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

The benchmark nifty index opened with gap on higher side and settled at 17450 levels with a gain of 147 points, breaking Eight days long losing streak.

Overview and Outlook

Global Market Update

  • US equity markets ended on flat to negative note
  • European equity markets traded mix, FTSE was up 0.49% while CAC and DAX ended in red
  • Majority of Asian equity markets are trading in red
  • SGX Nifty is down by 50 point ( as on 8:20 AM)


News highlights from across the globe

  • Asian markets opened lower on Thursday as investors positioned for a higher peak in interest rates following another round of hawkish comments from Federal Reserve officials.
  • The headwinds for Asia come after the S&P 500 closed near the lowest in six weeks and Treasury yields climbed.
  • The yield on 10-year Treasuries advanced to 3.99%. Crude prices were trading around $84-mark.


Important news updates from the domestic front

  • Axis Bank Ltd.: The bank completed the acquisition of Citibank consumer business in India at a total cost of Rs 11,603 crore. The acquisition added over 1.8 million credit cardholders and deposits worth Rs 39,900 crore into Axis Bank’s fold.
  • Rail Vikas Nigam Ltd.: The company emerged as the lowest bidder for manufacturing-cum-maintenance of Vande Bharat train sets, including upgradation of the government manufacturing units and train-set depots, in joint venture with selected partners. The total quantity is 200 train-sets and cost per set is Rs 120 crore.
  • Hindustan Aeronautics Ltd.: The Cabinet Committee on Security approved procurement of 70 HTT-40 basic trainer aircraft from the company for Rs 6,828 crore over six years. The board of the company will meet on March 10 to consider an interim dividend.
  • Larsen and Toubro Ltd.: The Union Cabinet approved signing of a contract with the company for acquisition of three cadet training ships at an overall cost of Rs 3,108.1 crore.
  • Bajaj Finserv Ltd.: The company received certificate of registration from market regulator SEBI to commence its mutual fund operations under Bajaj Finserv Mutual Fund.
  • Maruti Suzuki India Ltd/Hero MotoCorp Ltd.: Maruti reported a 6% decline in production volumes at 1.59 lakh units during February, partially due to shortage of electronic components. Two-wheeler giant Hero MotoCorp registered a 10% rise in sales at 3.94 lakh units.


Nifty Outlook

The benchmark nifty index opened with gap on higher side and settled at 17450 levels with a gain of 147 points, breaking Eight days long losing streak.

Broader markets outperform the benchmark as Mid and Small cap index were up by 1.31% each. Market breadth was inclined towards the advancing side as 1721 advances were recorded against 517 declines at NSE.

All the sectoral indices tracked at NSE settled in green. Nifty Metal and Nifty PSU Bank were at the top of the tally, rallied 3.96% and 2.98% respectively followed by Nifty Bank, IT and Media index that rose 1% to 2% each.

Going ahead, we reiterate our bearish view on Nifty index till it is trading below 17600-17650 levels on closing basis. Crossover and sustenance above 17650 levels will be crucial for any sustainable move towards 17800 and higher levels.


Derivatives Overview & Outlook

Yesterday, Nifty futures shed around 2% of open interest as short covering whereas Banknifty futures added around 1% of open interest as long buildup.

All F&O sectors settled higher. Amongst them, Oil & Gas, Finance and Infra stocks witnessed maximum addition of long positions.

On options front, put writing was seen at 17400 strikes and maximum positions are at 17400 PE and 17500 CE.


FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 425 Cr in the cash segment, bought stocks futures worth Rs 976 Cr and also bought index futures worth Rs 638 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1499 Cr.



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