Daily Market Update- Equity 15 March 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 15 March 2023

The benchmark Nifty index extended losses for the fourth straight sessions and ended at 17043 levels with a loss of 111 points from its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets were up in range 1.06 to 2.14%
  • European equity markets settled higher in range 1.16% to 1.82%
  • Asian equity markets are trading in green
  • SGX Nifty is trading up by nearly 100 points (as on 8:15 AM)


News highlights from across the globe

  • Asian markets are trading higher on Wednesday as investors wager that the worst of the global fallout from the American banking sector has passed.
  • Consumer price index in the U.S. increased 0.5% in February, slightly ahead of the median estimate of 0.4% and enough to keep pressure on policy makers to hike rates.
  • The yield on 10-year Treasuries declined to 3.68%. Crude prices were trading around $78-mark.


Important news updates from the domestic front

  • NBCC (India): The company received a work order from Government of Puducherry to construct Government Medical College and Hospital at Karaikal, Puducherry for Rs 500 crore.
  • Reliance Industries: The Competition Commission of India has approved the acquisition of Metro Cash & Carry by Reliance Retail Ventures, the retail arm of the oil-to-telecom conglomerate.
  • Cipla: The company will sell 51.8% stake in its Ugandan subsidiary Cipla Quality Chemical Industries to Africa Capitalworks SSA 3 for $25-30 million.
  • RailTel Corporation of India: The company received a work order from Centre for Development of Advanced Computing for supply, installation, integration, testing and commissioning of IT infrastructure in green field data centre at New Delhi and Bengaluru, along with training and support. The project is worth Rs 287.57 crore.
  • Mahindra & Mahindra: Mahindra Bangladesh, a wholly owned subsidiary of the company, received its shareholders’ approval for voluntary winding up.
  • LIC Housing Finance: Chairman MR Kumar has resigned from the board of the company upon attainment of superannuation.
  • TVS Motor Company: The company’s board approved the proposal to raise Rs 125 crore via non-convertible debentures on private placement basis.


Nifty Outlook

The benchmark Nifty index extended losses for the fourth straight sessions and ended at 17043 levels with a loss of 111 points from its previous closing values.

Small cap index underperformed the benchmark as it fell 0.83% while Mid cap fell in line with benchmark, down 0.52%. The market breadth was inclined towards declining side as 1536 declines were recorded against 755 advances at NSE.

Majority of sectoral indices tracked at NSE settled in red. Amongst them, Nifty PSU Bank and IT led the declines and ended sharply lower 1.9% and 1.65% respectively followed by Nifty Realty and Metal indices that were down over 1% each. On the other hand, Nifty Pharma and FMCG witnessed some buying interest and settled on flat to positive note.

Technically, Nifty index closed below its breakdown level i.e. 17300 level. The next immediate psychological support is placed around 17000 level. Going ahead, possibility of some rebound from these levels can not be ruled out. However, for any meaningful recovery, it need to sustain above 17300 levels on closing basis.


Derivatives Overview & Outlook

Yesterday, both Nifty & Banknifty futures remained almost unchanged on the price front and added around 5% & 4% of open interest respectively.

On the sectoral front, short buildup was seen among IT, Banking and textile stocks whereas some short covering was seen among Media and Metal stocks.

On options front, call writing was seen at multiple strikes and maximum positions at 17500 CE and 16800 PE.


FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 3087 Cr in the cash segment, sold stocks futures worth Rs 903 Cr and also sold index futures worth Rs 1480 Cr. DIIs were net buyers in the cash segment to the tune of Rs 2122 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty – Resistances 17250-17350; Supports 17050-16950

Banknifty – Resistances 40000-40400; Supports 39300-39000



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