Daily Market Update- Equity 1 Dec 2022 | Globe Capital
01-Dec-2022
Daily Market Update- Equity 1 Dec 2022

Nifty index settled at the day’s top at 18758, up 140 points as steep buying was witnessed in the final hour of trading.

Overview and Outlook

Global Market Update

  • US equity markets settled steeply higher in range 2.18 to 4.4%
  • European equity markets were up in range 0.29 to 1.04%
  • Asian equity markets are trading in green
  • SGX Nifty is up 83 points (as on 8:05 AM)

 

News highlights from across the globe

  • Stocks in Asia extended gains following a sharp rally on Wall Street after Federal Reserve Chair Jerome Powell signaled a slowdown in the pace of rate hikes.
  • Oil surged 2.8% above $80 a barrel after government data showed that U.S. stockpiles declined the most since 2019.
  • Rupee registered gains against the U.S. dollar to close higher as the greenback faltered in the global markets and domestic equities surged.

 

Important news updates from the domestic front

  • Punjab National Bank: The bank hiked MCLR rates by 5 basis points across tenors, with effect from Dec. 1.
  • Wipro: The company will support Amazon Security Lake, a cyber security data lake by Amazon Web Service.
  • MOIL: The company has fixed/revised the prices of different grades of manganese ore and electrolytic manganese dioxide for the three months to December 2022.
  • Grasim Industries: Income Tax Appellate Tribunal, Mumbai, quashed the dividend distribution tax demand over the demerger of financial services business.
  • Tata Consultancy Services: The company has been selected by Rail Delivery Group help create the U.K. government’s Rail Data Marketplace.
  • KPI Green Energy: The board of the company has recommended issue of bonus shares in the ratio 1:1.
  • Apollo Hospitals Enterprise: The board approved issue of non-convertible debentures worth Rs 105 crore.
  • Dynamatic Technologies: The company signed long-term contract with Spirit AeroSystems for detail part manufacturing.

 

Nifty Outlook

Nifty index settled at the day’s top at 18758, up 140 points as steep buying was witnessed in the final hour of trading.

Broader markets performed in line with benchmark, Mid & Small cap index gained 1.14% & 0.6% respectively, leading to strong market breadth.

Barring PSU Bank index that was down 1.35% all other major sector gauges tracked at NSE settled in green. Metal, Auto & realty index was at the top of the tally, up over 1% each.

Nifty index is well placed on short as well as long term charts, indicating bullish bias to continue ahead as well, hence, dips can be utilized to take fresh entry.

 

Derivatives Overview & Outlook

Yesterday, Nifty futures added around 4% of open interest as long buildup whereas Banknifty futures remained almost unchanged on open interest front.

All F&O sectors settled higher. Amongst them, Auto, Capital Goods and Telecom stocks witnessed maximum addition of long positions.

On options front, put writing was seen at multiple strikes and maximum positions are at 18600 PE and 19000 CE.

 

FII & DII Trading Activity

Yesterday, FIIs bought stocks worth Rs 9010 Cr in the cash segment, bought stocks futures worth Rs 912 Cr and also bought index futures worth Rs 1109 Cr. DIIs were net sellers in the cash segment to the tune of Rs 4056 Cr.

 

Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18965-19050; Supports 18800-18700

Banknifty Futures – Resistances 43750-44000; Supports 43200-42950

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