NIIF to invest Rs 675 crore in GMR’s Bhogapuram airport in Andra Pradesh: Daily Market Update Equity 22 Dec 2023 | Globe Capital Market LTD.
NIIF to invest Rs 675 crore in GMR’s Bhogapuram airport in Andra Pradesh: Daily Market Update Equity 22 Dec 2023

The National Investment and Infrastructure Fund Ltd will invest Rs 675 crore in the upcoming greenfield international airport being developed by GMR Airports Ltd in Andhra Pradesh's Bhogapuram. The fund will invest in GMR Visakhapatnam International Airport Ltd, a special purpose vehicle that will develop and operate the Bhogapuram airport, GMR said in a statement on Thursday.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled higher in range 0.87% to 1.26%.
  • European equity markets settled on a flat to negative note.
  • Asian equity markets are trading in green.
  • GIFT Nifty is up by 62 points, Nifty futures are likely to open around 21379 levels (as on 8:30AM)


News highlights from across the globe

  • Asian markets are trading higher on Friday, tracking overnight gains on Wall Street as recent economic data from the U.S. supports traders expectations of rate cuts by the Federal Reserve in 2024.
  • U.S. GDP grew at 4.9% on year in the Jul-Sep period, which is less than the 5.2% projection in the Bloomberg Survey.
  • Brent crude was trading 0.39% lower at $79.39 a barrel.


Important news updates from the domestic front

  • Tata Motors DVR, Tata Motors received a no-objection certificate from the National Stock Exchange and Bombay Stock Exchange for the conversion of its differential voting rights shares to ordinary shares.
  • Life Insurance Company: The Department of Economic Affairs granted a one-time exemption to the company to achieve a 25% minimum public shareholding within 10 years from the date of listing, i.e., until May 2032.
  • GMR Airports: The National Investment and Infrastructure Fund will invest Rs 675 crore in the company’s upcoming greenfield airport at Bhogapuram, Andhra Pradesh.
  • Allcargo Gati approved raising to Rs 500 crore via multiple instruments and approved an amalgamation scheme between the company, Allcargo Logistics, and their subsidiaries.
  • Ceat has invested Rs 3 crore in its unit, Tyresnmore Online. After the investment, the company will own a 100% stake in Tyresnmore Online.
  • KPI Green raises Rs 300 crore via qualified institutional placement and sets an issue price for QIP at Rs 1,183 per share, which indicates a discount of 4.98% to the floor price of Rs 1,245 per share.
  • Infosys announced a 5-year collaboration with auto parts distributor LKQ Europe to provide IT-related business solutions.
  • Lupin announced the launch of Softovac Liquifibre, a 100% Ayurvedic liquid laxative.


Nifty Overview & Outlook

The benchmark Nifty index opened with a gap on the downside. Smart recovery led by Media and Banking stocks helped the benchmark index to settle at day’s highs at 21255 levels, up over 100 points to its previous closing values.

The broader markets outperformed the benchmark as Small-cap & Midcap index rose over 1.5% each; resultant, strong market breadth.

All the sectoral indices tracked at NSE settled in green. Amongst them, Nifty Media index was the top performer, gained 2.5% followed by Nifty Metal, PSU Bank and Oil & Gas indices that settled higher in range 1.38% to 1.73%.

Technically, Nifty index retraced from an important support of 21000 levels and settled above the said support levels. Going ahead, we reiterate our short-term bearish view on Nifty index till it is trading below 21400 levels on a closing basis.


Derivatives Overview & Outlook

Yesterday, short covering was seen in Nifty, Banknifty and Finnifty futures with decrease open interest by 3.8%, 3.8% and 4.5% respectively.

On the sectoral front, long buildup was seen in Infrastructure, Chemical, Media and Banking stocks whereas short covering was seen in Telecom and Automobile stocks.

On options front, Nifty will start the new weekly contract with maximum positions at 21000 PE and 22000 CE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 1636 Cr in the cash segment, sold stocks futures worth Rs. 2566 Cr and bought index futures worth Rs. 212 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1465 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 21510-21670; Supports 21060-20900

Banknifty – Resistances 48390-48600; Supports 47350-46940

Finnifty – Resistances 21560-21700; Supports 21070-20900




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