Daily Market Update- Equity 10 Feb 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 10 Feb 2023

Benchmark Nifty index settled on a flat note, closed shop at 17893 levels after adding just 21 points to its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets were down in range 0.73% to 1.03%
  • European equity markets gained 0.33% to 0.95%.
  • Asian markets are trading in red
  • SGX Nifty down by 100 point (as on 8:05AM)


News highlights from across the globe

  • Asian markets headed towards declines on Friday after the U.S. equities fell for a second day and Treasury yields climbed as investors began to adjust for the prospect of higher interest rates as the Federal Reserve battles inflation.
  • The yield on 10-year U.S. Treasuries was at 3.68%. Crude price was trading around $84-mark.


Important news updates from the domestic front

  • Index provider, MSCI Inc. made no mention of Adani Group-linked shares in its February statement on the quarterly review of its gauges.
  • Mahindra & Mahindra: The company signed an MoU with Telangana government to expand its existing Zaheerabad Plant in Medak district for development and production of electric three- and four-wheelers. The SUV maker will spend Rs 1,000 crore over eight years on this front.
  • GAIL (India): The company signed an advanced pricing agreement with Central Board of Direct Taxes to determine the transfer pricing margin payable on its long-term LNG sourcing contract from the U.S. for the period of five years.
  • ITC: ITC Infotech, a wholly owned subsidiary of the company, incorporated a subsidiary in France named ITC Infotech France SAS on Feb. 8.
  • Aurobindo Pharma: The company will transfer units constituting its API non-antibiotic division to subsidiary Auro Pharma India via slump sale.
  • Bank of Baroda: The bank hiked lending rate across tenors by five basis points, effective Feb. 12, 2023.


Nifty Outlook

Benchmark Nifty index settled on a flat note, closed shop at 17893 levels after adding just 21 points to its previous closing values.

Broader markets too settled on a flat note. Resultant, market breadth was flat as 1105 advances recorded against 1139 declines at NSE.

Performance on the sectoral front was mix. IT & Media index were at the top of the tally, gained at 0.70% & 0.60% respectively. On the other hand, Metal index leads the decline, ended lower by 1.58%.

Technically, Nifty index is trading on verge of bullish breakout from the congestion zone of 17600-17900 levels. Going ahead, crossover and sustenance above 17925 will open the doors for fresh up move up to 18100 and higher levels in immediate short term.


Derivatives Overview & Outlook

Yesterday, no significant activity was seen in Nifty & Banknifty futures on price front whereas on the open interest front both shed around 1% & 3% of open interest respectively.

On the sectoral front, long buildup was seen among Textile, Capital Goods and IT stocks whereas some short buildup was seen among Auto, Infra and Telecom stocks.

On options front, Nifty will start the new weekly contract with maximum positions at 17800 PE and 18000 CE.


FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 145 Cr in cash segment and also sold index futures worth Rs 104 Cr. DIIs were net sellers in the cash segment to the tune of Rs 205 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18025-18100; Supports 17870-17750

Banknifty Futures – Resistances 41950-42250; Supports 41400-41200


Important Results Today

Mahindra & Mahindra, Bharat Heavy Electricals, Oil India, Glenmark Pharmaceuticals, National Aluminium Company, Alkem Laboratories, Delhivery, ABB India, Fortis Healthcare, JK Lakshmi Cement, Abbott India, Ashoka Buildcon, BEML, Indigo Paints, Indiabulls Real Estate, Inox Green Energy Services, Inox Wind, Rail Vikas Nigam, Religare Enterprises, Astra Microwave Products, AstraZeneca Pharma India


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