Daily Market Update- Equity 13 Jan 2023 | Globe Capital
13-Jan-2023
Daily Market Update- Equity 13 Jan 2023

Nifty index ended flat after a volatile trading session, closed shop at 17858 levels, down 37 points from its previous closing levels.

Overview and Outlook

Global Market Update

  • US equity markets settled higher by 0.64%
  • European equity markets were up by 0.8%
  • Asian equity markets are trading in green
  • SGX Nifty is little changed (as on 8:23 AM)

 

News highlights from across the globe

  • Asian stocks opened with tailwinds from easing inflationary pressure in the U.S. and expectations that central banks can slow the pace of interest rate hikes.
  • U.S. stocks moved little while Treasury yields dropped as inflation figures moderated.
  • Rupee appreciated against the U.S. dollar after a weak opening tracking the overall weakness in the currency.

 

Important news updates from the domestic front

  • HCL Technologies: The company has been selected by Mattel to drive transformation across the latter’s global technology landscape cutting across applications, infrastructure and information security domains.
  • PVR/Inox Leisure: The Mumbai bench of NCLT approved the merger of the two companies.
  • Asian Paints: The company incorporated a subsidiary, Asian Paints (Polymers), with a share capital of Rs 100 crore to operate a manufacturing facility for vinyl acetate ethylene emulsion and vinyl acetate monomer in India.
  • Rama Steel Tubes: The company signed an MoU with Uttar Pradesh government to set up a steel processing unit with a proposed investment of Rs 600 crore.
  • Shyam Metalics: The company received consent to operate from Odisha government for additional pellet capacity of 1.2 MT at its plant in Sambalpur, Odisha.
  • Larsen & Toubro/L&T Technology Services: L&T Technology Services, a subsidiary of Larsen & Toubro, will acquire smart world and communication business of its parent company for Rs 800 crore.
  • Linde India: The company started construction of its new air separation plant in Ludhiana, Punjab, which is expected to start operations towards the end of 2023.
  • V-Guard Industries: The company completed the acquisition of 100% shareholding of Sunflame Enterprises for an aggregate consideration of Rs 680.33 crore.

 

Nifty Outlook

Nifty index ended flat after a volatile trading session, closed shop at 17858 levels, down 37 points from its previous closing levels.

Broader markets too performed in line with benchmark, Mid & Small cap index too were little changed, due to which market breadth was also flat.

Majority of sector gauges tracked at NSE settled in red, Media index gained maximum, up 0.8% while Oil & Gas index was at the bottom of the tally, down over 1%.

Nifty index is likely to take decisive stance only when the trading range 17750-18000 is breached on either side. Post which 200-250 points move will be witnessed in that direction.

 

Derivatives Overview & Outlook

Yesterday, both Nifty & Banknifty futures added around 2% of open interest each as short buildup.

On the sectoral front, short buildup was seen among Telecom, Banking and Oil & Gas stocks whereas some long buildup was seen among Chemicals and Media stocks.

On options front, Nifty will start the new weekly contract with maximum positions at 17900 PE and 19000 CE.

 

FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 1663 Cr in the cash segment, sold stocks futures worth Rs 556 Cr and also sold index futures worth Rs 1416 Cr. DIIs were net buyers in the cash segment to the tune of Rs 2128 Cr.

 

Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18020-18100; Supports 17820-17750

Banknifty Futures – Resistances 42500-42800; Supports 41900-41650

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