Daily Market Update- Equity 1 March 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 1 March 2023

Benchmark Nifty index ended lower at 17303 levels, extended losses for the eighth session in a row, fell 89 points from its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets ended lower in range 0.10%-0.71%
  • European equity markets down in range 0.11%-0.75%
  • Asian equity markets are trading in green
  • SGX Nifty is little changed ( as on 8:20 AM)


News highlights from across the globe

  • Asian markets opened on a positive note after the U.S. equities closed lower, rounding out a turbulent month that saw global stocks drop about 3%.
  • The yield on 10-year Treasuries advanced to 3.94%. Crude prices were trading around $83-mark.


Important news updates from the domestic front

  • Tech Mahindra Ltd.: The company said in a statement that it has expanded its partnership with Microsoft as an Azure Operator Nexus Ready Systems Integrator. The collaboration will allow telecom operators and enterprises to build, host and operate LTE and 5G networks by using virtualised or containerised network functions leveraging Azure Operator Nexus.
  • Vedanta Ltd.: In a filing to Singapore Stock Exchange, Vedanta Resources, which owns a majority stake in the company, assured that it is capable of meeting its upcoming maturities in the quarter ending June 2023. The company said it is in an advanced stage to secure a fresh loan of $1 billion, as well as close to finalise $750 million bilateral facilities with various relationship banks.
  • Adani Enterprises Ltd.: The company’s subsidiary Mundra Aluminium has been granted the Kutrumali bauxite block located in Kalahandi and Rayagada districts of Odisha. The mineral block has 128 million tonnes of bauxite reserves.
  • Adani Ports and Special Economic Zone Ltd.: S&P Global affirmed its ‘BBB-‘ rating for Adani International Container Terminal Pte. Ltd., a 50:50 joint venture of the company with Terminal Investment Ltd. The outlook is stable.
  • Reliance Industries Ltd.: The company incorporated a wholly owned subsidiary named Reliance SOU to develop properties for commercial use.
  • HDFC Ltd.: The company’s subsidiary HDFC Investments will sell 34,146 shares (2.05% shareholding) of Softcell Technologies Global Pvt. Ltd. for Rs 2.05 crore to an undisclosed buyer, bringing down its shareholding to 9.95%. The housing finance NBFC increased its retail prime lending rate on housing loans by 25 basis points, effective March 1, 2023.


Nifty Outlook

Benchmark Nifty index ended lower at 17303 levels, extended losses for the eighth session in a row, fell 89 points from its previous closing values.

Broader market outperformed the benchmark as Midcap and Small cap index were up by 0.46% & 0.41% respectively leading to almost flat market breadth as 1163 declines were recorded against 1114 advances at NSE.

All the sectors tracked at NSE ended mixed. Nifty Media and Realty index were the top gainers up by 2.46% and 1.14% respectively. On the other hand, Nifty Pharma lost a maximum of 1.31% followed by Nifty IT and Metal that was down 0.85% each.

Going ahead, we reiterate our bearish view on Nifty index till it is trading below 17600 spot levels. Hence, we suggest traders to maintain sell on rise trading strategy till it is trading below the above mentioned levels. On the down side, 17000 will act as an important support level.


Derivatives Overview & Outlook

Yesterday, Nifty and Banknifty futures shed around 5.5% & 6.5% of open interest respectively as short buildup.

On the sectoral front, long buildup was seen among Capital Goods, Cement and Media stocks whereas short buildup was seen among Metals, Oil & Gas and Pharma stocks.

On options front, call writing was seen at multiple strikes with maximum writing at 17400 CE and maximum positions are at 17400 CE and 17000 PE.


FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 4559 Cr in the cash segment, bought stocks futures worth Rs 1070 Cr and sold index futures worth Rs 1358 Cr. DIIs were net buyers in the cash segment to the tune of Rs 4610 Cr.



Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, USE and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.

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. Globe Comex International DMCC is step down subsidiary of GCML.

This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.

Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.

This report has been prepared by GCML based on the information available in the public domain and other public sources believed to be reliable. Though utmost care has been taken to ensure its accuracy and completeness, no representation or warranty, express or implied is made by GCML that such information is accurate or complete and/or is independently verified. The contents of this report represent the assumptions and projections of GCML and GCML does not guarantee the accuracy or reliability of any projection, assurances or advice made herein. Nothing in this report constitutes investment, legal, accounting and/or tax advice or a representation that any investment or strategy is suitable or appropriate to recipients’ specific circumstances.

Since GCML or its associates are engaged in various financial activities, they might have financial interest or beneficial ownership in various companies including subject company/companies mentioned in the report. GCML or its associates have not received any compensation for investment banking or merchant banking from the subject company in the past 12 months.  GCML or its associates might have received any compensation including brokerage services and for products or services other than investment banking or merchant banking from the subject company in the past 12 months. It is confirmed that GCML or research analyst or its associates have not managed or co-managed public offering of securities for the subject company in the past 12 months.

Research analyst or GCML or its relatives’/associates’ have no material conflict of interest at the time of publication of this report. Neither research analyst nor GCML are engaged in market making activity for the subject company. It is confirmed that research analysts do not serve as an officer, director or employee of the subject company. It is also confirmed that research analyst have not received any compensation from the subject company in the past 12 months.

No material disciplinary action has been taken on GCML by any regulatory authority impacting Equity Research Analysis activities.

The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. This information is subject to change, as per applicable law, without any prior notice. GCML reserves the right to make modifications and alternations to this statement, as may be required, from time to time.

Research analyst or GCML or its relatives’/associates’ do not have actual/beneficial ownership of 1% or more in securities of the subject company, at the end of the month immediately preceding the date of publication of the document.