Daily Market Update- Equity 2 Feb 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 2 Feb 2023

Benchmark Nifty index settled lower at 17616 levels, down 46 points from its previous closing values after a highly volatile trading session where steep moves were witnessed on both side.

Overview and Outlook

Global Market Update

  • US equity markets settled higher, Nasdaq gained 2%
  • European equity markets ended flat
  • Majority of Asian equity markets are trading in green
  • SGX Nifty is up down 148 points


News highlights from across the globe

  • South Korea slides toward recession as Jan exports plunge
  • America’s Federal Reserve slowed its pace of interest rate hikes Wednesday, tempering an aggressive campaign to rein in costs as inflation cools while signaling the battle is not yet over.
  • The US central bank announced a quarter-point hike to the benchmark lending rate at the end of its two-day policy meeting, taking the rate to a target range of 4.50-4.75 percent.

Important news updates from the domestic front

  • Adani Enterprises: The company decided not to proceed with its Rs 20,000 crore “to protect the interest of its investing community”.
  • Tata Steel: The company bought 29.98 crore shares in subsidiary Tata Steel Utilities and Infrastructure Services for Rs 58 crore.
  • IDFC: The company will invest Rs 2,200 crore in IDFC First Bank to increase its stake to 40% from 36.38%.
  • RailTel Corporation of India: The company has received an order worth Rs 253.35 crore for provisioning of 4G LTE connectivity for offsite 15,000 ATMs and maintenance for five years.
  • Rail Vikas Nigam: The company received an order worth Rs 41.78 crore provision of automatic block signalling in Nagari-Taduku section and replacement of EI/RRI at Vepagunta station of Chennai Division in Southern Railway.
Nifty Outlook

Benchmark Nifty index settled lower at 17616 levels, down 46 points from its previous closing values after a highly volatile trading session where steep moves were witnessed on both side.

Broader markets underperformed the benchmark as mid and small cap index were down 1% each. Resultant, market breadth was heavily tilted towards the declining side.

Majority of sectoral gauges, tracked at NSE, settled in red. Amongst them, PSU bank index was the worst performer, down nearly 6% followed by Metal index that was down 4.5%. While IT and FMCG index was the top performer, gained over 1% each.

Nifty index is likely to remain volatile on Thursday as well. Initially, it will react to the US Fed outcome on interest rate and later in second half it will move on scheduled weekly derivatives expiry.


FII & DII Trading Activity

Foreign investors turned net buyers of Indian stocks on wednesday, ending a 7-day selling streak. FPIs bought up equities worth Rs 1,785.21 crore, while the domestic institutional investors remained net buyers for the eight day in a row, buying stocks worth Rs 529.47 crore.

Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 17600-17780; Supports 17350-17200

Banknifty Futures – Resistances 41600-42000; Supports 40000-39700


Results on February 2

Titan, Aditya Birla Capital, Coromandel International, Apollo Tyres, APL Apollo Tubes, Tata Consumer Products, Dabur, SIS, Berger Paints, Welspun Corp., Deepak Fertilisers and Petrochemicals Corp., Aegis Logistics, Mahanagar Gas, Crompton Greaves Consumer Electricals, Max Healthcare Institute, Bajaj Electricals, Birlasoft, Ujjivan Small Finance Bank, Gulf Oil Lubricants, GMM Pfaudler,


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