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

Benchmark Nifty Index ended lower at 17412.90 for the second straight session; shed 176 point from previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets were down over 1% on Friday
  • European equity markets too ended lower in range 1.33 to 1.70%
  • Asian equity markets are trading mix
  • SGX Nifty is little changed (as on 8:15 AM)


News highlights from across the globe

  • Asian stocks opened lower on Monday as U.S. stock futures surged and the dollar retreated after American financial regulators took steps to shore up the financial sector with a new lending program in the wake of Silicon Valley Bank’s failure.
  • Crude price rose 1.4%, while gold prices increased 1.8% with the rout in equity and bond markets.


Important news updates from the domestic front

  • Adani Group stocks/Ambuja Cement: Adani promoters notified that they have fully repaid share backed debt worth $2.15 billion (or Rs 17,623 crore as of 12th March) ahead of month end deadline.
  • Hindustan Aeronautics: The Ministry of Defence will procure six Dornier-228 aircraft for the Indian Air Force from the company for Rs 667 crore.
  • ICICI Bank/ ICICI Lombard General Insurance Company: The RBI granted ICICI Bank time till Sept. 9, 2024, to reduce its stake in ICICI Lombard General Insurance Company to the required 30%.
  • IndusInd Bank: The RBI approved reappointment of Sumant Kathpalia as MD and CEO of the bank for two more years, effective March 24, 2023.
  • JSW Steel: The company’s subsidiary JSW Steel Coated Products has completed the acquisition of 31% stake in Ayena Innovation.
  • Lupin: The U.S. FDA completed a pre-approval and GMP inspection of its API manufacturing inspection in Visakhapatnam, India, from March 6-10, 2023, with no observations.
  • Canara Bank: The bank raised its lending rates by 10-45 basis points across tenors with effect from March 12.

Nifty Outlook

Benchmark Nifty Index ended lower at 17412.90 for the second straight session; shed 176 point from previous closing values.

Broader markets outperform the benchmark as Midcap & Small cap index was down 0.72% & 0.89% respectively against 1% fall in the benchmark. The market breadth was inclined towards declining side as 1427 declines were recorded against 839 advances at NSE.

Barring Nifty FMCG, all sectoral indices tracked at NSE settled in red. Amongst them, Nifty PSU Bank was the worst performer, down 2.19% followed by Nifty Bank and Financial Services index that were down over nearly 2% each.

Technically, Nifty index is trading on verge of fresh breakdown. Cross and sustenance below 17300 levels might drag it towards 17000 levels in immediate near term.


Derivatives Overview & Outlook

On Friday, both Nifty & Banknifty futures added around 5% & 1% of open interest respectively as short buildup.

Majority of F&O sectors settled lower. Amongst them, Media, Banking and Capital Goods stocks witnessed maximum addition of short positions.

On options front, call writing was seen at multiple strikes and maximum positions at 17400 PE and 17500 CE.


FII & DII Trading Activity

Last week, FIIs bought stocks worth Rs 2303 Cr in the cash segment, sold stocks futures worth Rs 4779 Cr and also sold index futures worth Rs 2986 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1211 Cr during the week.



Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, USE and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.

Globe Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. Rolex Finvest Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited and Lakshya Impex Private Limited  are associates of GCML. Globe Comex International DMCC is step down subsidiary of GCML.

This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.

Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.

This report has been prepared by GCML based on the information available in the public domain and other public sources believed to be reliable. Though utmost care has been taken to ensure its accuracy and completeness, no representation or warranty, express or implied is made by GCML that such information is accurate or complete and/or is independently verified. The contents of this report represent the assumptions and projections of GCML and GCML does not guarantee the accuracy or reliability of any projection, assurances or advice made herein. Nothing in this report constitutes investment, legal, accounting and/or tax advice or a representation that any investment or strategy is suitable or appropriate to recipients’ specific circumstances.

Since GCML or its associates are engaged in various financial activities, they might have financial interest or beneficial ownership in various companies including subject company/companies mentioned in the report. GCML or its associates have not received any compensation for investment banking or merchant banking from the subject company in the past 12 months.  GCML or its associates might have received any compensation including brokerage services and for products or services other than investment banking or merchant banking from the subject company in the past 12 months. It is confirmed that GCML or research analyst or its associates have not managed or co-managed public offering of securities for the subject company in the past 12 months.

Research analyst or GCML or its relatives’/associates’ have no material conflict of interest at the time of publication of this report. Neither research analyst nor GCML are engaged in market making activity for the subject company. It is confirmed that research analysts do not serve as an officer, director or employee of the subject company. It is also confirmed that research analyst have not received any compensation from the subject company in the past 12 months.

No material disciplinary action has been taken on GCML by any regulatory authority impacting Equity Research Analysis activities.

The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. This information is subject to change, as per applicable law, without any prior notice. GCML reserves the right to make modifications and alternations to this statement, as may be required, from time to time.

Research analyst or GCML or its relatives’/associates’ do not have actual/beneficial ownership of 1% or more in securities of the subject company, at the end of the month immediately preceding the date of publication of the document.