Nvidia tops Meta records with $277 billion surge in value: Daily Market Update -23 Feb 2024 | Globe Capital Market LTD.
Nvidia tops Meta records with $277 billion surge in value: Daily Market Update -23 Feb 2024

Nvidia Corp’s surge to an all-time high is the biggest single-session increase in market value in history, besting Meta Platforms Inc’s historic gain just three weeks ago. Shares of the chipmaker jumped 16% Thursday, adding about $277 billion in market capitalization and bringing its total market value near $2 trillion. The addition eclipsed the $197 billion gain made by Facebook-parent Meta at the start of the month.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled higher in range 1% to 3%.
  • European equity markets also settled higher in range 0.3% to 1.5% .
  • Majority of Asian equity markets are trading in green.
  • GIFT Nifty is up by 40 points, Nifty futures is likely to open around 22300 levels (as on 8:30AM).


News highlights from across the globe

  • Stocks in the Asia-Pacific are trading higher on Friday after the Wall Street stocks hit all-time highs on the back of an upbeat outlook for Nvidia Corp.
  • The bullish mood continued on Wall Street overnight, with a buoyant outlook for Nvidia Corp., as it surged 16%, while fresh data showed that the U.S. economy is still going strong, Bloomberg reported.
  • Brent crude was up 0.77% at $83.67 a barrel.


Important news updates from the domestic front

  • Vodafone Idea: The board will meet on Feb 27 to consider fundraising proposals. KM Birla has said the Aditya Birla Group does not plan to exit the business and is looking for new investors.
  • Bank of Baroda raised Rs 2,500 crore via Tier II bonds at a 5.57% coupon.
  • IRCTC: Entered into a pact with Swiggy Foods for the supply and delivery of pre-ordered meals. The first phase of the supply pact will include Bengaluru, Bhubaneswar, Vijayawada and Visakhapatnam stations.
  • IRB Infrastructure approved raising up to $550 million via FX bonds.
  • Ramkrishna Forgings received board approval for the commencement of manufacturing and supplies from the company’s Mexico location.
  • Oil India signed an MoU with Fertilisers and Chemicals Travancore (FACT) for green hydrogen.
  • ION Exchange India: NCLT, Mumbai-approved scheme of amalgamation of Global Composites and Structurals and Ion Exchange Environment Management with Ion Exchange (India).
  • Bharat Forge has invested Rs 133.58 crore in Bharat Forge Global Holding GmbH.
  • Zydus Lifesciences incorporated a wholly owned subsidiary company in the name of Zydus Lifesciences Global FZE in the UAE.


Nifty Overview & Outlook

The benchmark Nifty index witnessed sharp recovery as it rose over 350 points from the days low to settle at day’s highs i.e. 22217 levels after adding over 150 points to its previous closing values after a highly volatile trading session where steep moves were seen on both side.

Midcap index outperformed the benchmark as it was up over 1% while Small cap index traded in line with the benchmark, rose just over 0.5%.

All the sectoral indices, barring Banking and Financial pack, tracked at NSE settled higher. Amongst them, Nifty Auto and IT index were the top performers, up 1.94% & 1.64% respectively followed by Nifty FMCG, Media and Metal index that settled higher by over 1% each.

Going ahead, we expect Nifty index to trade with sideways to positive bias till it is trading above 21800 levels on closing basis and suggest traders to maintain buy on dip trading strategy till it is trading above the said levels.


Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty futures with increase in open interest by 6.2%, no significant changes was seen in BankNifty and Finnifty futures on price front, whereas on open interest front, Banknifty futures open interest decreased by 7.3% and Finnifty futures open interest increased by 0.7%.

Most of the F&O sectors settled higher. Amongst them, Capital Goods, Metal, Technology, Cement and FMCG shares witnessed maximum addition of long positions whereas short covering was seen in Media and Infrastructure stocks.

On options front, Nifty will start the monthly series with maximum positions are at 21000 PE and closely followed by 22000 PE and 23000 CE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 1410 Cr in the cash segment, sold stocks futures worth Rs 1368 Cr and bought index future worth Rs 1362 Cr. DIIs were net buyer in the cash segment to the tune of Rs 1824 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22320-22400; Supports 22000-21900

Banknifty – Resistances 47300-47600; Supports 46640-46300

Finnifty – Resistances 20800-20920; Supports 20500-20400




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