India became the first country to land a spacecraft near the lunar south pole: Daily Market Update- Equity 24 Aug 2023 | Globe Capital Market LTD.
India became the first country to land a spacecraft near the lunar south pole: Daily Market Update- Equity 24 Aug 2023

India has created history by becoming the first country to land a spacecraft near the lunar south pole. The success of Chandrayaan-3 makes it only the fourth nation to achieve the milestone after the US, Russia, and China. The achievement by the Indian Space Research Agency was hailed across the world. The rover inside the lander has started moving on the lunar surface and begun scientific experiments. India did not just land on the moon but did it flawlessly and in style. This will provide a huge boost to the domestic space industry known for its low-cost but cutting-edge outcomes.

Overview and Outlook

Global Market Update

  • US equity markets ended on positive note, up in range 0.54% to 1.59%
  • European equity markets ended on positive note
  • Asian equity markets are trading on a positive note
  • GIFT Nifty is up by 46 points (as on 8:20AM), Nifty likely to open at 19360.


News highlights from across the globe

  • Shares in Asia were poised to advance after U.S. stocks rallied and Treasury yields retreated following lackluster economic reports that support the case for the Federal Reserve to pause interest rate hikes.
  • The S&P 500 closed 1.1% higher, its best day since June, while the Nasdaq 100 rose 1.6%. Those gains were compounded in early Asia trading as futures contracts for the two benchmarks jumped on bullish earnings from Nvidia Corp.
  • Brent crude was trading above $83 a barrel and the yield on the 10-year U.S. bond was trading at 4.19%.


Important news updates from the domestic front

  • Reliance Industries: Qatar Investment Authority to invest Rs 8,278 crore (0.99% stake) in Reliance Retail Ventures at a pre-money equity value of Rs 8.278 lakh crore via a wholly-owned subsidiary.
  • NHPC signed an MoU with Andhra Pradesh Power Generation Corporation for renewable energy projects in the state. The MoU allows parties to form a JV to implement techno-commercially viable pumped storage hydro power projects and other renewable energy projects allotted by the state.
  • Procter & Gamble Health: For the quarter ended June (Q4FY23), the FMCG company reported a revenue of Rs 301.18 crore, up 1.78% year-on-year, while its net profit was down 27.6% at Rs 29.82 crore. The board recommended a dividend of Rs 50 per share for the financial year ended June 30, 2023.
  • SJS Enterprises: Promoter Evergraph Holdings sold 29.53% stake in the open market, reducing its stake to 4.63%.
  • Borosil subsidary Klass Pack has executed a share purchase agreement to acquire an additional 4.56% in Goel Scientific for Rs 91.12 lakh. This follows KPL’s 90.17% acquisition of Goel Scientific for which the acquisition price has been agreed at Rs 21.5 crore. KPL’s stake increases to 94.73%.
  • Vascon Engineers received an order worth Rs 605.65 crore from Bihar Medical Services and Infrastructure Corporation for construction of Lohia Medical College and Hospital including hospital and residential building in Supau.


Nifty Overview & Outlook

The benchmark Nifty index settled on a positive note at 19444 levels after adding 47 points to its previous closing values.

Broader market outperformed the benchmark as Small-cap & Mid-cap index ended higher, up 0.91% and 0.66% respectively. The market breadth was inclined towards the advancing side as nearly 1.5 advances were recorded for every declining share at NSE.

Majority of sectoral indices tracked at NSE settled in green. Amongst them, Nifty PSU Bank & Pvt Bank indices were at the top of the tally gained, 1.72% and 1.26% respectively followed by Nifty Bank and financial Services that were up 1% and 0.92% respectively. On the other hand, Nifty FMCG index witnessed some selling pressure, down nearly 0.5%.

Technically, Nifty index is still trading in a range for past couple of sessions. Going ahead, we reiterate our short term sideways view on Nifty index till it is trading in 19250-19650 levels on a closing basis. Either side break and sustenance from the said range will open the doors for next directional move in that direction.


Derivatives Overview & Outlook

Yesterday, short covering was seen in Nifty future and Finnifty future with decrease in open interest by 0.8% and 13.2% respectively, long buildup was seen in Banknifty future with increase in open interest by 3.6%.

On the sectoral front, long buildup was seen in Finance and Media stocks whereas short buildup was seen in FMCG, Cement and Infrastructure shares. Initial sign of short covering was seen in Reality and Metals shares.

On options front, put writing was seen at multiple strikes and maximum positions are at 19300 PE and 19500 CE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 614 Cr in the cash segment, bought stocks futures and index futures worth Rs. 1418 Cr and Rs. 505 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 125 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19510-19560; Supports 19300-19250

Banknifty – Resistances 44725-44850; Supports 44100-43975

Finnifty – Resistances 19840-19910; Supports 19580-19520





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