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

The benchmark Nifty index settled higher at 18716 levels after adding 115 points to its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets ended higher in range 0.43 to 0.83%
  • European equity markets also edged higher by 0.32 to 0.82%
  • Asian equity markets are trading mix
  • SGX Nifty is trading up by 45 points(as on 8:25AM)


News highlights from across the globe

  • Asian Equity markets are trading mix as traders bet that a slowdown in U.S. inflation had minimized any risk of the Federal Reserve hiking interest rates later on Wednesday.
  • Brent crude traded above $74 a barrel and the yield on the 10-year U.S. bond was trading at 3.82%


Important news updates from the domestic front

  • Balkrishna Industries informed that it will suspend operations at the Bhuj plant from the late evening of Jun. 13, 2023, due to Cyclone Biparjoy. It will halt operations for three to four days.
  • Kotak Mahindra Bank’s board to meet on Jun. 16 to consider raising funds by issuing non-convertible debentures or bonds in one or more tranches on a private placement basis during fiscal 2023-2024.
  • Zydus Lifesciences said U.S. FDA inspection at the injectables manufacturing facility at Zydus Biotech Park in Changodar concluded with nil observations. The U.S. drug regulator conducted a current good manufacturing practices inspection at the facility from Jun. 5 to Jun. 13.
  • Anupam Rasayan India signed a letter of intent worth $256 million (Rs 2,186 crore) for the next five years with a leading Japanese specialty chemical company. It will supply new-age patented life science active ingredients from the calendar year 2025. The product will be in the validation phase for the next eighteen months.
  • GAIL (India): Ministry of Petroleum and Natural Gas has nominated Executive Director (Marketing) Sanjay Kumar as director (marketing) on the board of the company. Presently, he is the Managing Director of Indraprastha Gas Ltd. (IGL), the largest CNG distribution company of India.
  • LTIMindtree said it has joined Microsoft Intelligent Security Association, which is an ecosystem of independent software vendors and managed security service providers. This collaboration will allow the company to enhance its MDR platform and help enterprises prevent, detect, and respond to cyberattacks.
  • LIC Housing Finance Chief Operating Officer and Whole Time Director Ashwani Ghai has resigned with effect from Jun. 13.
  • KEC International secured new orders worth Rs 1,373 crore across its railways, civil, transmission & distribution, and cables businesses.


Nifty Overview & Outlook

The benchmark Nifty index settled higher at 18716 levels after adding 115 points to its previous closing values.

Mid cap index outperformed the benchmark as it was up over 1% while the Smallcap index performed in line with the benchmark. The market breadth was heavily inclined towards the advancing side as over 1.5 advances were recorded for every declining share at NSE.

All sectoral indices, barring Auto, tracked at NSE settled in green. Amongst them, Realty index was the top performer, soared over 3% followed by Media, Consumer Durables and FMCG index that gained in the range 1.44% to 1.78%.

Nifty index is well placed on multiple time frames. Going ahead, we reiterate our bullish view on the Nifty index and suggest traders maintain buy on dips trading strategy till it is holding above 18400 levels on a closing basis.


Derivatives Overview & Outlook

Yesterday, no significant activity was seen among Nifty, Banknifty futures on open interest front. On the other hand, Finnifty futures added around 11% of open interest as long buildup.

Majority of F&O sectors settled higher. Amongst them, Telecom, Textile and Capital Good stocks witnessed maximum addition of long positions.

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


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 1678 Cr in the cash segment, bought stocks futures worth Rs 786 Cr and also bought index futures worth Rs 615 Cr. DIIs were net sellers in the cash segment to the tune of Rs 203 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty – Resistances 18850-18950; Supports 18680-18600

Banknifty – Resistances 44500-44750; Supports 44050-43800

Finnifty – Resistances 19600-19660; Supports 19400-19300


Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, MCX, NCDEX, ICEX 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 and Research Analyst. 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.

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. GCML or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report.

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.

Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.