The Supreme Court will pronounce its Judgment in the Adani group- Hindenburg research case: Daily Market Update Equity 03 Jan 2024 | Globe Capital Market LTD.
The Supreme Court will pronounce its Judgment in the Adani group- Hindenburg research case: Daily Market Update Equity 03 Jan 2024

The Supreme Court will pronounce its judgment in the Adani Group-Hindenburg Research case today. After numerous proceedings, the top court had reserved its decision in the case late last year. After Hindenburg Research's report and Adani Group's counter in January, four public interest petitions were filed before the apex court. The PILs had broadly asked for directions regarding allegations against the Adani Group.

Overview and Outlook

Global Stock Market Today

  • US equity markets were down in range by 0.068% to 2%
  • Barring DAX, other European equity markets settled on a negative note.
  • Asian markets are trading lower as tracking losses in its peers on Wall Street.
  • GIFT Nifty is little changed, Nifty futures are likely to open around 21680 levels (as on 8:30AM)


News highlights from across the globe

  • U.S. stocks and treasuries dropped as traders trimmed their bets on interest rate cuts.
  • Brent crude was trading 1.49% lower at $75.89 a barrel.


Important news updates from the domestic front

  • Adani Group Stocks: The Supreme Court will pronounce its judgment in the Adani Group-Hindenburg Research case on Wednesday.
  • Maruti Suzuki recorded total production at 1.21 lakh units, down 2.9% YoY, and passenger car production at 64,802 units, down 3.7% YoY. The auto manufacturer’s mini and compact car production stood at 63,855 units, down 23.8% YoY.
  • Exide Industries will increase its corporate guarantee to Exide Energy Solutions by Rs 1,000 crore. The corporate guarantee limit will be increased from Rs 2,000 crore to Rs 3,000 crore.
  • Mahindra and Mahindra Financial Services recorded an overall disbursement of Rs 4,900 crore, up 5% YoY for December, and business assets of Rs 96,850 crore, up 25% YoY.
  • Yes Bank recorded loans and advances at Rs 2.17 lakh crore, up 11.9% YoY, and deposits at Rs 2.41 lakh crore, up 13.2% YoY. The lender’s CASA ratio stood at 29.7% vs. 29.9%.
  • Affle India will buy a 9.03% stake in Explurger for Rs 37.3 crore to enrich its vertical reach to the relevant users by using the AI-powered social media app of Explurger.
  • CSB Bank recorded total deposits of Rs 27,344 crore, up 20.65%, and gross advances of Rs 22,863 crore, up 22.59%. The bank’s CASA stood at Rs 7,509 crore, up 5.39%.
  • Marico: The High Court of Bombay approved the dissolution of Halite Personal Care India, a wholly-owned subsidiary of the company.
  • Natco Pharma announced that DASH Pharmaceuticals has officially transitioned to Natco Pharma USA. All products marketed by DASH Pharmaceuticals will transition to the Natco Pharma USA label.
  • Hindustan Zinc recorded mined metal production at 2.71 lakh metric tonnes, up 7% YoY, and refined metal production at 2.59 lakh metric tonnes, up 1% YoY.


Nifty Overview & Outlook

The benchmark Nifty index settled lower at 21665 levels, down 76 points from its previous closing values after a highly volatile trading session.

The broader markets performed in line with the benchmark as Nifty Midcap & Small cap were ended on a flat to negative note; resultant, poor market breadth.

Performance on the sectoral front was mix. Amongst them, Nifty Pharma & Healthcare index were the top gainers, rose nearly 2.5% and 2% respectively followed by Nifty Media and Oil & Gas index that were up 0.66% & and 0.5% respectively. On the other hand, Nifty Bank, Auto, IT and Realty indices witnessed some selling pressure, fell 1% each.

Nifty index witnessed some profit taking on Tuesday that was in line with our expectation as mentioned in our previous post dated Jan 2,2024. Going ahead, we reiterate our short term bullish view on Nifty intact till it is upholding 21500 levels on a closing basis.


Derivatives Overview & Outlook

Yesterday, long unwinding was seen in Nifty futures with decrease in open interest by 5.3%, whereas short buildup was seen in Banknifty and Finnifty futures with increase in open interest by 10.7% and 29.3% respectively.

On the sectoral front, long buildup was seen among Realty, Metals, Oil& Gas and Pharma shares, whereas short buildup was seen in Banking, Automobile and Technology stocks.

On options front, call writing was seen at multiple strikes and maximum positions are at 21000 PE closely followed by 21500 PE and 21800 CE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 1602 Cr in the cash segment, bought stocks futures worth Rs 288 Cr and sold index futures worth Rs. 395 Cr. DIIs were net seller in the cash segment to the tune of Rs 1959 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 21920-22050; Supports 21590-21415

Banknifty – Resistances 48250-49650; Supports 47500-46950

Finnifty – Resistances 21630-21740; Supports 21300-21110




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