Daily Market Update- Equity 24 July 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 24 July 2023

The benchmark Nifty index settled lower at 19745 levels, down over 200 points from its previous closing values after the highly volatile trading session.

Overview and Outlook

Global Market Update

  • US equity markets settled on flat note.
  • European equity ended mix.
  • Asian equity markets are trading mix.
  • GIFT Nifty is down by 25.50 point (as on 8:35AM), indicating a gap down opening for Nifty index by more than 70 point.


News highlights from across the globe

  • Asian markets are trading mix in early trade on Monday before sentiment turns more cautious when trading gets underway in China.
  • Brent crude was around $80 a barrel and yield on the 10-year U.S. bond was trading at 3.84%


Important news updates from the domestic front

  • SJVN signed Power Purchase Agreements for 300 MW of renewable energy projects. The agreements were signed by the company’s wholly-owned subsidiary, SJVN Green Energy. The deal includes a 200-MW solar project in Maharashtra and 100-MW wind power capacity in Delhi. The development costs of the Maharashtra and Delhi projects are Rs 1,200 crore and Rs 750 crore, respectively.
  • Biocon: The FDA has issued Form 483 with a total of eight observations after conducting two inspections in Malaysia facility.
  • Power Finance Corporation has signed a memorandum of understanding worth Rs 2.37 lakh crore with 20 companies, both public and private, in the clean energy segment. The company inked these MoUs with Adani Group, Greenco, ReNew, Continuum, Avaada, JBM Auto, Megha Engineering & Infrastructure, and Rajasthan Renewable Energy, among others.
  • Aarti Drugs has approved the buyback of 6.65 lakh fully paid-up equity shares, representing 0.72%, at Rs 900 per share, aggregating up to Rs 59.85 crore, which is 5.44% and 5.10% of the fully paid-up equity share capital and free reserves.
  • BEML has appointed Director (Mining & Construction Business) Shantanu Roy to the position of chairman and managing director with effect from August 1, 2023
  • Godrej Properties has incorporated a wholly-owned subsidiary, Godrej Real Estate Distribution Company, with an authorised capital of Rs 10,000. This unit will handle the business of real estate distribution and provide marketing, sales, and promotional services for real estate projects.


Nifty Overview & Outlook

The benchmark Nifty index settled lower at 19745 levels, down over 200 points from its previous closing values after the highly volatile trading session.

Small cap index outperformed the benchmark as it was up by 0.72% while midcap index ended on a flat to negative note.

Majority of sectoral indices tracked at NSE settled in red. Amongst them, Nifty IT led the declines, tumbled over 4% followed by Nifty Consumer Durables and FMCG index that was down over 1%. On the other hand, Nifty Auto, Media and PSU Bank Index witnessed some buying interest, settled on a flat to positive note.

Technically, Nifty index ended on a weak note and formed a bearish red candlestick on a daily chart. Going ahead, Nifty is expected to trade sideways until it is trading 19500-19900 range.


Derivatives Overview & Outlook

Last Friday, Nifty futures shed around 4% of open interest as long unwinding while no significant activity was seen among Banknifty & Finnifty futures on price as well as on open interest front.

On the sectoral front, long buildup was seen in Chemicals, Media, Telecom and Oil & Gas shares while some short buildup seen in among Cement, Metals and IT shares.

On options front, call writing was seen at multiple strikes and maximum positions are at 19800 PE and 19900 CE.

Institutional Trading Activity

Last week, FIIs bought stocks worth Rs 7867 Cr in the cash segment, bought stocks futures worth Rs 3521 Cr and sold index future worth Rs 160 Cr. DIIs were net seller in the cash segment to the tune of Rs 777 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19960-19900; Supports 19630-19550

Banknifty – Resistances 46300-46450; Supports 45550-45430

Finnifty – Resistances 20650-20720; Supports 20360-20240






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