Daily Market Update- Equity 17 Jan 2023 | Globe Capital
17-Jan-2023
Daily Market Update- Equity 17 Jan 2023

Benchmark Nifty index settled at 17895 levels after a cut of 62 points from its previous closing values in an otherwise lackluster trading session.

Overview and Outlook

Global Market Update

  • US equity markets were closed
  • European equity markets settled on a flat to positive note
  • Asian equity markets are trading mix
  • SGX Nifty is little changed (as on 8:27 AM)

 

News highlights from across the globe

  • Stocks in Asia were mixed on Tuesday as investors prepared to scour a busy week of bank earnings reports ahead.
  • U.S. stock markets were closed Monday while contracts for the S&P 500 fell and European stocks rose.
  • The yield on 10-year Treasuries stayed stagnant around 3.5%.

 

Important news updates from the domestic front

  • HDFC: The lender received approval of Financial Services Commission, Mauritius for transfer of shares of step-down subsidiary Griha Investments under its merger with HDFC Bank.
  • NTPC: NTPC Renewable Energy signed an MoU with Tripura government for development of floating and ground mounted based renewable energy projects in the state.
  • Mahindra & Mahindra: The company launched an electric version of its XUV400 at an ex-showroom price of Rs 15.99 lakh.
  • Siemens India: The company has won an order Rs 26,000 crore from Indian Railways for supply and maintenance of 1,200 locomotives of 9,000 horsepower.
  • Mukand: In a letter to shareholders, CMD Niraj Bajaj assured that the company is on track to meet its revenue target of Rs 6,000 crore for the current fiscal.
  • PNB Housing Finance: The board will meet on Jan. 24 to consider raising Rs 2,000 crore via non-convertible debentures.
  • IRB InvIT Fund: An SPV under the fund managing Pathankot Amritsar BOT Asset resumed toll collection after one month.

 

Nifty Outlook

Benchmark Nifty index opened with a gap on the higher side but failed to hold the higher levels and settled at 17895 levels after a cut of 62 points from its previous closing values in an otherwise lackluster trading session.

Broader markets performed in line with benchmark; resultant, market breadth was tilted towards the declining side as 1332 declines were registered against 941 advances at NSE.

Majority of sectoral gauges, tracked at NSE, settled in red. Amongst them, Media and Metal index were the worst performers, fell 1.36% & 1.32% respectively. On the other hand, PSU bank index was the top performer, gained 1.57% followed by IT index that was up just over 1%.

Going ahead, we reiterate our sideways view on Nifty index till it is trading in 17750-18250 spot levels. Either side break from this range will lead to next directional move that direction.

 

Derivatives Overview & Outlook

Yesterday, both Nifty and Banknifty futures remained almost unchanged on the open interest front.

Majority of F&O sectors settled lower. Amongst them, Media and Textile stocks witnessed maximum addition of short positions.

On options front, call writing was seen at multiple strikes and maximum positions are at 17900 PE and 18000 CE.

 

FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 751 Cr in the cash segment, sold stocks futures worth Rs 774 Cr and also sold index futures worth Rs 1165 Cr. DIIs were net buyers in the cash segment to the tune of Rs 686 Cr.

 

Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18050-18130; Supports 17850-17750

Banknifty Futures – Resistances 42550-42800; Supports 42000-41880

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