India’s economic growth rises to a four-quarter high of 7.8% in Q1 - Daily Market Update- Equity 13 Sep 2023 | Globe Capital Market LTD.
India’s economic growth rises to a four-quarter high of 7.8% in Q1 – Daily Market Update- Equity 13 Sep 2023

India’s economy expanded 7.8% in the first quarter of FY24, in line with expectations, owing to a pick-up in private consumption growth and continued capex growth despite global headwinds.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled on negative note down in range of 0.05% to 1.04%.
  • European equity markets ended on mixed note.
  • Asian equity markets are trading on a negative note
  • GIFT Nifty is down by 29 points (as on 8:30AM), Nifty futures likely to open around 20044 levels.


News highlights from across the globe

  • Asian equities look set for a cautious open on Wednesday as global markets gear up for a key inflation report that’s expected to bring insights on the outlook for the Federal Reserve’s benchmark interest rate. Oil held gains amid strains in global supplies.
  • A rout in technology companies dragged down the U.S. stock market, with the Nasdaq 100 falling 1.1%. Apple Inc., which unveiled the iPhone 15 and other products, dropped almost 2%. The S&P 500 slid 0.6%.
  • Brent Crude prices slipped below $92 a barrel and the yield on the 10-year U.S. bond was trading at 4.28%.


Important news updates from the domestic front

  • NTPC: The power company completed trail operation of Unit-1 of 800 MW capacity of Stage-I of Telangana Super Thermal Power Project and consequently included it in its installed capacity. With this, the installed capacity of NTPC and NTPC group has become 57,838 MW and 73,824 MW, respectively.
  • Infosys: The IT major has tied-up with STARK Group, Europe’s largest retailer and distributor of building materials, to establish a state-of-the-art data center in Denmark, which will serve as the foundation to drive technological advancements with an ‘AI first’ approach powered by Infosys Topaz.
  • Wipro: Wipro Holdings (UK) has transferred 100% shareholding in Wipro 4C NV to Wipro IT Services UK Societas, effective Sept 12. Wipro Holdings (UK) and Wipro IT Services UK Societas are wholly-owned subsidiaries of the company, while Wipro 4C NV is the step-down subsidiary. The rationalisation and simplification of the overall group structure is the objective behind the stake transfer.
  • IRCTC: The company signed an MoU with NBCC Services for planning, designing and execution of interior works for its upcoming office space in Delhi. The cost project is Rs 31.4 crore.
  • Tata Power: Subsidiary Tata Power Solar Systems signed an MoU with Small Industries Development Bank of India to finance MSMEs for solar adoption.
  • Mahindra and Mahindra: Company has been fined Rs 1,69,949 by the Assistant Commercial Taxes Department, Begumpet Division, Hyderabad for not reversing VAT ITC, as per an exchange filing. It also added that it is hopeful for a favourable outcome at the appellate level.

Nifty Overview & Outlook

The benchmark nifty index opened with a gap on the higher side, failed to sustain at higher levels, and ended on a flat note at 19993 levels.

The Broader market underperformed the benchmark as Midcap and Small cap index settled lower, down 3% & 4% respectively against flat closing of the frontline index.

All the sectoral indices, barring Nifty IT and Pharma index, tracked at NSE settled in red. Amongst them, Nifty Media index led the decline , tumbled over 4% followed by Nifty Auto, Consumer Durable, Metal, PSU Bank and Realty index that were down in range 1.86% to 3.24%.

Technically, Nifty index is well placed on multiple chart frames. Going ahead, we reiterate our bullish view on Nifty index and suggest traders to maintain buy on dip trading strategy till it is trading above 19500 levels on a closing basis.

Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty futures with increase in open interest by 1.2%. Long unwinding was seen in Banknifty and Finnifty futures with decrease in open interest by 0.3% and 18.4% respectively.

On sectoral front short buildup was seen in Chemical, Pharma, Power and Oil & Gas stocks. Long unwinding was seen in Cement, Infrastructure, Reality and Technology stocks.

On options front, call writing was seen at multiple strikes along with put writing at 20000 strikes and maximum positions are at 19900 PE and 20100 CE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 1047 Cr in the cash segment, sold stocks futures worth Rs 1322 Cr and bought index future worth Rs 1106 Cr. DIIs were net buyer in the cash segment to the tune of Rs 259 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 20160-20200; Supports 19840-19680

Banknifty – Resistances 46000-46200; Supports 45220-44960

Finnifty – Resistances 20520-20670; Supports 20170-20040


F&O stocks in ban today:




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