News highlights from across the globe
The government has increased the windfall tax on crude petroleum. The special additional excise duty on crude petroleum has been raised from Rs 4,900 per tonne to Rs 6,800 per tonne, according to a gazette notification issued on Wednesday. The new tax rates will take effect on April 4, it said. The taxes on diesel, petrol and aviation turbine fuel will continue to remain nil.
Global Stock Market Today
Important news updates from the domestic front
Nifty Overview & Outlook
Benchmark Nifty index ended on a flat to negative note at 22434 levels after a cut of 18 points from its previous closing values.
Broader markets outperformed the benchmark as Small cap index up over 1% while Midcap index ended on flat to positive note against negative closing of the frontline index.
Performance on the sectoral front was mix. Amongst them, Nifty PSU Bank index was the top gainer, rose 1.78% followed by Nifty IT and Media index that were up, 0.73% and 0.57% respectively. On the other hand, Nifty Realty index led the decline, down over 2.5%.
Technically, Nifty index is well placed on multiple time frames. Going ahead, we reiterate our bullish view on Nifty index till it is trading above 22000 levels on closing basis. Crossover and sustenance above 22550 spot will be a positive development that might take it towards 22800 and higher levels.
Derivatives Overview & Outlook
Yesterday, no meaningful activity was seen in Nifty, Banknifty and Finnifty futures on price front, whereas on open interest front, all three added around 1%, 4% and 11% of open interest respectively.
On the sectoral front, long buildup was seen among Banking, Power and Chemical stocks whereas some short buildup was seen among Realty, FMCG and Auto stocks.
On the options front, call writing along with put writing was seen at multiple strikes and maximum positions are at 22000 PE and 22500 CE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 2214 Cr in the cash segment, sold stocks futures and Index futures worth Rs 10315 Cr and 1677 Cr respectively. DIIs were net buyers in the cash segment to the tune of Rs 1102 Cr.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
F&O Securities in Ban Today – HINDCOPPER, SAIL, ZEEL
Disclosure
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Globe Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. Rolex Finvest Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited and Lakshya Impex Private Limited are associates of GCML.
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