Hindustan Unilever Ltd will acquire a 90.5% stake in Minimalist through secondary buyouts at a pre-money enterprise value of Rs 2,955 crore and primary infusion. The balance of 9.5% will be acquired from the founders in two years, as per the investor presentation on Wednesday. The transaction is expected to close in the June quarter, the company said.
Hindustan Unilever Ltd to acquire 90.5% stake in Minimalist for Rs 2,955 Crore- Daily Market Update 23rd Jan 2025
Overview and Outlook
Global Stock Market Today
- US equity markets settled higher in range 0.3% to 1.25%.
- Barring FTSE, other European equity markets ended higher.
- Majority of sectoral indices trading in green.
- GIFT Nifty is trading down by 40 points, Nifty futures likely to open around 23140 levels.
Nifty Overview & Outlook
Buying witnessed in the final hour of trading helped Nifty index settle half-a-percent higher recording gains of 130 points to settle at 23155 levels. This up move was largey supported by banking & finance space as stocks like HDFC Bank, Bajaj Finserv, Bajaj Finance saw decent buying in last hour of trading.
Broader markets underperformed the benchmark as the Mid and Small cap index settled in red, down 1.26% and 1.6% respectively, leading to weak market breadth. On the sector front, IT index outshined peers as it settled after gaining over 2% while Pharma, Health Care and Financial Services index recorded gains of close to half-a-percent. Realty index was at the bottom of the tally, down 4.5%.
Yesterday too Nifty index found support around 23000-mark, making it a strong support zone. Having said that, we reiterate our view that Nifty index is still looking weak and break below that level will take it towards 22800 and lower levels while index will face stiff resistance at higher levels i.e. 23350-500 zone. Hence, we advocate sell-on-rise trading strategy till the benchmark is trading below 23500 levels.
Derivatives Overview & Outlook
Yesterday, Banknifty futures added 2.5% of open interest as long buildup along with short covering in Finnifty futures with decrease in open interest by 1.1% whereas some short buildup was seen in Midcapnifty futures with increase in open interest by 1.6%.
Majority of sectoral indices ended in red. Amongst them, Capital Goods, Power and Realty stocks witnessed maximum addition of short positions whereas some long buildup was observed among Cement, FMCG and Technology stocks.
On options front, put writing was seen at multiple strikes along with call writing at multiple strikes. Maximum put positions are at 23000 PE and maximum call positions are at 23500 CE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 4026 Cr in the cash segment, bought stocks futures worth Rs 1781 Cr and sold index futures worth Rs 971 Cr. DIIs were net buyers in the cash segment to the tune of Rs 3640 Cr.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
Nifty – Resistances 23320-23400; Supports 23100-22980
Banknifty – Resistances 49100-49400; Supports 48500-48200
Finnifty – Resistances 22850- 23000; Supports 22600-22500
F&O Security in Ban Today: ABFRL, BANDHANBNK, CANFINHOME, DIXON, INDIAMART, LTF, MGL, PNB, MANAPPURAM & RBLBANK.
Important Results Today : ADANIGREEN, ADANIENSOL, CYIENT,DRREDDY, HINDPETRO,IEX, INDUSTOWER, MPHASIS, ZEEL.
Disclosure
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