Daily Market Update- Equity 17 Aug 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 17 Aug 2023

The benchmark Nifty index opened with a gap on the down side, failed to sustained lower levels and settled on a positive note at 19465 levels, up 30 points to its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets ended lower in range of 0.52% to 1.15%
  • European equity markets ended on mixed note
  • Asian equity markets are trading on a negative note
  • GIFT Nifty is down by 11 points (as on 8:20AM)


News highlights from across the globe

  • Shares in Asia are primed for declines after a selloff in U.S. stocks and bonds following hawkish comments in minutes of the Federal Reserve’s last meeting.
  • The S&P 500 fell 0.8% Wednesday while the Nasdaq 100 dropped 1.1%, with heavyweights Meta Platforms Inc, Amazon.com Inc. and Tesla Inc, down more than 1.5%. US futures were little changed in early Asian trading.
  • Brent crude was trading around $84 a barrel and the yield on the 10-year U.S. bond was trading at 4.25%.


Important news updates from the domestic front

  • Lupin announced the launch of ‘Jeet’, its patient support program dedicated to heart-health. It also launched Tiotropium Dry Powder for inhaler for the treatment of chronic obstructive pulmonary disease in the U.S.
  • Aurobindo Pharma will launch HIV triple combination product for children living with HIV in low-and middle-income countries under voluntary license from ViiV Healthcare.
  • Power Grid: The company’s assets under ‘North Eastern Region Strengthening Scheme-VI’ have received notification for commercial operation on Aug. 16.
  • One97 Communications: Chinese e-commerce major Alibaba group firm Antfin has transferred its 10.3% stake to the fintech firm’s founder and CEO Vijay Shekhar Sharma. The deal turns Paytm into a majorly Indian-owned company from being majorly owned by Chinese entities.
  • Cipla received an order of suspension of FDA license issued to its manufacturing unit in Patalganga, Maharashtra for 10 days in December for non-conformance of good manufacturing practices. The company is in the process of appealing the order to the state government.


Nifty Overview & Outlook

The benchmark Nifty index opened with a gap on the down side, failed to sustained lower levels and settled on a positive note at 19465 levels, up 30 points to its previous closing values.

Small cap index outperformed the benchmark as it was up by 0.57% while Mid Cap index settled on a flat to positive note; resultant, flat market breadth.

Performance on the sectoral front was mix. Amongst sector, Nifty Media & Realty led the advances, up over 1% each followed by Auto, IT, Pharma and Health care indices that settled higher in range 0.58% to 1%. On the other hand, Nifty Metal and Pvt Bank Index witnessed some selling pressure, down 0.94% and 0.46% respectively.

Technically, Nifty index is trading in a range for past couple of sessions. Going ahead, we reiterate our short term sideways view on Nifty index till it is trading in 19250-19700 levels on a closing basis.


Derivatives Overview & Outlook

Yesterday, no significant activity was seen in Nifty futures with increase in open interest by 2%. Short buildup was seen in Banknifty future and Finnifty future with increase in open interest by 4.1% and 1.9% respectively.

On the sectoral front, long buildup was seen in Automobile, Pharma and Technology stocks. Short buildup was seen in Banking, Infrastructure, Metals and Telecom shares whereas some short covering was seen in Media and Textile shares.

On options front, put writing was seen at multiple strikes and maximum positions are at 19300 PE and 19600 CE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 723 Cr in the cash segment, sold stocks futures worth Rs 1283 Cr and bought index futures worth Rs 221 Cr. DIIs were net buyer in the cash segment to the tune of Rs 2406 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19540-19595; Supports 19380-19330

Banknifty – Resistances 44280-44400; Supports 43710-43580

Finnifty – Resistances 19710-19800; Supports 19480-19330





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