Adani Group to invest $100 billion on energy transition over 10 years - Daily Market Update - Equity 13 Dec 2023 | Globe Capital Market LTD.
Adani Group to invest $100 billion on energy transition over 10 years – Daily Market Update – Equity 13 Dec 2023

The Adani Group portfolio companies will be investing $100 billion over the next decade to achieve its energy transition plans and meet ESG goals. Adani portfolio businesses have an active strategy to decarbonise, plant 100 million trees by 2030, electrify operations, use green sources for energy, and innovate efficient storage technologies, according to an investor presentation by the group.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled higher in range 0.46% to 0.64%.
  • European equity markets settled on a flat to negative note
  • Majority of Asian equity markets trading in red
  • GIFT Nifty is little changed, Nifty futures are likely to open around 21067 levels (as on 8:30AM)


News highlights from across the globe

  • Most Asian share indices are trading in green, tracking overnight gains on Wall Street ahead of the outcome of the U.S. Federal Reserve policy, due post-market hours today.
  • Data from the U.S. Labor Department showed Wednesday, that the consumer price index in the world’s largest economy came at 3.1% in November in line with Bloomberg Survey’s forecast. The core CPI, which excludes food and energy costs, was at 4.0% in November.
  • Market participants expect the Federal Reserve to cut rates as early as March 2024, according to CME FedWatch tool.


Important news updates from the domestic front

  • Indian Bank: The bank opened its qualified institutional placement to raise up to Rs 4,000 crore. The floor price for the QIP is set at Rs 414.44 per share, which indicates a discount of 5.28% to the stock’s previous close of Rs 437.55 on the NSE.
  • Reliance Industries invested Rs 418 crore in five subsidiaries of Mercury Holdings. Mercury Holdings is a joint venture between Brookfield Infrastructure and Digital Realty.
  • Shilpa Medicare received approval from TGA, Australia, for the manufacturing, labelling, packaging, and testing of medicinal oral mouth-dissolving films.
  • UNO Minda: The National Company Law Tribunal has sanctioned the scheme of amalgamation of Minda iConnect Private with itself, formerly known as Minda Industries Ltd.
  • Cummins India collaborated with Repos Energy and launched DATUM, an innovative fuel management system for diesel applications.
  • Bank of Baroda: The bank’s capital-raising committee will be meeting on Dec. 15 to discuss fundraising.
  • Cyient inaugurates the CyientifIQ Experience Centre, an immersive showcase of intelligent engineering and technology solutions in action.


Nifty Overview & Outlook

Benchmark Nifty index ended lower at 20906, down 90 points from its previous closing values after a lackluster trading session.

Broader markets settled on flat to negative note, Small cap index was flat to positive while Mid cap index lost 0.27%, leading to extremely weak market breadth.

Performance on the sectoral front was mix. Amongst them, Consumer Durables, Realty and Oil & Gas index were the worst performers, fell over 1% each. On the other hand, Nifty Media and Metal index led the advances, gained 0.59% & 0.31% respectively.

Nifty index manage to close above 20900 levels. Going ahead, we reiterate our sideways view on Nifty index till it is trading in 20800-21050 congestion range. Either side break from this range on closing basis will start the next directional move in that direction.


Derivatives Overview & Outlook

Yesterday, long unwinding was seen in Nifty futures and Finnifty futures with decrease in open interest by 1.7% and 1.9% respectively whereas short buildup was seen in Banknifty futures with increase in open interest by 4.3%.

On the sectoral front, long buildup was seen among Cement and Finance stocks whereas some short buildup was seen among Capital Goods, Chemicals and Pharma stocks. Long unwinding was seen in Power and Technology stocks.

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


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 77 Cr in the cash segment, bought stocks futures and index futures worth Rs 1137 Cr and Rs 1380 Cr respectively. DIIs were net buyers in the cash segment to the tune of Rs 1923 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 21170-21280; Supports 20850-20680

Banknifty – Resistances 48120-47800; Supports 46740-46320

Finnifty – Resistances 21460-21590; Supports 21090-20970




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