Tata Power unit signs Rs 73,800 crore renewable power project with Tamil Nadu: Daily Market Update Equity 10 Jan 2024 | Globe Capital Market LTD.
Tata Power unit signs Rs 73,800 crore renewable power project with Tamil Nadu: Daily Market Update Equity 10 Jan 2024

Tata Power Renewable Energy Ltd, a unit of Tata Power Co, has inked a Rs 73,800 crore renewable energy power project with the Tamil Nadu government. TPREL plans to explore opportunities to develop 10,000 MW of renewable energy power projects across solar, wind, hybrid, RTC, etc. over the next five to seven years, an exchange filing said. Investments of nearly Rs 70,000 crore will be made in renewable projects in the state, across nearly 50,000 acres, it said.

Overview and Outlook

Global Stock Market Today

  • Barring Nasdaq, other US equity markets settled on a flat note.
  • European equity markets also ended on a flat to negative note.
  • Majority of Asian equity markets are trading in red.
  • GIFT Nifty is down by 50 points, Nifty futures are likely to open around 21574 levels (as on 8:30AM).


News highlights from across the globe

  • Most Asian markets are trading lower, whereas Japan extended 34-year gains in early Wednesday.
  • Market participants are now awaiting the release of a slew of economic data from China and the U.S. China will be releasing its inflation and trade data later this week. Meanwhile, the U.S. CPI is scheduled for release on Thursday.
  • U.S. stocks fluctuated after a tech-led bounce as Treasury 10-year yields remained above 4% while oil climbed.


Important news updates from the domestic front

  • Mahindra and Mahindra will collaborate with a US-based automobile technology company, Mobileye for software solutions and to explore building a full-stack autonomous driving system.
  • Power Finance Corp received a no-objection letter from the Reserve Bank of India for setting up a finance company in the International Financial Services Centre situated in GIFT City, Gujarat.
  • Polycab India denied media reports of tax evasion and said that it has not received any communication from the income-tax department regarding the outcome of the search.
  • Lupin received approval from the USFDA for the launch of Bromfenac Ophthalmic Solution, 0.07% in the United States.
  • IRCTC: The Railway Ministry nominated Sanjay Kumar Jain as the chief managing director of the company.
  • Life Insurance Corp has increased its stake to 5% from 4.8% in Navin Fluorine.
  • Karnataka Bank partnered with Digivriddhi to offer a host of financial services catering to the needs of dairy farmers and milk societies.
  • Shyam Metalics And Energy raised Rs 1,385 crore through qualified institutional placement at Rs 576 per share, which indicated a discount of 9.70% to the current market price.
  • Steel Strips Wheels: The National Company Law Tribunal approved the acquisition of the AMW Autocomponent. The company has also invested Rs 138.15 crore into AMW Autocomponent through a mix of equity for Rs 5 crore and an inter-corporate loan of Rs 133.15 crore.


Nifty Overview & Outlook

Benchmark Nifty index ended on a flat note at 21545 levels after a highly volatile trading session.

Nifty Small cap index outperformed the benchmark as it was up nearly 0.5% while Midcap index ended on a negative note; resultant, poor market breadth.

Performance on the sectoral front was no different. Amongst them, Nifty Realty was the top gainer, rose over 2.5% followed by Nifty Auto, Healthcare, Metal and Pharma index that were up nearly 1% each. On the other hand, Nifty Media along with Banking and financial stocks witnessed some selling pressure, down in range 0.5% to 3.32%.

Technically, Nifty index is trading on verge of breakdown from an important support of 21500 levels.Cross and sustenance below the same might take it towards 21000 levels in near term.


Derivatives Overview & Outlook

Yesterday, no significant changes was seen in Nifty, Banknifty and Finnifty futures on price front. On open interest front, Nifty and Banknifty future open interest decreased by 0.1% and 3.6% respectively whereas Finnifty futures open interest increased by 23.5%.

On the sectoral front, long buildup observed in Realty, Automobile and Capital Goods stocks, whereas short buildup was seen in Textile stocks. Long unwinding was seen in Media stocks.

On options front, call writing was seen at multiple strikes and maximum positions are at 21000 PE and 21700 CE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 991 Cr in the cash segment, bought stocks futures and index future worth Rs 1012 Cr and Rs. 1435 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 104 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 21850-21900; Supports 21450-21350

Banknifty – Resistances 48200-48500; Supports 46950-46700

Finnifty – Resistances 21850-21950; Supports 21350-21200




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