Cricket world cup 2023 in India to boost consumption by at least $1.6 Billion - Daily Market Update- Equity 27 Sep 2023 | Globe Capital Market LTD.
Cricket world cup 2023 in India to boost consumption by at least $1.6 Billion – Daily Market Update- Equity 27 Sep 2023

As the country hosts its fourth cricket world cup, millions of Indians will sit inside stadiums or in front of televisions nervously, speculating twiddling their thumbs, rooting for the team to repeat the feat again after 12 years. Regardless of the result, the Indian economy will be more than a billion-and-a-half dollars richer, according to BQ Prime's calculations.

Overview and Outlook

Global Stock Market Today

  • US equity markets ended on negative note, down in range 1.14% to 1.57%
  • Barring FTSE, other European markets ended on negative note.
  • Asian equity markets are trading on a mix note.
  • GIFT Nifty is up by 4 points (as on 8:30AM), Nifty futures likely to open around 19612 levels.


News highlights from across the globe

  • Asian stocks slumped following Wall Street lower as investors contemplate a protracted period of higher interest rates. Benchmarks across the region declined, with stocks in Japan, Australia, and South Korea all falling.
  • Tech giants, namely Apple Inc., Microsoft Corp., Inc. and Google-parent Alphabet Inc. dragged on the U.S. stock gauges, pushing the tech sector down more than 10% from a July peak from the threat of tight policy.
  • Brent Crude prices were trading above $93 a barrel the yields on the 10-year U.S. bond was trading at 4.52%


Important news updates from the domestic front

  • Infosys has partnered with Microsoft for a generative AI solution. Infosys Topaz will use Microsoft’s Azure Open AI Service and Azure Cognitive Services to augment AI capabilities.
  • IndusInd Bank announced a multi-year global partnership with the International Cricket Council to provide a premium experience to customers, employees, and cricket fans. The bank will have access to a suite of branding and content assets.
  • Vedanta: Moody’s downgraded Vedanta Resources’ corporate family rating to Caa2 and maintained a negative outlook.
  • REC, Punjab National Bank: The two inked an agreement to co-finance projects in power, infrastructure, and logistics worth Rs 55,000 crore.
  • Container Corp has appointed Sanjay Swarup as chairman and MD from Oct. 1, 2023, to July 31, 2026.
  • Suzlon Energy: Investor group Dilip Shanghvi and Associates terminated the 2020 shareholder pact. The investor group’s nominee director on Suzlon’s board, Hiten Timbadia, has also resigned with effect from Sept. 26.
  • Century Textiles: Unit Birla Estates sold out phase 1 of Birla Trimaya in Bengaluru within 36 hours of its launch. With 556 units booked, accounting for Rs 500 crore in booking value, the company said it has solidified its position as a leader in the luxury residential real estate market of Bengaluru.
  • Shree Renuka Sugars will acquire Anamika Sugar Mills for Rs 235.5 crore to establish a presence in Uttar Pradesh and cater to the markets of North and East India.


Nifty Overview & Outlook

Benchmark Nifty index settled marginally lower at 19664 levels after a lackluster trading session.

Broader markets ended on a mix note as Mid Cap index fell 0.40% while Small Cap index settled higher, up over 0.5% against a flat closing of a benchmark index.

Performance on the sectoral front was also mixed. Among them, IT, Media and PSU Bank index were the worst performers, fell over 0.5% each. On the other hand, Nifty FMCG index led the advances, gained 0.5%.

Technically, Nifty index is consolidating around an important support of 19600 levels. On the higher side, resistance is placed around 19800 levels. Crossover and sustenance above 19800 levels might take it towards 20000 level in the immediate near term.


Derivatives Overview & Outlook

Yesterday, short buildup was seen in Nifty futures with an increase in open interest by 2%. Long unwinding was seen in Banknifty and Finifty futures with decrease in open interest by 3.7% and 43.5% respectively.

On sectoral front, long buildup was seen in Cement and Power stocks whereas some short buildup was seen in Chemicals, Media and Realty stocks.

On options front, call writing along with put writing was seen at multiple strikes and maximum positions are at 19000 PE and 19800 CE.


Institutional Trading Activity

Last week, FIIs sold stocks worth Rs 693 Cr in the cash segment, sold stocks futures and index future worth Rs 1197 Cr and Rs 359 Cr respectively. DIIs were net buyers in the cash segment to the tune of Rs 715 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19830-19900; Supports 19560-19470

Banknifty – Resistances 45000-45200; Supports 44230-43900

Finnifty – Resistances 19960-20100; Supports 19610-19530


F&O stocks in ban today:



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