India set to overtake Hong Kong as seventh largest stock exchange - Daily Market Update - Equity 11 Dec 2023 | Globe Capital Market LTD.
India set to overtake Hong Kong as seventh largest stock exchange – Daily Market Update – Equity 11 Dec 2023

India’s stock market is set to surpass Hong Kong to become the world’s seventh-largest, underscoring the optimism surrounding the economic potential of the world’s most populous nation. The total market capitalization of all listed companies in India stood at $3.7 trillion at the end of October, slightly trailing Hong Kong’s $3.9 trillion, according to data from the World Federation of Exchanges, a trade body.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled higher in range 0.36% to 0.47%.
  • European equity markets also settled higher in range 0.54% to 1.30%.
  • Asian equity markets are trading mix
  • GIFT Nifty is little changed, Nifty futures likely to open around 21072 levels (as on 8:30AM)


News highlights from across the globe

  • Asian markets are trading mix ahead of a week that includes key US inflation data and the Federal Reserve’s final rate decision of the year.
  • Treasury yields surged as traders pared expectations for the Federal Reserve to ease monetary policy aggressively next year after a better-than-forecast jobs report
  • Brent crude ended 0.45% higher at $76.18 a barrel


Important news updates from the domestic front

  • Mazagon Dock Shipbuilders received an order worth Rs 1,145 crore from ONGC for laying approximately 44.4 km of subsea pipelines in 19 segments.
  • GMR Airports Infrastructure: Two key investors in the company have divested their stake, while the Rajiv Jain-backed GQG Partners has picked up a 4.7% stake for Rs 1,671 crore.
  • Bank of India: The company’s QIP worth of Rs 4,500 crore was oversubscribed by 4.11 times. The company received 104 bids, aggregating to 18,483.30 crore.
  • JSW Steel secured a coveted position in the DJSI World Index and the DJSI Index for Emerging Markets.
  • Adani Enterprise acquired the remaining 51% stake in Quintillion Business Media. Post-acquisition, Quintillion Business Media becomes a wholly owned subsidiary of the company.
  • HCL Tech expands its footprint in Romania with a new global delivery center in Iaşi, Romania.
  • Apollo Tyres: The Supreme Court has dismissed the appeal filed by SEBI and has directed SEBI to refund the entire penalty amount of Rs 65 lakh imposed for the alleged violation of certain provisions of the Buy Back Regulations, 1998.


Nifty Overview & Outlook

The benchmark Nifty index settled slightly higher at 20969 levels as RBI maintained the statue quo on repo rate.

Broader markets underperformed the benchmark as Small Cap index fell over 1% while MidCap index settled on a flat note, against a positive closing of benchmark index.

Performance on the sectoral front was mix. Amongst them, Nifty IT and Pvt Bank were at the top of the tally gained over 1% followed by Nifty Bank and Financial services index that were up nearly 1% each. On the other hand, Nifty FMCG, Pharma and Oil & Gas indices ended lower in range 0.72% to 1%.

Nifty index is well placed on multiple time frames. Going ahead, we reiterate our bullish view on Nifty index till it is holding above 20500 levels on closing basis and expect it to test 21200 and higher levels in near term.


Derivatives Overview & Outlook

On Friday, short covering was seen in Nifty futures with decrease in open interest by 2.3% whereas long buildup was seen in BankNifty and Finnifty futures with increase in open interest by 6.8% and 12.7% respectively.

On the sectoral front, long buildup was seen among Infrastructure stocks whereas some long unwinding was seen in Realty, Power, Textile and Capital Goods stocks.

On options front, put writing was seen at multiple strikes and maximum positions are at 21000 CE and 20900 PE.


Institutional Trading Activity

Last week, FIIs bought stocks worth Rs 9285 Cr in the cash segment, bought stocks futures and index futures worth Rs. 1615 Cr and Rs 6925 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 4326 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 21170-21280; Supports 20850-20630

Banknifty – Resistances 47550-47950; Supports 46550-45950

Finnifty – Resistances 21400-21530; Supports 21000-20800




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