Daily Market Update- Equity 10 Nov 2022 | Globe Capital Market LTD.
Daily Market Update- Equity 10 Nov 2022

Nifty index ended on a flat to negative note, settled at 18157 levels, down 45 points from its previous closing values after a volatile trading session.

Overview and Outlook

Global Market Update

  • US equity markets were down in range 1.95 to 2.48%
  • European equity markets settled on flat to negative note
  • Asian equity markets are also trading in red
  • SGX Nifty is down 89 points (as on 8:20 AM)


News highlights from across the globe

  • Shares in the Asia-Pacific fell Thursday as investors await US inflation data, a key metric closely watched by the Federal Reserve, and as US midterm results continue to roll in.
  • Wall Street ended sharply lower on Wednesday as Republican gains in midterm elections appeared more modest than some expected, with investors also focusing on upcoming inflation data that will provide clues about the severity of future interest rate hikes.
  • Crude fell 2.4% on higher stockpiles and weak demand outlook from China, while gold remained mostly unchanged.


Important news updates from the domestic front

  • Axis Bank: Promoter SUUTI will offload the bank’s 4.65 crore equity shares, or 1.5% of the entire shareholding, at an offer price of Rs 830.63 apiece.
  • Tata Motors: The company will delist American Depository Shares from the New York Stock Exchange after January 2023.
  • Hindustan Unilever: The company terminated its marketing, distribution and selling agreement with GlaxoSmithKline Asia and GlaxoSmithKline Consumer.
  • JM Financial: The board will meet on Nov. 14 to consider the proposal for interim dividend.
  • Balrampur Chini Mills: The company announced a Rs 145.44-crore buyback scheme, where it will buy back 40.4 lakh shares, or 1.98% of the entire shareholding, at Rs 360 each.
  • Tata Power: The company’s subsidiary, Tata Power Renewable, received a letter of award from Maharashtra State Electricity Distribution Corporation Ltd. to set up a 150 MW solar project in Solapur.


Nifty Outlook

Nifty index ended on a flat to negative note, settled at 18157 levels, down 45 points from its previous closing values after a volatile trading session.

Broader markets underperformed the benchmark as Mid & Small cap index fell 0.73% & 0.56% respectively. Market breadth was marginally tilted towards the declining side.

Majority of sectoral gauges tracked at NSE settled in red. Realty and Pharma was at the bottom of tally, down over 1% each whereas PSU Bank index gained maximum, up nearly 4%.

Nifty index is well placed on short as well as long term charts indicating bullish bias to continue ahead as well. However, possibility of some profit taking can’t be ruled out at this level. Hence, we suggest trader to use dips for initiating fresh long positions till it is holding above 17900 levels.


Derivatives Overview & Outlook

Yesterday, both Nifty & Banknifty futures remained almost unchanged on the price front whereas on open interest front both added around 5% of open interest.

On sectoral front, long buildup was seen among Banking, Infra and Telecom stocks whereas short buildup was seen among Cement, FMCG, Pharma and Realty stocks.

On options front, call writing was seen at multiple strikes and maximum positions are at 18000 PE and 18300 CE.


FII & DII Trading Activity

Yesterday, FIIs bought stocks worth Rs 387 Cr in the cash segment, bought stocks futures worth Rs 161 Cr and also bought index futures worth Rs 405 Cr. On the other hand, DIIs sold stocks worth Rs 1060 Cr in the cash segment.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18300-18375; Supports 18100-18000

Banknifty Futures – Resistances 42100-42350; Supports 41600-41300


Earnings Today – Adani Green Energy, Apollo Hospitals Enterprise, Ashok Leyland, Aster DM Healthcare, Avanti Feeds, BASF India, Bata India, Berger Paints India, Campus Activewear, Century Plyboards (I), Cochin Shipyard, Container Corporation Of India, Deepak Fertilisers & Petrochemicals Corporation, Eclerx Services, Eicher Motors, Equitas Holdings, Fine Organic Industries, Gujarat Narmada Valley Fertilizers & Chemicals, Godawari Power & Ispat, GR Infraprojects, Garden Reach Shipbuilders & Engineers, Gujarat State Petronet, Gujarat Gas, Hemisphere Properties India, India Glycols, India Grid Trust, Indoco Remedies, India Infrastructure Trust, Jindal Steel & Power, Kalpataru Power Transmission, Kalyan Jewellers India, Kennametal India, Kirloskar Brothers, Linde India, Man Infraconstruction, Mazagon Dock Shipbuilders, Samvardhana Motherson International, Muthoot Finance, Natco Pharma, Navneet Education, Nesco, NHPC, Nilkamal, Oil India, Page Industries, Paisalo Digital, Paushak, Power Finance Corporation, Prism Johnson, Ratnamani Metals & Tubes, Shree Renuka Sugars, RITES, Rattanindia Enterprise, Rail Vikas Nigam, Steel Authority


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