Daily Market Update- Equity 13 Oct 2022 | Globe Capital
13-Oct-2022
Daily Market Update- Equity 13 Oct 2022

Nifty index settled near the day’s top at 17123 levels after adding 140 points from its previous closing value.

Overview and Outlook

Global Market Update

  • US equity markets settled on flat to negative note
  • European equity markets too settled in red
  • Asian equity markets are also trading in red
  • SGX Nifty is down 70 points (as on 8:24 AM)

 

News highlights from across the globe

  • US equity futures and Australian shares climbed while Japanese stocks opened lower in mixed, cautious trading as investors await highly anticipated inflation data later Thursday.
  • The support for US equities followed the sixth consecutive decline for the S&P 500, which fell to the lowest level since November 2020.

 

Important news updates from the domestic front

  • Adani Ports and Special Economic Zone: The company received letter of award from West Bengal Industrial Development Corporation Ltd. for development of deep-sea port at Tajpur, West Bengal on design, build, finance, operate and transfer basis.
  • PVR/Inox Leisures: PVR shareholders and secured creditors have approved the merger of the company with rival Inox Leisures.
  • InterGlobe Aviation: The airline will ‘wet lease’ up to four wide-body Boeing 777 aircraft on interim basis to cover the shortfall in its international operations, PTI reported.
  • Indian Oil Corporation/Bharat Petroleum Corporation: The Union Cabinet granted a relief package worth Rs 22,000 crore for state-run OMCs to offset the losses on account of rising LPG prices due to surging global oil prices.
  • Coal India/BHEL/IOCL/GAIL/NLC India: Coal India signed three separate MoUs with Bharat Heavy Electricals Ltd., Indian Oil Corporation Ltd. and GAIL (India) Ltd. to set up coal gasification projects, while NLC India Ltd. is signing a separate MoU with BHEL for the same, according to a government statement.
  • Reliance Power: The company and its subsidiaries signed executive documents to raise Rs 1,000 crore via debt from Varde Partners, which will be used for debt resolution.
  • NTPC: The company signed an MoU with Siemens for demonstrating hydrogen co-firing blended with natural gas in Faridabad gas power plant.
  • Steel Authority of India: DIPAM has annulled the proposed strategic sale of Bhadravathi-based Visvesvaraya Iron and Steel Plant, a unit of the company, due to insufficient bidder interest, a government statement read.
  • Suven Life Sciences: The board of the company approved the terms for its upcoming rights issue. The company will issue 7.27 crore shares aggregating to Rs 399.80 crore at a price of Rs 55 apiece. The company will issue one rights share for every two shares held by eligible shareholders.
  • Adani Wilmar: Overall revenue is expected to see low single digit growth in the quarter ended Sept. 30, 2022, according to the company’s update.

 

Nifty Outlook

Nifty index settled near the day’s top at 17123 levels after adding 140 points from its previous closing value.

Broader markets performed in line with benchmark, up 0.8% each but market breadth was slightly tilted towards the declining side.

Barring Media, all sector gauges tracked at NSE settled in green. Realty, PSU Bank, FMCG index were at the top of the tally, up over 1.5% each.

Going ahead, sustenance above 17200 spot levels is the key for further up move. We see volatility of continue due to weekly derivatives expiry, US GDP data & results of two IT major viz. HCL Tech & Wipro  which will be announced on Thursday.

 

Derivatives Overview & Outlook

Yesterday, Nifty futures remained almost unchanged on open interest front whereas Banknifty futures added around 6% of open interest as long buildup.

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

On options front, put writing was seen at multiple strikes along with call writing at 17500 CE and maximum positions are at 17500 CE and 17000 PE.

 

FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 542 Cr in the cash segment, bought stocks futures worth Rs 2467 Cr and also bought index futures worth Rs 1064 Cr. DIIs were net buyers in the cash segment to the tune of Rs 85 Cr.

 

Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 17200-17280; Supports 17030-16950

Banknifty Futures – Resistances 39450-39750; Supports 38850-38600

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