China’s economy picks up in August on travel boom & policy push - Daily Market Update- Equity 15 Sep 2023 | Globe Capital Market LTD.
China’s economy picks up in August on travel boom & policy push – Daily Market Update- Equity 15 Sep 2023

China’s economic activity gathered pace in August amid a summer travel boom and in the wake of a stimulus push. Industrial production rose 4.5% from a year earlier while retail sales jumped 4.6%, the National Bureau of Statistics said Friday. Both figures significantly exceeded economists’ estimates and were above the gains recorded in July. Fixed-asset investment grew 3.2% in the first eight months of the year from the same period in 2022, slower than in the January-to-July period as the property sector remained a drag. The urban jobless rate was 5.2% in August, slightly lower than the previous month.

Overview and Outlook

Global Stock Market Today

  • US equity markets ended on positive note, up in range 0.81% to 0.96%
  • European equity markets ended on positive note.
  • Asian equity markets are trading on a positive note
  • GIFT Nifty is up by 18 points (as on 8:30AM), Nifty futures likely to open around 20235 levels.


News highlights from across the globe

  • Stocks in Asia trading higher follow U.S. benchmarks higher after strong economic reports revived speculation the Federal Reserve will be able to engineer a soft landing even if it keeps interest rates higher for longer.
  • U.S. stocks  rose following gains on the S&P 500 and Nasdaq 100 on Thursday as retail sales and producer prices beat estimates.
  • Brent Crude prices slipped below $93 a barrel and the yield on the 10-year U.S. bond was trading at 4.29%.


Important news updates from the domestic front

  • Adani Enterprises: Adani New Industries’ wind energy solutions unit announced its 5.2 MW wind turbine generator has been enlisted in the revised list of models and manufacturers published by the Ministry of New and Renewable Energy. The listing enables commercial availability of Adani Wind’s 5.2 MW wind turbines.
  • NTPC has signed a supplementary joint venture deal with UPRVUNL to take up joint development of two thermal projects in Uttar Pradesh.
  • Tata Power: Subsidiary Tata Power Renewable Energy signed a power delivery agreement with Xpro India to develop 3.125 MW AC group captive solar plant in Achegaon, Maharashtra.
  • Alkem Laboratories: The Income Tax Department conducted a survey at some of the company’s offices and subsidiaries. The drugmaker said it is fully cooperating with the officials and there has been no impact on its operations.
  • Bharat Forge and its unit Kalyani Strategic Systems signed a pact to produce armoured vehicles in India for clients of global defence company Paramount. The partnership includes the development and production of 4×4 and 6×6 Infantry Combat Vehicles for global customers.
  • Lemon Tree Hotels signed license agreements for two hotel properties in Junagadh, Gujarat and Chitwan, Nepal under the brand “Lemon Tree Hotel” and “Lemon Tree Resort” respectively. The former is expected to be operational by FY25 and the latter in FY24 itself and both will be managed by unit Carnation Hotels.


Nifty Overview & Outlook

The benchmark Nifty index settled on a flat note at 20103 levels, added just 33 points to its previous closing values after a lackluster trading session.
Broader market outperformed the benchmark as Small cap & Midcap index was up by 1.31% and 1.12% respectively.
Majority of sectoral indices tracked at NSE settled in green. Amongst them, PSU Bank index was at the top of the tally, gained 1.64% followed by Metal, Realty, Oil & Gas and Auto stocks that gained over 1% each.
Technically, Nifty index is well placed on multiple chart frames. Going ahead, we reiterate our bullish view on Nifty index and suggest traders to maintain buy on dips trading approach till it is trading above 19600 levels on closing basis


Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty futures with an increase in open interest by 7%. Short covering was seen in Banknifty and Finnifty futures with decrease in open interest by 6.2% each.

Majority of F&O sectors settled higher. Amongst them, Automobile, FMCG, Capital Goods, Pharma, Metals and Technology witnessed maximum addition of long positions.

On options front, Nifty will start the new weekly contract with maximum positions at 20300 CE and 20000 PE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 295 Cr in the cash segment, sold stocks futures and index future worth Rs 749 Cr and Rs 186 Cr respectively. DIIs were net seller in the cash segment to the tune of Rs 51 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 20240-20330; Supports 19970-19870

Banknifty – Resistances 46300-46500; Supports 45750-45500

Finnifty – Resistances 20540-20620; Supports 20290-20140


F&O stocks in ban today:



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