What to expect from RIL’s 46th AGM Today: Daily Market Update- Equity 28 Aug 2023 | Globe Capital Market LTD.
What to expect from RIL’s 46th AGM Today: Daily Market Update- Equity 28 Aug 2023

Index heavyweight Reliance Industries' 46th annual general meeting (AGM) is expected to set the tone for the markets on monday, with investors eyeing a slew of major announcements. The AGM today comes just a few days after Jio Financial Services' listing, and Qatar Investment Authority's acquisition of a stake in Reliance Retail Ventures Limited (RRVL).

Overview and Outlook

Global Market Update

  • US equity markets settled higher in range of 0.18% to 0.94%
  • European equity markets ended on a flat to positive note
  • Asian equity markets are trading higher
  • GIFT Nifty is up by 40 points (as on 8:30AM), Nifty likely to open at 19305.


News highlights from across the globe

  • Asian markets were likely to follow U.S. equities with modest gains on Monday after Jerome Powell said the Federal Reserve would “proceed carefully” on whether to raise interest rates again while signaling policy will remain tighter for longer on Friday.
  • Powell cautioned that the process of bringing inflation back to its target “still has a long way to go.” He also suggested officials could hold rates steady in September, as investors expect.
  • Brent crude was trading above $84 a barrel and the yield on the 10-year U.S. bond was trading at 4.24%.

Important news updates from the domestic front

  • Bharat Electronics received new defense and non-defense orders worth Rs 3,289 crore during July and August 2023. It includes a Rs 1,075 crore order from Hindustan Shipyards for the supply of CMS, communication systems, electronic warfare systems, and other sensors for fleet support ships.
  • Linde India received a letter of acceptance from SAIL for the installation of a 1000 tonnes per day cryogenic oxygen plant at Rourkela to construct, operate, and maintain the plant for a period of 20 years.
  • BEML bagged an export order worth $19.71 million from Russia-based KAMSS for its Dozer BD355. The contract will be executed in different phases starting this month.
  • IndoStar Finance Capita has sold part of its legacy corporate loan book to Phoenix ARC which consists of certain accounts tagged in Stage 2, aggregating to outstanding dues of Rs 915 crore. Phoenix ARC will set up a trust to monitor the progress of real estate projects and will also consider funding certain amounts towards financing the completion of these projects. Post-sale, retail len
  • L&T:  has received shareholder approval for a proposal to buyback shares of up to Rs 10,000 crore.
  • NMDC Steel: The company’s Nagarnar steel plant achieved the feat of producing hot-rolled coil in nine days from hot metal. The plant has a capacity of three million tonnes.
  • Karur Vysya Bank inaugurated 10 new branches, increasing branch network to 822. The ATM network of the bank will increase to 1,640 and cash recyclers to 611.
  • HDFC Bank: Reappointed Sanmoy Chakrabarti as Chief Risk Officer for a period of five years with effect from Dec. 14, 2023.


Nifty Overview & Outlook

The benchmark Nifty index settled lower at 19265 levels, down over 100 points from its previous closing values.

Midcap Nifty index underperformed the benchmark as it’s down nearly 1% while Small cap index settled on a negative note down 0.41%.

All the sectoral indices tracked at NSE settled in red. Amongst them, Nifty PSU Bank and Realty index led the declines, fell 1.51% and 1.31% respectively followed by Nifty FMCG, Healthcare, Pharma and Metal index that were down over 1% each.

Technically, Nifty index ended on a weak note and formed a bearish red candlestick on a daily chart. Going ahead, Cross and sustenance below 19240 spot levels will open the doors for further down move till 18900-18800 spot levels.


Derivatives Overview & Outlook

On Friday, Nifty and Banknifty futures added around 5% & 1% of open interest respectively as short buildup whereas Finnifty futures shed around 10% of open interest as long unwinding.

Majority of F&O sectors settled lower on long unwinding. Amongst them, FMCG, IT, Realty stock witnessed maximum unwinding of long positions whereas some short buildup was seen in Finance and Oil & Gas stocks.

On options front, call writing was seen at multiple strikes and maximum positions are at 19500 CE and 19000 PE.


Institutional Trading Activity

Last week, FIIs sold stocks worth Rs 2916 Cr in the cash segment, bought stocks futures worth Rs 2969 Cr and sold index futures worth Rs. 1035 Cr. DIIs were net buyers in the cash segment to the tune of Rs 8496 Cr during the week.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19340-19410; Supports 19180-19100
Banknifty – Resistances 44400-44600; Supports 43980-44785
Finnifty – Resistances 19725-19800; Supports 19540-19480





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