Daily Market Update- Equity 25 Nov 2022 | Globe Capital Market LTD.
Daily Market Update- Equity 25 Nov 2022

Benchmark Nifty index soared over 200 points to settle at 18484 levels on expiry day.

Overview and Outlook

Global Market Update

  • US equity markets were closed yesterday
  • European equity markets settled on flat to positive note
  • Asian equity markets are largely trading in green
  • SGX Nifty is down 45 points (as on 8:23 AM)


News highlights from across the globe

  • Shares in the Asia-Pacific traded mixed as investors digest economic data from the region, including Tokyo’s consumer price index and Singapore’s final gross domestic product readings. Markets in the US were closed for the Thanksgiving holiday and will close early on Friday.


Important news updates from the domestic front

  • Indian Oil Corporation: ICICI Bank, ICICI Prudential Life Insurance, HDFC Life Insurance and SBI Life Insurance have entered into agreements to invest in seed capital in a proposed joint venture of Indian Oil Corporation and Chennai Petroleum Corporation.
  • Punjab National Bank: The bank received government approval to divest 15.22% stake in UTI Asset Management Company.
  • Allcargo Logistics: The company’s wholly owned subsidiary Allcargo Belgium NV has entered into a share purchase agreement with NBG Logistik Beteiligungs und Beratungsges mbH to acquire 75% stake in Fair Trade GmbH Schiffahrt, Handel und Logistik for €12 million (Rs 101.95 crore).
  • Tata Steel Long Products: The company acquired additional 4.69 crore shares of subsidiary Neelachal Ispat Nigam at a premium of Rs 54 apiece for Rs 300 crore.
  • State Bank of India: The central board of the bank will meet on Nov. 29 to consider raising Rs 10,000 crore, including a green shoe option of Rs 5,000 crore, via infrastructure bonds during the current fiscal.
  • Laurus Labs: The company will acquire 7.4 lakh shares of Ethan Energy India at Rs 52.70 apiece to secure 26% shareholding.
  • Biocon: Subsidiary Biocon Biologics allotted equity shares worth Rs 2,205.63 crore to the company.
  • Bharti Airtel: The company revised its foreign currency convertible bonds conversion price to Rs 521 per share.


Nifty Outlook

Benchmark Nifty index soared over 200 points to settle at 18484 levels on expiry day.

Broader markets underperformed the benchmark as Mid and Small cap index rose just over 0.50%.

All sectoral gauges tracked at NSE settled in green. Nifty IT was at the top of the tally soared 2.63% followed by Financial Service index that was up over 1%.

Nifty index has witnessed fresh breakout on daily charts indicating continuation of up move in coming session as well. We suggest traders to stay long and maintain buy on dips trading approach till it is trading above 18300 levels.


Derivatives Overview & Outlook

Yesterday, both Nifty & Banknifty futures shed around 14% & 3% of open interest respectively as short covering on expiry day.

Nifty and Banknifty futures rolled 81% & 88% of open interest respectively into next contract which was higher than the previous month rollover of 76% for each.

On options front, Nifty will start the first week of Dec series with maximum positions at 18300 PE and 18500 CE.


FII & DII Trading Activity

Yesterday, FIIs bought stocks worth Rs 1232 Cr in the cash segment, bought stocks futures worth Rs 2249 Cr and also bought index futures worth Rs 3226 Cr. On the other hand, DIIs were net sellers in the cash segment to the tune of Rs 236 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18600-18700; Supports 18400-18300

Banknifty Futures – Resistances 43500-43850; Supports 42850-42550


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