Daily Market Update- Equity 26 July 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 26 July 2023

The benchmark Nifty index ended on a flat note at 19680 levels with marginal gains of 8 points to its previous closing values after highly volatile trading session.

Overview and Outlook

Global Market Update

  • US equity markets settled higher in range 0.08% to 0.61%
  • European equity markets ended on a flat note.
  • Asian markets are trading mix
  • GIFT Nifty is little changed, down by 15 points (as on 8:35AM)


News highlights from across the globe

  • Asian markets are trading mix in early morning trade on Wednesday as investors await the Federal Reserve’s rate decision, with equity futures for the region mixed and currencies holding to narrow ranges in early trading.
  • The S&P 500 closed at its highest since April 2022, the Nasdaq 100 outperformed and the Dow Jones Industrial Average saw its 12th straight advance — the longest winning run in over six years.
  • Brent crude was above $83 a barrel and the yield on the 10-year U.S. bond was trading at 3.88%


Important news updates from the domestic front

  • Tata Motors board approved NCLT scheme of arrangement for cancellation of ‘A’ Ordinary Shares or DVR shares. It will cancel DVR shares and issue ordinary shares. The DVR shareholders to receive 7 ordinary shares for every 10 DVR shares held. The shareholding of promoter and promoter group willdecline by 3.16% post DVR swap.
  • Asian Paints appointed R Seshasayee as Chairman from October 1, 2023 to January 22, 2027. R Seshasayee is currently an Independent Director of the company.
  • Can Fin Homes reported a fraud of Rs 38.53 crore committed by employees at its Ambala branch. The fraud involved transfer of funds to different personal bank accounts by misusing the cheque signing authority. The company has lodged an FIR and said it estimates no impact on assets/asset quality.
  • Piramal Enterprises board will consider a share buyback proposal on July 28.
  • Larsen & Toubro conglomerate has agreed to buy back 3.33 crore shares, equal to 2.4% equity capital, at a maximum price of Rs 3,000 per share aggregating up to Rs 10,000 crore. Retail investors hold about 21.78%  and L&T Employees Trust holds 13.70%.The company has made an additional investment of up to Rs 506 crore in its unit L&T Energy Green Tech. The conglomerate also inked pact to acquir


Nifty Overview & Outlook

The benchmark Nifty index ended on a flat note at 19680 levels with marginal gains of 8 points to its previous closing values after highly volatile trading session.

Nifty Midcap outperformed the benchmark as it was up by 0.40% while Small-cap index settled on a flat to negative note; resultant, flat market breadth.

Majority of sectoral indices tracked at NSE settled in green. Amongst them, Nifty Metal index was at the top of the tally, soared nearly 3% followed by Media index that was up 1.51%. On the other hand, Nifty PSU Bank and FMCG witnessed some selling pressure down nearly 1.5% & 1% respectively.

Technically, Nifty index is 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 19500-19900 levels.


Derivatives Overview & Outlook

Yesterday, no meaningful activity was seen among Nifty and Banknifty futures on the price front whereas on open interest front Nifty futures added around 3% of open interest and Banknifty futures shed around 7% of open interest. Finnifty future shed around 44% of open interest as long unwinding.

On the sectoral front, long buildup was seen among Infra, Metals, Oil & Gas and Textile stocks whereas some short buildup was seen among Chemicals and Realty stocks.

On options front, call writing was seen at multiple strikes along with put writing at multiple strikes and maximum positions are at 19800 CE and 19500 PE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 1089 Cr in the cash segment, bought stocks futures worth rs 2267 Cr and sold index futures worth Rs 1060 Cr. DIIs were net seller in the cash segment to the tune of Rs 334 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19850-19930; Supports 19560-19490

Banknifty – Resistances 46220-46350; Supports 45550-45430

Finnifty – Resistances 20640-20710; Supports 20330-20250






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