India's electronics, machinery imports surge in April-September - Daily Market Update- Equity 19 Oct 2023 | Globe Capital Market LTD.
India’s electronics, machinery imports surge in April-September – Daily Market Update- Equity 19 Oct 2023

Oil imports rose to $14 billion in September from $13.2 billion in August, highlighting narrowing benefit from Russian oil. India's imports, particularly of electronics and machinery—electrical and non-electrical—witnessed a higher surge in the first six months of FY24 as against the corresponding period in the previous fiscal.

Overview and Outlook

Global Stock Market Today

  • US equity markets ended on negative note, down in range 0.98% to 1.62%
  • European markets  ended on a negative note.
  • Asian equity markets are also trading in red.
  • GIFT Nifty is trading down by 55 point, Nifty futures likely to open around 19550 levels (as on 8:30AM).


News highlights from across the globe

  • Asian markets slide following U.S. peers lower, driven by the increasing tensions in the Middle East.
  • The S&P 500 slumped 1.3% on Wednesday. Netflix rallied post-market after strong earnings while the Golden Dragon index – a gauge of Chinese companies listed in the U.S. slid 2.2%.
  • Brent crude was trading at $91 a barrel and the yield on the 10-year US bond was trading at 4.93%.


Important news updates from the domestic front

  • Wipro board approved the merger of its five wholly owned subsidiaries into self.
  • GPT Infraprojects received Rs 739 crore contract to construct Prayagraj Southern Bypass in Uttar Pradesh.
  • Infosys inked pact with Google Cloud for providing enterprise solutions for AI-first organisations.
  • IIFL Finance approved raising funds up to Rs 3,000 crore via equity, convertible instruments.
  • ITC raised stake in Delectable Technologies to 39.32% by acquiring an additional 6% stake for Rs 3.5 crore.
  • Tata Steel: NCLT sanctioned the scheme of amalgamation amongst Tata Steel Long Products and Tata Steel.
  • HUDCO will exercise the oversubscription option to the extent of 7 crore shares (3.5% stake) in addition to the base offer size. Total offer size is now for 14 crore shares (7% stake) and 1.4 crore shares would be reserved for allocation to retail investors.
  • Uno Minda received a no-objection letter from NSE and BSE regarding the scheme of amalgamation with Kosei Minda Aluminium company and Kosei Minda Mould.


Nifty Overview & Outlook

The benchmark Nifty index opened on a flat note, failed to hold at the higher levels, kept on sliding throughout the day and settled near day’s lows at 19671 levels after a cut of nearly 150 points from its previous closing values.

Broader markets ended on a mix note. Mid Cap index fell over 1% while Small Cap index settled on a flat to negative note, down 0.34% against decline of 0.71% of benchmark index.

Majority of sectoral indices tracked at NSE settled in red. Amongst them, Nifty PSU Bank index fell over 1.5% followed by Nifty Bank, Financial Services and Pvt Bank index that settled lower over 1% each. On the other hand, Nifty Pharma and Healthcare Index witnessed some buying interest up 0.78% & 0.43% respectively.

Nifty index is trading in a narrow range i.e. 19400-19850 range for past couple of sessions. Going ahead, 19820 is the next immediate resistance on the higher side, once that is taken out we can expect a sharp move up to 20000 and higher levels in short term.


Derivatives Overview & Outlook

Yesterday, no significant change was seen in Nifty futures with decrease in open interest by 0.4%. Short buildup was seen in Banknifty and Finnifty futures with increase in open interest by 32.3% and 17.92% respectively.

Majority of F&O sectors settled lower. Amongst them, Banking, Capital Goods, Pharma, Technology stocks witnessed maximum addition of short positions.

On options front, call writing was seen at multiple strikes and maximum positions are at 19600 PE and 19800 CE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 1832 Cr in the cash segment, sold stocks futures and index futures worth Rs 1496 Cr and Rs 385 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 1470 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19800-19900; Supports 19580-19480

Banknifty – Resistances 44460-45650; Supports 43650-43400

Finnifty – Resistances 19910-19980; Supports 19650-19550






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