Daily Market Update- Equity 28 Feb 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 28 Feb 2023

Benchmark Nifty Index ended on negative note at 17392 down 73 points from its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets ended on flat to positive note
  • European equity markets gained by 0.71 to 1.48%
  • Asian equity markets are trading mix
  • SGX Nifty is little changed ( as on 8:20 AM)


News highlights from across the globe

  • Asian markets opened on a mix note on Tuesday after the U.S. stocks managed to log small gains as investors digested further signs of economic strength, indicating that a path of tighter monetary policy lies ahead.
  • The yield on 10-year Treasuries advanced to 3.92%. Crude prices were trading around $82-mark.


Important news updates from the domestic front

  • Wipro: The company announced four strategic global business lines—Wipro FullStride Cloud, Wipro Enterprise Futuring, Wipro Engineering Edge, and Wipro Consulting— to deepen alignment to evolving client needs.
  • NHPC: The Cabinet approved Rs 1,600 crore for pre-investment activities and various clearances for the Dibang Multipurpose Project being developed by the company in Arunachal Pradesh.
  • Zee Entertainment Enterprises: The exchanges reverted surveillance actions against the company after NCLAT stayed insolvency proceedings against it. With this, the exclusion of Zee from futures and options segment stands withdrawn and F&O contracts with May 2023 expiry to be made available from Feb. 28.
  • Infosys: The company rolled out private 5G-as-a-Service for enterprise clients worldwide.
  • Tata Steel: The committee of directors approved allotment of 2.15 lakh non-convertible debentures at 8.03% fixed coupon rate, amounting to Rs 2,150 crore to identified investors on private placement basis for a tenor of five years.
  • Dr. Reddy’s Laboratories: The company entered into a definitive agreement to acquire the U.S. generic prescription product portfolio of Australia-based Mayne Pharma.


Nifty Outlook

Benchmark Nifty Index ended on negative note at 17392 down 73 points from its previous closing values.

Broader Markets underperformed the benchmark as Mid and Small-cap index fell 0.70% & 1.12 percent respectively. The Market breadth was heavily inclined towards the declining side as 1769 declines recorded against 528 advances tracked at NSE.

Performance on the sectoral front was mix. Nifty Media was the worst performer down 3.89% followed by Nifty Metal and IT index that fell 2.39% and 1.95% respectively. Nifty Realty and Bank was at the top of the tally, were up by 2.18 and 1% respectively.

Going ahead, we reiterate our bearish view on Nifty index till it is trading below 17700 levels on closing basis.


Derivatives Overview & Outlook

Yesterday, Nifty futures remained almost unchanged on the price front and added around 7% of open interest whereas Banknifty futures added around 15% of open interest as long buildup.

On the sectoral front, Auto, Cement and IT stocks witnessed maximum addition of short positions whereas some long build up was seen among Banking stocks.

On options front, call writing was seen at multiple strikes with maximum writing at 17400 strike and maximum positions are at 18500 CE closely followed by 17600 CE and 17000 PE.


FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 2023 Cr in the cash segment, bought stocks futures worth Rs 324 Cr and sold index futures worth Rs 683 Cr. DIIs were net buyers in the cash segment to the tune of Rs 2232 Cr.



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