L&T raises buyback price to Rs 3,200, reduces shares offered - Daily Market Update- Equity 12 Sep 2023 | Globe Capital Market LTD.
L&T raises buyback price to Rs 3,200, reduces shares offered – Daily Market Update- Equity 12 Sep 2023

Larsen & Toubro announced the buyback price to Rs 3,200 from Rs 3,000 apiece, while the number of shares has been reduced from 3.33 crore to 3.12 crore.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled on positive note up in range of 0.25% to 1.14%.
  • European equity markets ended on positive note.
  • Asian equity markets are trading on a positive note
  • GIFT Nifty is down by 17 points (as on 8:30AM), Nifty futures likely to open around 20135 levels.


News highlights from across the globe

  • Asian stocks look set for a mixed opening, after Wall Street rose ahead of key U.S. data that’s expected to show how close the Federal Reserve is from ending its rate hikes.
  • U.S., tech stocks led the way forward with the Nasdaq 100 rising 1.2%. Tesla Inc. rallied 10% as Morgan Stanley said its Dojo supercomputer may boost value by up to $500 billion. Qualcomm Inc. climbed after Apple Inc. extended a deal with the chipmaker.
  • Brent Crude prices slipped below $90 a barrel and the yield on the 10-year U.S. bond was trading at 4.29%.


Important news updates from the domestic front

  • Reliance Industries: KKR will invest Rs 2,069.5 crore in the company’s subsidiary, Reliance Retail Ventures, increasing its stake to 1.42% from 1.17%. The deal values the retail giant at Rs 8.36 lakh crore.
  • ICICI Bank has received the RBI’s nod for the re-appointment of Sandeep Bakhshi as MD and CEO for three years with effect from Oct. 4.
  • NTPC: Subsidiary NTPC Green Energy, signed an MoU with Nayara Energy to explore opportunities in the green hydrogen and green energy space for captive usage.
  • Larsen & Toubro has increased the buyback price to Rs 3,200 from Rs 3,000 apiece, while the number of shares has been reduced from 3.33 crore to 3.12 crore.
  • Lupin plans to enter into a business transfer agreement with subsidiary Lupin Manufacturing Solutions to carve out two active pharmaceutical ingredient manufacturing sites at Dabhasa and Visakhapatnam and select R&D operations, including fermentation, at Lupin Research Park, Pune. The consideration expected to be received is Rs 750–850 crore, and the deal is likely to be entered into in October 2023.
  • SpiceJet will pay Rs 22.5 crore to Kalanithi Maran by Tuesday, completing the total payment of Rs 100 crore.

Nifty Overview & Outlook

The Benchmark Nifty index extended gains for the seventh consecutive trading sessions, hits new all time highs and settled at record highs i.e. 19996.35 levels after adding nearly 200 points to its previous closing values.

Small cap index outperform the benchmark as it was up over 1% while Midcap index traded in line with benchmark.

All the sectoral indices, barring Media index,  tracked at NSE settled in green. Amongst them, Nifty PSU Bank index was at the top of the tally, gained over 3% followed by Nifty Auto and Metal index that were up nearly 2% each.

Nifty index is well placed on multiple time frames. Going ahead, we reiterate our bullish view on Nifty index till it is holding above 19500 levels on closing basis and expect it to test 20300 and higher levels in near term.

Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty and Finnifty futures with increase in open interest by 0.7% and 4.4% respectively while short covering was seen in Banknifty futures with decrease in open interest by 2.5%.

Majority of F&O sectors settled higher. Amongst them, Infrastructure, Cement, Oil& Gas, Power and Technology stocks witnessed maximum addition of long positions, short buildup was seen in Media stocks and some short covering was seen in Automobile, Banking and FMCG stocks.

On options front, put writing was seen at multiple strikes and maximum positions are at 19900 PE and 20000 CE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 1473 Cr in the cash segment, bought stocks futures and index future worth Rs 132 Cr and Rs. 788 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 366 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 20140-20220; Supports 19850-19760

Banknifty – Resistances 46000-46200; Supports 45255-45000

Finnifty – Resistances 20550-20720 Supports 20200-20060


F&O stocks in ban today:




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