- Daily Market Update - Equity 03 Nov 2023 | Globe Capital Market LTD.
– Daily Market Update – Equity 03 Nov 2023

Overview and Outlook

Global Stock Market Today

  • US equity markets ended on positive note, up in range 0.66% to 1.38%.
  • European markets ended on a mixed note.
  • Asian equity markets are trading in green.
  • GIFT Nifty is up by 128 points, Nifty futures likely to open around 19350 levels (as on 8:30AM).


News highlights from across the globe

  • Shares in Asia advanced after further gains for U.S. stocks as investors adjusted to the prospect the Federal Reserve may be done with rate hikes.
  • On Thursday, the S&P 500 advanced 1.9%, its biggest one-day gain since April, and placed the benchmark on track for its best week since November last year. U.S. futures ticked lower in early Friday trading.
  • Brent crude was trading at $86 a barrel and the yield on the 10-year US bond was trading at 4.66%.


Important news updates from the domestic front

  • Tata Motors EV subsidiary signed an agreement with JLR to develop premium EVs. Tata Motors’ third-generation EVs based on the Avinya concept are to be developed on JLR’s Electrified Modular Architecture platform. Tata Passenger Electric Mobility will pay a royalty fee to JLR.
  • Dixon Technologies incorporated Dixtel Infocom for electronic manufacturing and wholesale trade.
  • Lupin announced the launch of Diazepam Rectal Gel after its wholly owned subsidiary, Novel Laboratories, received approval for its ANDA from the USFDA. Diazepam Rectal Gel had estimated annual sales of $37 million in the U.S.
  • Bharti Airtel launched ‘Airtel Advantage’—a first-of-its-kind, fully automated digital platform for global interconnect solutions.
  • Larsen and Toubro issued and allotted 1.5 lakh, 7.58% rated, listed, unsecured, and redeemable NCDs of Rs 1 lakh each, aggregating to Rs 1,500 crore, maturing on May 2, 2025.
  • JK Lakshmi Cement board approved capacity expansion of the existing split location grinding unit at Surat by putting up an additional grinding unit of 13.50 lakh metric tonnes per annum. The expansion will require an investment of Rs 225 crore and will be added over a period of two years.
  • EIH Associated Hotels board approved developing a 125-room, five-star Trident Hotel at Vishakhapatnam, Andhra Pradesh, with an investment of Rs 160 crore.
  • Dream Folks announced the launch of its new service, Travel SIM (E-SIM and Physical SIM), for international travellers to enjoy immediate connectivity while travelling abroad by getting a pre-activated SIM card while in their country of origin.
  • Bajaj Finance approved raising up to Rs 1,188 crore via preferential allotment of warrants. It will allot 15.5 lakh warrants to the promoter at an issue price of Rs 7,670 per warrant.
  • Thomas Cook (India): Tropiculture, a JV in Sri Lanka, allotted TCI 4,00,000 equity shares of LKR 10 each at par, which represents a 40% stake in the joint venture.
  • Mahindra & Mahindra Finance: In October, the company estimated overall disbursement at approximately Rs 5,250 crore. Year-to-date disbursements are at Rs 30,700 crore, up 16% Y-o-Y.


Nifty Overview & Outlook

Benchmark Nifty index opened with a gap on the higher side and settled above 19200 levels after adding 97 points to its previous closing values after lackluster trading session.

Broader markets outperformed the benchmark as Small cap & Mid cap index settled higher, up by 1.21% and 0.76% respectively note leading to strong market breadth.

All the sectoral indices tracked at NSE settled in green. Amongst them, Nifty Realty index was at the top of the tally, gained over 2.5% followed by Nifty Media and Consumer Durable index that were up by 1.38% and 1.22% respectively.

Technically, Nifty index is trading on verge of bullish breakout from the congestion zone of 18800 -19250 levels. Going ahead, crossover and sustenance above 19250 will open the doors for fresh up move up to 19500 and higher levels in immediate short term.

Derivatives Overview & Outlook

Last Friday, short covering was seen in Nifty, and Banknifty futures with decrease in open interest by 2.9% and 5.6% respectively, whereas long buildup was seen in Finnifty future with increase in open interest by 9%.

On sectoral front, long buildup was seen in Reality, Pharma, Automobile, Finance and FMCG stocks whereas short covering was seen in Chemical, Technology and Banking stocks.

On options front, call writing was seen at multiple strikes and maximum positions are at 19200 PE and 19300 CE.


Institutional Trading Activity

Last Week, FIIs sold stocks worth Rs 5548 Cr in the cash segment, bought stocks futures worth Rs. 1437 Cr and sold index futures worth Rs. 470 Cr. DIIs were net buyer in the cash segment to the tune of Rs 5074 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19460-19540; Supports 19200-19060

Banknifty – Resistances 43920-44250; Supports 43100-42830

Finnifty – Resistances 19670-19750; Supports 19200-19050






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