Daily Market Update- Equity 13 June 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 13 June 2023

The benchmark Nifty index ended on a positive note, closed tad above 18600 levels, and added 38 points to its previous closing values after a lackluster trading session.

Overview and Outlook

Global Market Update

  • US equity markets ended higher in range 0.56 to 1.53%
  • European equity markets gained by 0.11 to 0.92%
  • Asian equity markets are trading mix
  • SGX Nifty is trading up by 60 points(as on 8:25AM)


News highlights from across the globe

  • Asian markets are trading mix on Tuesday with support from a rally on Wall Street amid optimism that the Federal Reserve will pause its most-aggressive tightening campaign in decades.
  • On Monday, Tesla Inc. climbed for a 12th straight session — a record-winning run — and Apple Inc. hit an all-time high. All eyes are on the Federal Open Market Committee, which is expected to keep interest rates in the 5%-5.25% range on Wednesday.
  • Brent crude traded below $72 a barrel and the yield on the 10-year U.S. bond was trading at 3.74%


Important news updates from the domestic front

  • Adani Ports and SEZ has suspended vessel operations in Mundra and Tuna Port in light of the advisory issued by the Indian Metrological Department on the expected cyclone storm ‘Biparjoy’.
  • Zee Entertainment Enterprises: SEBI has barred Company’s Chief Executive Officer Punit Goenka and Essel Group Chairman Subhash Chandra from holding the position of a director or a key managerial position in a company’s board.
  • Tata Motors said $111.94 million in aggregate principal amount of external commercial borrowing bonds of $250 million 5.75% senior notes 2024 were validly tendered as of Jun. 9.
  • JSW Steel: Directorate of Mines and Geology, Goa named the company as the preferred bidder and granted a mining lease for iron ore minerals. The company won a grant for Block VI- Cudnem Cormolem Mineral Block with 9.77 million metric tons of resources with a final offer price of 96.65%. It received a grant for Block IX-Surla-Sonshi Mineral Block with 65.73 million metric tons of resources with final offer price
  • HDFC Bank said that 99.7% of votes were received in favor of naming Kaizad Bharucha as a deputy managing director of the bank, for a period of three years starting Apr. 19, 2023,. As much as 99.8% votes were received in favor of appointing Bhavesh Zaveri as an executive director of the bank for a period of three years from Apr. 19, 2023,
  • Housing Development Finance Corporation inked share purchase agreement to sell entire stake held in HDFC Ventures Trustee Company for an aggregate consideration of Rs 7.60 lakh.
  • Hero MotoCorp launched a vehicle model, Passion+, under its brand Passion. It is available at Hero MotoCorp’s dealerships across the country at an ex-showroom price of Rs 76,301.
  • Tejas Networks deployed its TJ1400 family of carrier-class Fiber-to-the-x and Packet Switching Network solutions to deliver high-speed fiber connectivity services to businesses across the country for Tata Tele Business Services.


Nifty Overview & Outlook

The benchmark Nifty index ended on a positive note, closed tad above 18600 levels, and added 38 points to its previous closing values after a lackluster trading session.

Broader market outperformed the benchmark as Mid and Small cap index were up nearly 1% each against the flat closing of the frontline index.

Majority of sectoral indices tracked at NSE settled in green. Amongst them, Nifty IT, Realty and Media index were at the top of the tally, gained 1% to 1.51% each.

Nifty index is well placed on multiple chart frames till it is holding above 18200 levels on a closing basis. Hence, we suggest traders to maintain buy on dips trading approach.


Derivatives Overview & Outlook

Yesterday, no significant activity was seen among Nifty, Banknifty and Finnifty futures on price whereas on open interest front Nifty futures shed around 5% of open interest and Banknifty & Finnifty futures added around 4% & 13% of open interest.

Majority of F&O sectors settled higher. Amongst them, Oil & Gas, Media and Finance stocks witnessed maximum addition of long positions.

On options front, put writing was seen at multiple strikes and maximum positions are at 18600 PE and 18700 CE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 627 Cr in the cash segment, bought stocks futures worth Rs 524 Cr and also bought index futures worth Rs 969 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1794 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty – Resistances 18750-18850; Supports 18600-18540

Banknifty – Resistances 44350-44550; Supports 43900-43700

Finnifty – Resistances 19550-19660; Supports 19400-19300


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