Daily Market Update- Equity 14 Feb 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 14 Feb 2023

Benchmark Nifty index settled lower at 17770 levels, down 85 points from its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets were up by over 1%.
  • European equity markets settled higher in range 0.58 to 1.09%
  • Asian markets are trading in green
  • SGX Nifty is little changed (as on 8:15 AM)


News highlights from across the globe

  • Asian markets are set to advance, following a rally on Wall Street as traders position for the U.S. inflation data later in the day.
  • The Consumer Price Index inflation was at 6.52% in January 2023, compared to 5.72% in December 2022, according to data released by the Ministry of Statistics and Programme Implementation.
  • The yield on 10-year Treasuries declined to 3.71%. Crude prices were trading at $86-mark.


Important news updates from the domestic front

  • SBI, Adani group stocks:SBI on Monday said the fresh pledge of shares of three Adani Group companies was on account of the requirement to top-up the collateral for its coal mine project in Australia. The lender also clarified that it has not issued fresh loans to the group for the pledged shares.
  • Spice Jet: In the share dispute case between SpiceJet CMD Ajay Singh and ex-promoter Kalanithi Maran, the Supreme Court on Monday directed the low-cost airline to invoke a bank guarantee of Rs 270 crore to pay Maran towards the dues from the arbitral award of Rs 572 crore.
  • Shree Renuka Sugars: The Company commenced commissioning activities of its expanded ethanol production capacity at Athani (from 300 KLPD to 450 KLPD) and at Munoli (from 120 KLPD to 500 KLPD).
  • Maruti Suzuki India/ South Indian Bank: The automobile major has signed an MoU with the bank to offer dealer finance options and customised auto retail financing solutions for customers.
  • Heidelberg Cement India: The board approved the appointment of Joydeep Mukherjee as managing director of the company for a term of three years, effective April 1, 2023.


Nifty Outlook

Benchmark Nifty index settled lower at 17770 levels, down 85 points from its previous closing values.

Broader markets underperformed the benchmark as Mid & Small cap index settled down 1.62% and 1.15% respectively. Market breadth was heavily tilted towards the declining side as 1631 declines were recorded against 667 advances at NSE.

All sectoral indices, tracked at NSE, settled in red. Amongst them, Nifty PSU Bank and Media index were the worst performers, down 2.52% & 2.45% respectively, followed by Nifty IT and Realty that were down over 1.50%.

We reiterate our sideways view on Nifty index till it is trading in 17600-17900 congestion range. Either side break from this range on closing basis will start the next directional move in that direction.


Derivatives Overview & Outlook

Yesterday, both Nifty and Banknifty futures added around 4% and 8.5% of open interest respectively as short buildup.

All F&O sectors settled lower. Amongst them, Banking, IT and Textile stocks witnessed maximum addition of short positions.

On options front, call writing was seen at multiple strikes and maximum positions are at 17800 PE and 18000 CE.


FII & DII Trading Activity

Yesterday, FIIs bought stocks worth Rs 1322 Cr in the cash segment, sold stocks futures worth Rs 1312 Cr and bought index futures worth Rs 89 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 522 Cr.


Important Results Today

Adani Enterprises, Apollo Hospitals Enterprise, Arvind Fashions, Aster DM Healthcare, Bata India, Bharat Forge, Biocon, Bosch, CESC, DB Realty, Eicher Motors, EID-Parry (India), Eureka Forbes, Gujarat Mineral Development Corporation, GMR Airports Infrastructure, Grasim Industries, Harsha Engineers International, HEG, Indiabulls Housing Finance, Ipca Laboratories, Jindal Poly Films, Jupiter Wagons,


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