Daily Market Update- Equity 15 Sep 2022 | Globe Capital
15-Sep-2022
Daily Market Update- Equity 15 Sep 2022

Tracking negative cues from the global peers, benchmark Nifty index opened with a big gap on the down side. Eventually recovered most of the lost ground to settle above 18000 levels.

Overview and Outlook

Global Market Update

  • US equity markets settled on flat to positive note
  • European equity markets were down over 1%
  • Majority of Asian equity markets are trading in green
  • SGX Nifty is up over 50 points (as on 8:11 AM)

 

News highlights from across the globe

  • The S&P 500 saw modest gains after falling over 4% the previous day. The Producer Price Index fell for a second month in August. Elsewhere, oil rose on prospects of easing lockdown in Chinese city of Chengdu.
  • Wall Street ended a directionless session higher on Wednesday as an on-target inflation report largely stanched the flow of Tuesday’s sell-off and investors hit the ‘pause’ button.

 

Important news updates from the domestic front

  • GR Infraprojects: The company’s shareholders are offering upto 6.8% stake via offer for sale. Base offer consists of 57.04 lakh shares representing 5.9% stake and Greenshoe option of 8.7 lakh shares. Floor price is Rs 1,260 apiece, a discount of 9.3% on Wednesday’s closing price. OFS will open on Sept. 15 for non-retail investors and Sept. 16 for retail investors.
  • Tamilnad Mercantile Bank: The bank will debut on the bourses on September 15. The final issue price has been fixed at Rs 525 per share.
  • HFCL: The company has received advance purchase order of Rs 341.26 crore from Bharat Sanchar Nigam Ltd. and of Rs.106.55 crore from RailTel Corporation of India Ltd.
  • KPI Green: The company has received order for executing Wind-Solar Hybrid Power Project of 4.2MW capacity from Nouveau Jewellery, Surat.
  • Tata Steel: The company has approved raising of funds of Rs 2,000 crore through non-convertible debentures.
  • Glaxosmithkline Pharmaceuticals: Life Insurance Corporation of India has offloaded 34.63 lakh equity shares or 2.04 percent stake in the company via open market transactions. With this, LIC’s shareholding in the company reduced to 4.35 percent, down from 6.4 percent earlier.

 

Nifty Outlook

Tracking negative cues from the global peers, benchmark Nifty index opened with a big gap on the down side. Smart recovery led by Banking and Metal stocks helped the benchmark index to recover the lost grounds and it managed to settle above 18000 levels.

Broader markets too performed in line with benchmark as Mid and Small cap index settled on flat to negative note. Market breadth was slightly tilted towards the negative side.

Performance on the sectoral front was mix. Nifty PSU bank index was at the top of the tally, rose nearly 2% followed by Metals and Pvt Bank index that gained 1.58% & 1.50% respectively.

Going ahead, we upheld our bullish view on Nifty index till it is holding above 17750 levels. Crossover and sustenance above 18100 levels will open the doors for further upmove towards 18400 levels in immediate near term.

 

Derivatives Overview & Outlook

Yesterday, Nifty futures shed around 1% of open interest as long unwinding whereas Banknifty futures added around 8% of open interest as long buildup.

On the sectoral front, long buildup was seen among Banking and Cement stocks whereas some short buildup was seen among IT stocks.

On options front, call writing was seen at multiple strikes and maximum positions are at 18200 CE and 17900 CE.

 

FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 1398 Cr in the cash segment, sold stocks futures worth Rs 1741 Cr and also sold index futures worth Rs 2030 Cr. DIIs were net buyers in the cash segment to the tune of Rs 188 Cr.

 

Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18125-18200; Supports 17900-17800

Banknifty Futures – Resistances 41700-42000; Supports 41150-40900

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