Daily Market Update- Equity 11 Nov 2022 | Globe Capital Market LTD.
Daily Market Update- Equity 11 Nov 2022

Nifty index settled 128 points lower after a lackluster trading session, closed shop at 18028 levels.

Overview and Outlook

Global Market Update

  • US equity markets were up in range 3.7 to 7.35%
  • European equity markets were up in range 1.08 to 3.5%
  • Asian equity markets are also trading in green
  • SGX Nifty is up 325 points (as on 8:19 AM)


News highlights from across the globe

  • US inflation rises less than expected to 7.7% in October – The S&P 500 and Nasdaq jumped on Thursday, racking up their biggest daily percentage gains in over 2-1/2 years as a sign of slowing inflation in October sparked speculation the Federal Reserve might become less aggressive with interest rate hikes.
  • West Texas Intermediate crude benchmark rose 1% to $86.67 per barrel, while gold rose 2.2%.
  • Rupee faltered against the U.S. dollar for the first time in four days after registering three consecutive 50-paisa gains this week.


Important news updates from the domestic front

  • Mahindra & Mahindra: Peugeot Motorcycles will cease to be a subsidiary of Mahindra Two Wheelers Europe Holdings, a wholly owned subsidiary of the company.
  • Reliance Industries: Reliance Jio, the telecom arm of the company, launched 5G beta services in Bengaluru and Hyderabad.
  • Adani Green Energy: The company appointed Phuntsok Wangyal as chief financial officer with effect from Nov. 11, after the resignation of Kaushal Shah from the office.
  • Adani Power: The company will sell its entire stake in its wholly owned subsidiary Support Properties to AdaniConnex for Rs 1,556 crore.
  • Sunteck Realty: The board has approved amalgamation of subsidiary Starlight Systems (I) into the company.
  • Trent: The company will raise Rs 600 crore through commercial papers for its working capital requirements.
  • Bank of Baroda: The bank increased interest rates across MCLR tenors in the range of 10-15 basis points, effective Nov. 12.
  • Alkem Laboratories: The company received Form 483 with three observations from U.S. FDA for its manufacturing facility located in St. Louis after a pre-approval inspection Oct. 31 to Nov. 9.


Nifty Outlook

Nifty index settled 128 points lower after a lackluster trading session, closed shop at 18028 levels.

Broader markets underperformed benchmark as Mid & Small cap index were down 0.97% and 1.15% respectively. Market breadth was quite weak; over 1500 declines were recorded against 698 advances at NSE.

All major sector gauges tracked at NSE settled in red, Auto index lost maximum, down 1.95% apart from this PSU Bank and Consumer Durables index too were down over 1% each.

Nifty index managed to settle above 18000-mark, this is a positive development. Going ahead, crossover and sustenance above 18060 levels will lead to an 18200 and higher levels while a close below 17950 could bring back bears in to action.


Derivatives Overview & Outlook

Yesterday, Nifty futures added around 1.5% of open interest as short buildup whereas Banknifty future shed around 3.5% of open interest as long unwinding.

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

On options front, Nifty will start the new weekly contracts with maximum positions at 19000 CE and 18000 PE.


FII & DII Trading Activity

Yesterday, FIIs bought stocks worth Rs 36 Cr in the cash segment, sold stocks futures worth Rs 1520 Cr and sold index futures worth Rs 887 Cr. DIIs too were net sellers in the cash segment to the tune of Rs 967 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18180-18250; Supports 18000-17900

Banknifty Futures – Resistances 41900-42100; Supports 41450-41200


Earnings Today – Life Insurance Corporation of India, Hindalco Industries, Mahindra & Mahindra, EID-Parry (India), Bharat Heavy Electricals, Hindustan Aeronautics, Zydus Lifesciences, Jindal Saw, Glenmark Pharmaceuticals, Alkem Laboratories, Zee Entertainment Enterprises, Delhivery, Thermax, IPCA Laboratories, Mahanagar Gas, Fortis Healthcare, Alembic Pharmaceuticals, Astral, Medplus Health Services, Glaxosmithkline Pharmaceuticals, SJVN, Sun TV Network, Graphite India, Emami, JB Chemicals and Pharmaceuticals, Ujjivan Financial Services, Sobha, Bharat Dynamics, Krishna Institute of Medical Science, V-Mart Retail, Restaurant Brands Asia, Shilpa Medicare, Vedant Fashions, Lemon Tree Hotels, MOIL, Thyrocare Technologies, Easy Trip Planners, ABB India, Adani Power, Advanced Enzymes Technologies, Advanced Enzymes Technologies, Aether Industries, Borosil, DB Realty, Electronics Mart India, ESAB India, Exide Industries, Gujarat Ambuja Exports, Great Eastern Shipping Company, HBL Power Systems, HEG, IndiaBulls Real Estate, IDFC, Ingersoll-Rand(India), Ircon International, ISGEC Heavy Engineering, KRBL, LA Opala RG, Mirza International, Nirlon, NLC India, Procter & Gamble Health, Religare Enterprises, Reliance Infrastructure, R Systems International, Thomas Cook (India), Unichem Laboratories


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