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

The benchmark nifty index ended sharply lower at 17589, down 165 points from its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets were down by 1.66% to 2.05%
  • European equity markets ended on flat to negative note
  • Asian equity markets are trading in red
  • SGX Nifty is trading down over 150 points (as on 8:18 AM)


News highlights from across the globe

  • Asian markets opened lower followed the sharpest decline in the U.S. equities in two weeks after a rout in bank shares picked up steam.
  • Silicon Valley-based lender SVB Financial Group lost 60% after taking steps to shore up its capital position, stoking concern that soaring interest rates are eroding balance sheets.
  • The yield on 10-year Treasuries advanced to 3.88%. Crude prices were trading around $81-mark


Important news updates from the domestic front

  • Reliance Industries: Reliance Consumer Products, the consumer goods arm of Reliance Retail Ventures, will relaunch the iconic beverage brand Campa with a fresh look. Also, Reliance Polyester, formerly known as Reliance Petroleum Retail, completed the acquisition of polyester business of Shubhalakshmi Polyesters and Shubhlaxmi Polytex.
  • Bank of Baroda: The board of the bank approved divestment of 49% stake in its wholly owned cards subsidiary BOB Financial Solutions.
  • Jubilant FoodWorks: Sameer Batra joined the company as president and chief business officer–Domino’s India with effect from March 9, 2023. He will be responsible for steering Domino’s Pizza India to its next phase of growth.
  • Wipro: The company has been selected by Menzies Aviation, the world’s largest aviation services company, to transform its air cargo management services.
  • Infosys: The company collaborated with mobility specialist ZF to revamp its multi-echelon supply chain with SAP Integrated Business Planning and Infosys Cobalt.
  • Zydus Lifesciences: The company received final approval form the U.S. FDA for Erythromycin tablets, which are used to prevent and treat infections in many different parts of the body.
  • PNC Infratech: The company has been selected as the lowest bidder for two hybrid annuity highway projects for a cumulative bid project cost of Rs 2004.43 crore.

Nifty Outlook

The benchmark nifty index ended sharply lower at 17589, down 165 points from its previous closing values.

Broader markets outperformed the benchmark as Mid and Small cap index were down by 0.62% and 0.54% respectively against nearly 1% fall in benchmark. The market breadth was heavily inclined towards the declining side as 1342 declines were recorded against 942 advances at NSE.

Barring Nifty Metal, all sectoral indices tracked at NSE settled in red. Amongst them, Nifty Auto was the worst performer, down 1.83% followed by Nifty Realty, PSU Bank, IT and FMCG that were down over 1% each.

Technically, Nifty index has breached its 200 EMA on daily charts. Going ahead, we expect it to test 17450 and lower levels in immediate near term.


Derivatives Overview & Outlook

Yesterday, both Nifty & Banknifty futures added around 7% & 2% of open interest respectively as short buildup.

Majority of F&O sectors settled lower. Amongst them, Power, Media, Finance and Auto stocks witnessed maximum addition of short positions.

On options front, Nifty will start the new weekly contract with maximum positions at 17600 PE and 17700 CE.


FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 562 Cr in the cash segment, sold stocks futures worth Rs 2391 Cr and also sold index futures worth Rs 2253 Cr. DIIs were net buyers in the cash segment to the tune of Rs 42 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty – Resistances 17725-17800; Supports 17550-17450

Banknifty – Resistances 41600-41800; Supports 41000-40750


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