


Important news updates from the domestic front

  • Raymond: Raymond Realty, an arm of the company, received a second redevelopment project in the Bandra (East) area of Mumbai. The project is estimated to generate over Rs 2,000 crore in revenue.
  • Rail Vikas Nigam: The Siemens-RVNL consortium has received a letter of acceptance from Bangalore Metro Rail Corporation for engineering, supply, erection, testing, and commissioning of 33 KV distribution and 750 V DC Third Rail Traction Electrification.
  • PTC Industries announced its partnership with leading entities under the DTIS scheme in the Indian defence and aerospace sectors to advance the ‘Make in India’ initiative.
  • Repco Home Finance: CFO K. Lakshmi has resigned due to personal reasons.
  • Bank of Baroda has kept MCLR unchanged across tenures, effective June 12.
  • NLC India raised foreign currency loans up to $600 million and it will make an investment of Rs 994.5 crore in unit NLC India Renewables. To seek external assistance from the Multilateral Development Bank via DEA for renewable power projects.
  • Jubilant Foodworks: Domino’s Pizza crossed the 2,000-store mark in India.
  • Vodafone Idea will consider fund-raising in its board meeting on June 13.
  • H. G. Infra Engineering incorporated a step-down subsidiary company, namely H. G. Jaipur Solar Project, to carry out business in the field of solar power.
  • InterGlobe Aviation: InterGlobe Enterprises, owned by the Rahul Bhatia family, is set to sell a 2% stake in the budget airline Indigo. The deal will involve offloading 7.7 million shares at a minimum price of ₹4,266 each, representing a 7% discount from Monday’s closing price.


Nifty Overview & Outlook

The Nifty benchmark index experienced a lackluster session with lack of significant macroeconomic or news-driven triggers. Initially opening on a neutral to positive stance, Nifty attempted to reach yet another all-time high but eventually reversed to close marginally lower. Likewise, Bank Nifty retraced from its peak during the day and closed flat.

Conversely, broader market indices showed considerable strength compared to the benchmark index. Smallcap stocks led the charge, posting gains of nearly 2%, while the Midcap index increased by 0.6%. Notable sectoral performers included Nifty Media, which was the top gainer with nearly 2% growth, primarily driven by robust movement in ZEE Ltd. Nifty Realty followed with a 1.3% increase, and the Pharma sector saw a surge of 1%. Conversely, the Nifty IT index weighed down the benchmark index, declining by almost 2%.

Nifty witnessed resistance at its upward sloping channel pattern, struggling to breach it during intraday trading session. Despite efforts, Nifty ultimately concluded below this line, signaling a potential bearish reversal which would confirm if the next trading session shows correction. Our support stands at 22,910. On the other hand, today’s setback can just be breather before a notable breakout which we might see occurring in the following session. In that case, we hold resistance levels at 23,410 and subsequently at 23,760.


Derivatives Overview & Outlook

Yesterday, short buildup was seen in Finnifty and Midcap nifty futures with increase in open interest by 1.6% and 1.2% respectively while some long unwinding was observed in Nifty and Banknifty futures with decrease in open interest by 5.3% each.

Performance on the sectoral front was mix. Amongst them, long buildup was seen in Cement, Chemical, Infrastructure and Media stocks, whereas short buildup was seen in Metal and Technology stocks.

On option front, call writing along with put writing was seen at multiple strikes and maximum positions are at 24000 CE followed by 23500 CE while the maximum put positions are at 23000 closely.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 2572 Cr in the cash segment, sold stocks futures worth Rs 5399 Cr and bought index futures worth Rs 3064 Cr. DIIs too were net buyer in the cash segment to the tune of Rs 2764 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 23400-23480; Supports 23000-22800

Banknifty – Resistances 50100-50300; Supports 49200-49000

Finnifty – Resistances 22300-22350; Supports 22000-21900


F&O Securities in Ban Today – BALRAMCHIN, INDIACEM, SAIL, ZEEL.


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