Daily Market Update- Equity 22 Feb 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 22 Feb 2023

Benchmark Nifty index settled on a flat note and closed shop marginally lower at 17826 levels, down just 17 points from its previous closing values, after a lackluster trading session.

Overview and Outlook

Global Market Update

  • US equity markets fell by over 2%
  • European equity markets too ended lower in range 0.37% to 0.52%
  • Asian equity markets are trading in red

  • SGX Nifty is down 80 point ( as on 8:20 AM)


News highlights from across the globe

  • Asian markets declines on Wednesday after the S&P 500 tumbled by the most in two months and Treasury yields rose sharply as investors price in higher interest rates.
  • The yield on 10-year Treasuries sharply advanced to 3.94%. Crude prices were trading around $83-mark.


Important news updates from the domestic front

  • Bharat Electronics: The company signed an MoU with Aeronautical Development Agency under Defence Research and Development Organisation for the Advanced Medium Combat Aircraft programme.
  • Hindustan Zinc: The shareholders of the company will meet on March 29 to consider reorganisation of capital, pursuant to the NCLT order in this regard.
  • HCL Technologies: HCL America, a wholly owned subsidiary of the company, increased the buyback limit of its $500 million senior notes to $247.8 million from earlier announced $125 million.
  • Mahindra & Mahindra: The company has entered into an Asset Transfer Agreement for transfer of certain identified assets related to four-wheeler passenger electric vehicles to Mahindra Electric Automobile. The transfer of balance assets will be completed by June 30, 2026. The investment of Rs 1,925 crore in the proposed EV company by the company and British International Investment each would take
  • Biocon: The company raised Rs 1,070 crore via non-convertible debentures issued on private placement basis.
  • LIC Housing Finance: ICICI Prudential Mutual Fund has increased its shareholding in the company to 7.07% from 5.04%.


Nifty Outlook

Benchmark Nifty index settled on a flat note and closed shop marginally lower at 17826 levels, down just 17 points from its previous closing values, after a lackluster trading session.

Broader markets underperformed the benchmark leading to weak market breadth.

Majority of sectoral indices tracked at NSE settled lower. PSU Bank index was the worst performer, down nearly 2% followed by Realty index that fell 1.20%.

Nifty index is trading around its support levels i.e. 17800 levels. Crossover and sustenance below the same would take it towards 17600 levels in the immediate near term.


FII & DII Trading Activity

Foreign institutional investors (FII) bought shares worth Rs 525.80 crore, whereas domestic institutional investors (DII) sold shares worth Rs 235.23 crore on February 21, NSE’s provisional data showed.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 17930-18000; Supports 17800-17700

Banknifty Futures – Resistances 41050-41320; Supports 40500-40200


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