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

Benchmark Nifty index ended sharply lower at 17154, down 258 points from its previous closing values after a highly volatile trading session.

Overview and Outlook

Global Market Update

  • US equity markets ended mix, NASDAQ gained 0.45% while Dow Jones & S&P 500 settled in red
  • European equity markets ended lower in range over 2.5% to over 3%
  • Majority of Asian equity markets are trading in red
  • SGX Nifty is trading up by 50 points (as on 8:20 AM)


News highlights from across the globe

  • Asian markets extending declines on Tuesday while bonds rallied in early trading as the collapse of Silicon Valley Bank continued to reverberate across global markets.
  • The fallout from SVB’s collapse prompted President Joe Biden to promise stronger regulation of U.S. lenders, while reassuring depositors that their money is safe.
  • The yield on 10-year Treasuries declined to 3.55%. Crude prices were trading around $80-mark.


Important news updates from the domestic front

  • Lupin: The U.S. FDA completed its inspection of the company’s bioresearch centre in Pune. The inspection was closed without any observations.
  • Tata Chemicals: Fitch Ratings revised its outlook on the company’s long-term foreign-currency issuer default rating to positive from stable, and affirmed the rating at ‘BB+’.
  • Sun TV Network: The company declared an interim dividend of Rs 2.5 per share of face value Rs 5 for the financial year ending March 2023.
  • GAIL (India): The company declared an interim dividend of Rs 4 per share for the current fiscal. The record date for the dividend has been fixed on March 21, 2023.
  • National Aluminium: The company approved a second interim dividend of Rs 2.5 per share for each share of face value Rs 5. The record date for the dividend is March 21, 2023, it will be paid to the shareholders on or before March 31, 2023.
  • NMDC: Additional charge of chairman and managing director of the company has been given to Director (Finance) Amitava Mukherjee for a period of three months till May 31, 2023 as Sumit Deb was relieved from the post.
  • Krsnaa Diagnostics: The company operationalised 100 more pathology collection centres in Mumbai for BMC dispensaries and hospitals under the ‘Hinduhriday samrat Balasaheb Thakeray Chikitsa’ project.


Nifty Outlook

Benchmark Nifty index ended sharply lower at 17154, down 258 points from its previous closing values after a highly volatile trading session.

Broader market underperformed the frontline benchmark as Small cap and Midcap tumbled 2.23% and 2% respectively. The market breadth was heavily inclined towards declining side as 1902 declines were recorded against 425 advances at NSE.

All the sectoral indices tracked at NSE settled in red. Amongst them, Nifty PSU Bank index lost maximum, down nearly 3% followed by Nifty Media, Pvt Bank, Auto indices that were down over 2% each.

Technically, Nifty index has given fresh breakdown from its important support i.e. 17300 levels and decisively closed below the same. Going ahead, it might come down towards 17000 levels in immediate near term.


Derivatives Overview & Outlook

Yesterday, both Nifty & Banknifty futures added around 1% & 7% of open interest respectively as short buildup.

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

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


FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 1547 Cr in the cash segment, sold stocks futures worth Rs 1586 Cr and also sold index futures worth Rs 620 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1419 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty – Resistances 17350-17425; Supports 17100-17000

Banknifty – Resistances 40100-40500; Supports 39600-39200



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