Daily Market Update- Equity 11 Jan 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 11 Jan 2023

Nifty index settled steeply lower at 17914 levels, down 187 points. Some buying was witnessed in the final half an hour of trade that helped the benchmark index settle off-lows.

Overview and Outlook

Global Market Update

  • US equity markets were up in range 0.5 to 1%
  • European equity markets settled on flat to negative note
  • Majority of Asian equity markets are trading in green
  • SGX Nifty is little changed, up 31 points (as on 8:26 AM)


News highlights from across the globe

  • Asian shares advanced on Wednesday following Wall Street gains on Tuesday as traders bet that the upcoming US consumer price index will show further softening.
  • U.S. stocks were waiting for a cue from Fed Chair Jerome Powell, who refrained from divulging clues on the policy outlook. Stocks moved decidedly higher in afternoon New York trading, with the S&P 500 finishing above its key 3,900 mark.


Important news updates from the domestic front

  • Adani Ports and Special Economic Zone: The Adani-Gadot combine has completed the acquisition of Haifa port in, the finance ministry of Israel said in a statement.
  • Tata Motors: The company’s subsidiary Tata Passenger Electric Mobility completed the acquisition of Ford India’s Sanand-based manufacturing plant.
  • Bank of Baroda: The bank has hiked lending rates across tenors in the range of 20-35 basis points, with effect from Jan. 12.
  • Shree Renuka Sugars: The company’s board will meet on Jan. 27 to consider and approve change in terms of its non‐convertible debentures.
  • Uttam Sugar Mills: The company’s board approved increasing daily capacity of its ethanol distillery in Barkatpur by 100 kilolitres to 250 kilolitres with a capex of Rs 56 crore. The company will also send Rs 40 crore to increase its cane crushing capacity enhancement to 26,200 tonnes of cane per day.
  • Adani Wilmar: Business Updates for December Quarter (YoY) – The company registered overall volume growth in high teens and value growth of high single-digit. Edible oil segment saw high-single digit volume growth, and low-single digit rise in value.


Nifty Outlook

Nifty index settled steeply lower at 17914 levels, down 187 points. Some buying was witnessed in the final half an hour of trade that helped the benchmark index settle off-lows.

Broader markets outperformed benchmark as Mid & Small cap index settled 0.5% lower, due to which market breadth was inclined towards the declining side.

Majority of sector gauges tracked at NSE settled in red, Banking & Finance pack lost maximum. PSU Bank index was the worst hit sector index, down 2.6%.

Going ahead, 17770 spot level will act as immediate support and if that is taken out 17500 can be tested shortly.


Derivatives Overview & Outlook

Yesterday, both Nifty & Banknifty futures remained almost unchanged on the open interest front.

Majority of F&O sectors settled lower. Amongst them, Telecom, Infra and Textile stocks witnessed maximum addition of short positions whereas some long buildup was seen among Metal stocks.

On options front, call writing was seen at 18000 and higher strikes and maximum positions are at 17700 PE and 18000 CE.


FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 2109 Cr in the cash segment, sold stocks futures worth Rs 2454 Cr and also sold index futures worth Rs 848 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1807 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18050-18150; Supports 17900-17800

Banknifty Futures – Resistances 42500-42800; Supports 42000-41750


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