HUDCO to finance Rs 14500 Cr housing and urban infra projects in Gujarat: Daily Market Update Equity 28 Dec 2023 | Globe Capital Market LTD.
HUDCO to finance Rs 14500 Cr housing and urban infra projects in Gujarat: Daily Market Update Equity 28 Dec 2023

Housing and Urban Development Corp will invest up to Rs 14,500 crore to finance housing and urban infrastructure projects in Gujarat. The company has signed a Memorandum of Understanding with the Gujarat government for the projects on Wednesday. The MoU was inked by HUDCO Chairman and MD Sanjay Kulshrestha and state officials in the presence of Chief Minister Bhupendra Patel.

Overview and Outlook

Global Stock Market Today

  • US equity markets ended on a flat to positive note.
  • European equity markets settled higher in range 0.04% to 0.36%.
  • Majority of Asian equity markets are trading in green.
  • GIFT Nifty is up by 83 points, Nifty futures are likely to open around 21750 levels (as on 8:30AM)


News highlights from across the globe

  • Most markets in Asia are trading higher on Thursday with the equity indices in Australia trading near a two-year high.
  • Brent crude was trading 1.75% lower at $79.65 a barrel.


Important news updates from the domestic front

  • Housing and Urban Development Corp signed a Memorandum of Understanding with the Gujarat government for an investment of up to Rs 14,500 crore for financing housing and urban infrastructure projects.
  • Power Finance Corp, Tata Power: PFC subsidiary Bikaner III Neemrana II Transmission has been transferred to Tata Power for Rs 18.60 crore and Neemrana Il Kotputli Transmission has been transferred to Sterlite Grid 32 for Rs 18.59 crore.
  • Power Grid Corp has acquired Bikaner III Neemrana Transmission in Rajasthan under a tariff-based competitive bidding route for Rs 18.82 crore.
  • Exide Industries has made an investment of Rs 40 crore in its arm, Exide Energy Solutions. The total investment in its arm now stands at Rs 1,820.01 crore.
  • Affle India has approved entering a non-binding Memorandum of Understanding to invest Rs 37.3 crore as cash consideration to acquire minority ownership in the travel social media app Explurger.
  • Kotak Mahindra Bank: The Reserve Bank of India has approved the appointment of CS Rajan, Independent Director, as the part-time chairman for two years, effective Jan. 1, 2024.
  • One 97 Communications said merchant payments worth Rs 912 crore were made using Paytm in Q2 FY24.


Nifty Overview & Outlook

Benchmark Nifty index recorded new all time high and ended sharply higher at 21655 levels after adding over 200 points to its previous closing values.

Broader markets underperformed the benchmark as Mid and Small cap index settled on flat to positive note.

All sectoral indices, barring Oil & Gas index, settled in green. Amongst them, PSU Bank index was at the top of the tally, rose over 2% followed by Auto, Metal and Bank index that gained over 1% each.

Going ahead, we reiterate our bullish view on Nifty index till it is trading above 21200 levels on closing basis and expect it to test 21800 and higher levels in immediate near term.


Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty, Banknifty and Finnifty futures with increase in open interest by 13.1%, 13.4% and 12.4% respectively.

Nifty and Banknifty futures have rolled 64% & 62% of open interest respectively into next contract so far.

On options front, put writing was seen at multiple strikes and maximum positions are at 21500 PE and 22000 CE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 2926 Cr in the cash segment, bought stocks futures worth Rs 2903 Cr and sold index futures worth Rs. 488 Cr. DIIs were net seller in the cash segment to the tune of Rs 192 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 21800-21960; Supports 21440-21350

Banknifty – Resistances 48750-49100; Supports 47680-47200

Finnifty – Resistances 21800-21960; Supports 21350-21200


F&O Securities in Ban Today  – NATIONALUM, RBLBANK.


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