Equity market trading hours not to be extended: Daily Market Update - 7 May 2024 | Globe Capital Market LTD.
Equity market trading hours not to be extended: Daily Market Update – 7 May 2024

The proposal to extend market trading timings has been turned down by the regulator, NSE chief executive Ashishkumar Chauhan said during a post earnings call on Monday. "Currently there is no plan to increase the timings (for trading) as SEBI has returned back the application which we had provided because the stock brokers seemed to have not given the feedback that SEBI wanted," Chauhan said.

Overview and Outlook

Global Stock Market Today

  • US equity markets were up in range 0.5% to 1.19%.
  • European equity markets also settled higher in range 0.5% to 1%.
  • Asian equity markets are trading higher.
  • GIFT Nifty is little changed, Nifty futures likely to open around 22600 levels (as on 8:30AM).


News highlights from across the globe

  • Markets in Asia-Pacific region are trading higher on Tuesday taking cues from overnight gains on Wall Street as risk sentiment improved on hopes that the Federal Reserve will cut interest rates this year.
  • In Asia, investors also await the Reserve Bank of Australia’s policy decision, scheduled to be published today. The central bank is expected to keep benchmark rate steady at 4.35%.
  • Brent crude was trading 0.58% higher at $83.81 a barrel.


Important news updates from the domestic front

  • Lupin – (Consolidated, YoY) Revenue up 11.97% at Rs 4,961 crore vs Rs 4,430 crore. Ebitda up 72.51% at Rs 996 crore vs Rs 578 crore. Margin up 705 bps at 20.09% vs 13.04%. Net profit up 0.79% at Rs 439 crore vs Rs 436 crore. Board recommends dividend of Rs 8 per share.
  • Gujarat Gas – (Consolidated, QOQ) Revenue up 5.13% at Rs 4,134 crore vs Rs 3,929 crore. Ebitda up 47.51% at Rs 591 crore vs Rs 401 crore . Margin up 409 bps at 14.29% vs 10.19%. Net profit up 85.72% at Rs 410 crore vs Rs 221 crore. Exceptional income item of Rs 55.69
  • Godrej Consumer Products – (Consolidated, YoY) Revenue up 5.81% at Rs 3,386 crore vs Rs 3,200 crore. Ebitda loss at Rs 1,239 crore vs EBITDA of Rs 664 crore. Net loss at Rs 1,893 crore vs profit of Rs 452 crore . Declared interim dividend of Rs 10 per share. Note: Loss on Exceptional item of Rs 2,376 crore.
  • Wipro collaborated with Microsoft to launch a suite of generative AI-powered virtual assistants for financial services.
  • Zee Media announced the cessation of Abhay Ojha as CEO.
  • Lupin received US FDA approval for Travoprost Ophthalmic Solution USP. Travoprost ophthalmic is used for the reduction of elevated intraocular pressure.
  • Bajaj Healthcare appointed Dayashankar Patel as the CFO and KMP of the company, effective today.
  • Mastek announced its iConniX portfolio to enable GenAI-led innovation across industries.
  • Gujarat Gas approved the appointment of Rajesh Sivadasan as the Chief Financial Officer and Key Managerial Personnel.
  • Adani Total Gas clarified that Dharma LNG is not part of the company’s corporate structure.


Nifty Overview & Outlook

The benchmark Nifty experienced a subdued movement throughout the trading session, ultimately concluding with a flat to negative close. Similarly, the Bank Nifty ended the session on a flat note.

Conversely, the Midcap index observed its second consecutive session of decline, significantly underperforming the benchmark index by dropping nearly 1% after initial Open-High. The Small cap index also struggled, marking its fifth consecutive intraday decline with losses of 1.5%.

Sectoral performance displayed a mixed pattern, with PSU Banks leading the downturn with a 3.7% decline. Nifty Media followed suit with a decrease of more than 2%. In contrast, Nifty Realty emerged as the top performer, fueled by buoyant quarterly numbers from Godrej Properties. Nifty IT also made gains, rising by almost 1%.

With limited movement, the Nifty currently maintains its Triple Top form. Thereby, we maintain our support near the 38.2% retracement level of the recent upward rally i.e 22406 spot levels, suggesting potential for continued rebound in the near term.


Derivatives Overview & Outlook

Yesterday, no significant activity in all three major indices was seen on price front, whereas on open interest front, short buildup was seen in Nifty, Finnifty and Bank Nifty futures with addition of open interest by 5.6%, 4.3% and 1.7% respectively.

Majority of sectoral indices settled lower. Amongst them, Banking, Finance, Oil & Gas and Power stocks witnessed addition of short positions whereas long buildup was seen in Realty, Pharma and Technology stocks.

On options front, call writing was seen at multiple strikes and maximum positions are at 22800 CE and 22500 PE  followed by 22000 PE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 2169 Cr in the cash segment, bought index futures worth Rs 536 Cr and also bought stocks futures worth Rs 167 Cr. DIIs were net buyer in the cash segment to the tune of Rs 781 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22600-22680; Supports 22350-22300

Banknifty – Resistances 49200-49500; Supports 48700-48500

Finnifty – Resistances 21800-21880; Supports 21700-21650






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