G20 Summit: RBI to launch wholesale CBDC for call market by October - Daily Market Update- Equity 11 Sep 2023 | Globe Capital Market LTD.
G20 Summit: RBI to launch wholesale CBDC for call market by October – Daily Market Update- Equity 11 Sep 2023

The Reserve Bank of India will introduce the wholesale version of its central bank digital currency (CBDC), the digital rupee-wholesale, in the call money market by October informed a senior central bank officials on September 10.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled on positive note up in range of 0.09% to 0.22%.
  • European equity markets ended on positive note.
  • Asian equity markets are trading on a negative note
  • GIFT Nifty is down by 20 points (as on 8:30AM), Nifty futures likely to open around 19918 levels.


News highlights from across the globe

  • Asian equities are trading lower on Monday. In currency markets the yen was on the front foot following potentially hawkish remarks for the Bank of Japan governor.
  • U.S. stock futures were little changed early on Monday after shares saw small moves at the end of the week, with the S&P 500 edging higher after a three-day drop. Nvidia Corp. and Tesla Inc. weighed on the megacap space, while Apple Inc. bounced after a rout.
  • Brent Crude prices slipped below $90 a barrel and the yield on the 10-year U.S. bond was trading at 4.26%.


Important news updates from the domestic front

  • Adani Enterprises: Adani Global Pte, Singapore has signed a 50-50 joint venture agreement with Singapore-based Kowa Holdings Asia Pte for green ammonia and green hydrogen trading.
  • Reliance Industries will partner with U.S.-based chipmaker Nvidia to develop India’s own large language model, trained on regional languages for tailored Generative AI apps. Nvidia will provide Reliance Jio Infocomm access to its most advanced supercomputing service on the cloud to build AI applications for its 450 million telecom subscribers as well as stakeholders in India’s technol
  • Tata Communications will collaborate with Nvidia to develop an AI cloud in India aimed at providing critical infrastructure that enables computing’s next lifecycle. That will result in high-speed data transfer for enterprises.
  • TCS will utilize the AI infrastructure to build and process generative AI applications as well as collaborate with clients with an AI-first approach. Additionally, TCS will up skill its 6,00,000-strong workforce leveraging the partnership.
  • ICICI Bank has received the RBI’s nod to make I-Process Services, a wholly-owned subsidiary. The bank currently holds 19% stake in the manpower and training support provider.
  • NTPC: Subsidiary NTPC Green Energy and V O Chidambaranar Port Authority will jointly develop a green hydrogen hub at Tuticorin in Tamil Nadu. Green hydrogen and its derivatives such as green ammonia and green methanol, will be produced at the hub to be built on the land provided by VOCPA.

Nifty Overview & Outlook

The benchmark Nifty index maintained its early gains with positive bias throughout the day, end the day on a higher note at 19819 levels, added 92 points to its previous closing values.

The Broader market outperform the benchmark as Midcap and Small cap index rose over 1% and 0.50%.

Majority of sectoral indices tracked at NSE settled in green. Amongst them, Nifty Realty was the top performer gained over 2% followed by Nifty Consumer Durable, Oil & Gas index that were up over 1% each. On the other hand, Nifty Media and Pharma witnessed some selling pressure, down nearly 0.41% and 0.32% respectively.

Technically, Nifty closed on a strong note and formed a bullish candlestick on the daily chart. Going ahead, we reiterate our bullish view on Nifty index and expect it to move towards its all time highs i.e. 19991 level in immediate near term.

Derivatives Overview & Outlook

On Friday, long buildup was seen in Nifty Future and Finnifty Future with increase in open interest by 0.2% and 14.3% respectively. Short covering was seen in Bank nifty Future with decrease in open interest by 0.6%.

On sectoral front, long buildup was seen in Infrastructure, Oil & Gas, Power and Telecom shares while short buildup was seen in Media, Chemical and Pharma shares. Short covering was seen in Metals shares.

On options front, put writing and call writing both was seen at multiple strikes and maximum positions are at 19600 PE and 20000 CE.


Institutional Trading Activity

Last week, FIIs sold stocks worth Rs 9321 Cr in the cash segment, sold stocks futures worth Rs 424 Cr and bought index futures worth Rs 2159 Cr. DIIs were net buyer in the cash segment to the tune of Rs 4572 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19970-20050; Supports 19775-19695

Banknifty – Resistances 45600-45800; Supports 45015-44825

Finnifty – Resistances 20360-20455 Supports 20130-20000


F&O stocks in ban today:




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