Reliance group market cap crosses Rs 20 Lakh crore: Daily Market Update Equity 11 Jan 2024 | Globe Capital Market LTD.
Reliance group market cap crosses Rs 20 Lakh crore: Daily Market Update Equity 11 Jan 2024

The overall market capitalisation of Reliance Group companies crossed Rs 20 lakh crore, after Reliance Industries Ltd hit an all-time high on Wednesday. RIL's contribution is approximately Rs 17.5 lakh crore—or over 87%—in the group's overall market value, followed by Jio Financial Services Ltd and Alok Industries Ltd, with Rs 1.53 lakh crore and over Rs 18,000 crore, respectively. The group stocks added as much as Rs 50,490 crore in investors' wealth to take the group's market cap to Rs 20.1 lakh crore.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled higher by 0.5%.
  • European equity markets ended on a flat to negative note.
  • Majority of Asian equity markets are trading on mix note.
  • GIFT Nifty is little changed, Nifty futures are likely to open around 21710 levels (as on 8:30AM).


News highlights from across the globe

  • Most of the Asian markets are trading mix, while investors braced themselves for U.S. CPI, scheduled for release later today.
  • In Japan, Nikkei extended its three-decade high rally, and crossed 35,000 briefly, marking the highest level since February. The rally in Japanese stock is supported by a fall in Japanese yen against the dollar.
  • U.S. stocks, bonds and the dollar saw small moves, with investors awaiting Thursday’s inflation data for clues on the Federal Reserve outlook.


Important news updates from the domestic front

  • Polycab India: The IT Department detected unaccounted cash sales of about Rs 1,000 crore after it initiated search and seizure operations against the company.
  • SpiceJet: The chairman and managing director unveiled the airline’s ambitious plans for growth and network expansion through a fund infusion of Rs 2,250 crore. The company has the exclusive rights for Lakshadweep and will launch flights to Agatti Island soon.
  • Jindal Steel and Power: The insolvency appellate tribunal NCLAT dismissed the plea of Jindal Power to allow the company to participate in the ongoing resolution process of the debt-ridden Tuticorin Coal Terminal.
  • Mahindra and Mahindra’s stake in Sustainable Energy Infra Trust is diluted to 10.5% from 15.7% earlier and Mahindra Susten’s stake in Sustainable Energy Infra Trust is diluted to 15% from 73.9% earlier.
  • Bank of India reported total global business at Rs 12.75 lakh crore, up 9.9% YoY, and global deposits at Rs 7.1 lakh crore, up 8.7% YoY. The lender’s domestic deposits stood at Rs 5.99 lakh crore, up 7.6% YoY, and global gross advances at Rs 5.66 lakh crore, up 11.5% YoY.
  • Phoenix Mills reported gross retail collections at Rs 700 crore up 30% YoY and total consumption at Rs 3,287 crore up 24% YoY.
  • ATUL: The company’s arm starts operations at 300 TPD caustic and 50 MW power plant.
  • Angel One will consider fundraising via bonds on Jan. 15.


Nifty Overview & Outlook

The benchmark Nifty index witnessed smart recovery from the days low and settled at day’s highs at 21618 levels after adding 73 points to its previous closing values after a highly volatile trading session.

Broader markets underperformed the benchmark as Midcap & Small Cap index ended on a flat to negative note against 0.34% gains of the frontline index.

Majority of sectoral indices tracked at NSE settled in green. Amongst them, Nifty Media index was at the top of the tally, soared nearly 3.5% followed by Metal index that rose nearly 1%. On the other hand, Nifty FMCG and PSU Bank index ended marginally lower.

Technically, Nifty index rebound from an important supports of 21500 levels and settled above the said support levels. Going ahead, we reiterate our sideway view on Nifty index till it is trading in 21450-21800 levels.


Derivatives Overview & Outlook

Yesterday, no significant changes was seen in Nifty, Banknifty and Finnifty futures on price front, whereas on open interest front, Nifty, Banknifty and Finnifty future open interest decreased by 1.5%, 2.9% and 4.6% respectively.

On the sectoral front, long buildup observed in Media, Capital Goods and Textile stocks, whereas short buildup was seen in Cement stocks and some long unwinding was seen in Oil & Gas stocks.

On options front, call writing along with put writing was seen at multiple strikes and maximum positions are at 21500 PE and 21800 CE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 1721 Cr in the cash segment, sold stocks futures and index future worth Rs 1099 Cr and Rs 641 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 2080 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 21800-21900; Supports 21500-21400

Banknifty – Resistances 47815-48200; Supports 46900-46550

Finnifty – Resistances 21400-21550; Supports 21120-20980




Important Results Today – HDFCAMC, INFY, TCS


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