Daily Market Update- Equity 23 Dec 2022 | Globe Capital Market LTD.
Daily Market Update- Equity 23 Dec 2022

Nifty index settled at 18127 levels after a cut of 72 points from its previous closing values after a volatile trading session.

Overview and Outlook

Global Market Update

  • US equity markets were down in range 1 to 2.18%
  • European equity markets were down in range 03 to 1.3%
  • Asian equity markets are trading in red
  • SGX Nifty is down 90 points (as on 8:12 AM)


News highlights from across the globe

  • Asian equities opened lower on Friday amid a downbeat tone in the markets owing to a slump in U.S. technology stocks and more economic data justifying case for the Federal Reserve to keep raising the interest rates.
  • U.S. stocks reversed gains as investors grappled with data that established Federal Reserve’s claims of the economy being robust enough to stand further tightening.
  • The US dollar was steady against most of its major counterparts on Friday after edging higher on Thursday as the policy-sensitive two-year Treasury yield climbed to 4.27%.


Important news updates from the domestic front

  • Reliance Industries: Indian Oil Corporation has selected the company’s telecom arm Reliance Jio Managed Network Services for retail automation and critical business processes at its retail outlets. Reliance Projects and Property Management Services, a wholly owned subsidiary of the company, acquired 100% stake ion Reliance Infratel. Reliance Projects & Property Management Services, another subsidiary of the company, acquired 23.3% stake in robotics company Exyn Technologies for $25 million.
  • Yes Bank: The bank transferred invoked shares of seven companies identified as stressed assets to JC Flowers ARC.
  • Rail Vikas Nigam: The company has won the contract worth Rs 198.93 crore by Gujarat Metro Rail Corporation for construction of Bhesan depot cum workshop for Surat Metro Rail Project Phase-1.
  • NTPC: The company signed an MoU with GE Power India to reduce carbon intensity at the former’s coal fired units.
  • GAIL (India): The Life Insurance Corporation of India increased its stake in the company to 6.83% from 4.81%.
  • Info Edge (India): The Life Insurance Corporation of India increased its stake in the company to 5.008% from 4.988%.
  • Adani Ports and Special Economic Zone: The company’s subsidiary Adani Logistics entered a joint venture agreement with DA Group and its affiliates to explore opportunities in warehousing business.
  • IDFC First Bank: The bank clarified that it is in discussion with Vaya Finserve for possible buyout of their loan receivables in accordance with relevant RBI master direction.


Nifty Outlook

Tracking positive cues from the global peers, benchmark Nifty index opened with a gap on the higher side but failed to hold at the higher levels and finally settled at 18127 levels after a cut of 72 points from its previous closing values after a volatile trading session.

Broader markets underperformed the benchmark as Mid and Small cap index fell 0.53% & 1.61% respectively. Resultant, market breadth was tilted towards the declining side as over 1800 declines were recorded against 430 advances at NSE.

All sectoral indices tracked at NSE settled in red. Nifty Realty was the worst performer; fell 1.42% followed by PSU bank index that fell 1.23%.

Going ahead, we suggest traders to maintain sell on rise trading strategy till index is trading below 18500 spot levels. On the down side, supports are placed at 17900-17800 levels.


Derivatives Overview & Outlook

Yesterday, no significant activity was seen in Nifty & Banknifty futures on open interest front.

Majority of F&O sectors settled lower. Amongst them, Power, Realty and Finance stocks witnessed maximum addition of short positions whereas some long unwinding was seen among Infra and Textile stocks.

On options front, Nifty will start the new weekly contract with maximum positions at 18000 PE and 19000 CE.


FII & DII Trading Activity

Yesterday, FIIs bought stocks worth Rs 929 Cr in the cash segment, bought stocks futures worth Rs 738 Cr and sold index futures worth Rs 651 Cr. DIIs were net buyers in the cash segment to the tune of Rs 2207 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18250-18350; Supports 18050-17950

Banknifty Futures – Resistances 42750-43000; Supports 42200-41900


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