General election to be held in 7 phases from April 19 to June 1, results on June 4: Daily Market Update - 18 March 2024 | Globe Capital Market LTD.
General election to be held in 7 phases from April 19 to June 1, results on June 4: Daily Market Update – 18 March 2024

Lok Sabha elections 2024 will take place in seven phases from April 19 to June 1 and the counting of votes will take place on June 4, the Election Commission announced at a media briefing in the national capital. During the briefing, chief election commissioner Rajiv Kumar also announced that assembly elections will be held in Andhra Pradesh, Arunachal Pradesh and Sikkim in a single phase while Odisha will vote in four phases.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled lower in range 0.5% to 1%.
  • Barring CAC, other European equity markets settled on a flat to negative note.
  • Asian equity markets are trading on a mix note.
  • GIFT Nifty is little changed, Nifty futures is likely to open around 22080 levels (as on 8:30AM).


News highlights from across the globe

  • Most markets in Asia-Pacific region are trading on a mix note as investors await interest rate decision from the Bank of Japan and Federal Reserve this week.
  • The Bank of Japan’s rate decision is scheduled for Tuesday, while Federal Reserve is due to announce its rate decision on Wednesday.
  • The U.S. stock market fell as tech sold off and a pile of options expiring Friday threatened to trigger sudden price swings, according to Bloomberg.


Important news updates from the domestic front

  • Life Insurance Corp: The government has approved a 17% overall hike in wages for more than 1.10 lakh employees of the insurance giant.
  • ITC entered into a share purchase agreement with its arm, Russell Credit, to acquire a 45.36% stake in International Travel House.
  • Asset Management Companies: Mutual funds reported their stress test results on Friday, following the market regulator’s concern about “forth” in the mid- and small-cap space.
  • Zee Entertainment’s Managing Director and Chief Executive Officer, Punit Goenka, streamlined the technology and data vertical.
  • Gujarat Gas has invited expressions of interest from ceramic customers for the purchase of natural gas.
  • Hindustan Aeronautics signed a contract worth Rs 2,890 crore with the Ministry of Defence for the mid-life upgrade of 25 Dornier aircraft along with associated equipment for the Indian Navy.
  • Adani Group stocks: The Adani group plans to invest over Rs 1.2 lakh crore (about $14 billion) across its portfolio companies that range from ports to energy, airports, commodities, cement and media in fiscal year starting April 1, according to a PTI report.
  • Rail Vikas Nigam received a Letter of Acceptance worth Rs 339 crore from Maharashtra Metro Rail for the design and construction of the Pune Metro Rail Project.
  • Punjab National Bank: The bank, in its EGM, approved raising equity capital of up to Rs 7,500 crore through qualified institutional placements or any other permitted mode or a combination.
  • Aditya Birla Fashion received a no-objection observation from NSE and BSE for a merger with TCNS Clothing.


Nifty Overview & Outlook

Benchmark Nifty index settled on negative note, closed shop at 21517 levels after a cut of over 100 points from its previous closing values after a volatile trading sessions.

Performance on the broader front was mix as Small cap and Midcap indices ended on a flat to positive note against 0.5% decline of the frontline index.

All sectoral indices, barring FMCG & Metal index , settled in red. Amongst them, Nifty Auto and Oil & Gas index were the worst performers, down nearly 1.5% and 2% respectively, followed by Nifty Bank, IT and Pharma index that settled lower in range 0.5% to 1%.

Technically, Nifty index is going through a profit taking phase as predicted in the previous posts. Cross and sustenance below 21800 levels might take it towards 21500 and lower levels in immediate near term.


Derivatives Overview & Outlook

Last Friday, long unwinding was seen in Nifty and Finnifty futures with decrease in open interest by 0.4% and 14.2% respectively, whereas short buildup was seen in Banknifty futures with increase in open interest by1%.

On the sectoral front, fresh long buildup was seen in Telecom, Textile and Infrastructure stocks whereas short buildup was seen in Power, Automobile, Banking, Oil & Gas and Metals stocks.

On options front, put writing along with call writing was seen at multiple strikes with maximum positions at 21000 PE closely followed by 22000 PE and 23000 CE closely followed by 22000 CE.


Institutional Trading Activity

Last week, FIIs sold stocks worth Rs 817 Cr in the cash segment, bought stocks futures worth Rs 8035 Cr and sold index futures worth Rs 2458 Cr. DIIs were net buyer in the cash segment to the tune of Rs 14147 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22220-22340; Supports 21980-21840

Banknifty – Resistances 47000-47300; Supports 46330-46070

Finnifty – Resistances 20800-20880; Supports 20530-20430




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