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

The benchmark nifty index ended on a flat to positive note, settled at 16985 levels after adding just 40 points to its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets ended mix, Dow Jones was up 0.6% while Nasdaq  fell 0.47%
  • European equity markets were up in range 0.89% to 1.13%
  • Most of the Asian equity markets are trading in green
  • SGX Nifty is trading up over 50 points (as on 8:15 AM)


News highlights from across the globe

  • U.S. stocks rose on the back of gains in financial shares even as tech stocks retreated from last week’s rally.
  • The yield on 10-year treasuries were trading at 3.51%. Crude prices rose 3.5%.


Important news updates from the domestic front

  • Axis Bank: The administrator of the Specified Undertaking of the Unit Trust of India, one of the promoters of the bank, has requested to be reclassified as a public shareholder. SUUTI has withdrawn the nomination of its nominee director on the bank’s board and surrendered its right to appoint one.
  • Adani Enterprises: AMG Media Networks, a wholly owned subsidiary of the company, completed acquisition of 49% stake in Quintillion Business Media for a cash consideration of Rs 47.84 crore.
  • Aditya Birla Capital: The company will sell 25.65 lakh shares of Aditya Birla Insurance Brokers, and Infocyber India, the other shareholder of the insurance brokerage, will sell 25.64 lakh shares to Edme Services at an enterprise value of Rs 455 crore.
  • Nestle India: The board will consider and approve an interim dividend for the year 2023 on April 12.
  • One97 Communications: Paytm Payments Bank is allowing its users to make payments on every UPI QR codes and online merchant where UPI payments are accepted on the back of wallet interoperability guidelines by NPCI. The payments bank will earn 1.1% interchange revenue on payments by Paytm Wallet customers.
  • Lemon Tree Hotels: The company opened its fifth hotel in Kerala under the brand ‘Keys Prima by Lemon Tree Hotels’. The 42-room property will be managed by the company’s subsidiary Carnation Hotels.
  • Dilip Buildcon: The company has been chosen as the lowest bidder by the NHAI for development of six-lane access-controlled greenfield highway along a section of Bengaluru-Vijayawada economic corridor from Audireddipalle to Mallapalle in Andhra Pradesh. The bid project cost is Rs 780.12 crore.


Nifty Outlook

The benchmark nifty index ended on a flat to positive note, settled at 16985 levels after adding just 40 points to its previous closing values.

Broader markets underperformed the benchmark as Small cap and Mid cap were down 1.59% and 0.34% respectively against a 0.24% gain in the frontline index. The market breadth was heavily inclined towards the declining side as 1824 declines were recorded against 529 advances at NSE.

Performance on the sectoral front was mix. Nifty Media and Reality led the decline down over 1% each. On the other hand, Nifty Pharma index was at the top of the tally, rose just over 1%.

Going ahead, Nifty index is likely to trade in a sideways manner in 16800-17200 range. Crossover and sustenance from this range will lead to next directional move in that direction.


Derivatives Overview & Outlook

Yesterday, No significant activity was seen among Nifty, Banknifty and Finnifty futures on price as well as on open interest front.

On the sectoral front, long buildup was seen among Cement and Pharma stocks whereas some short buildup was seen among Infra & Realty stocks.

On options front, put writing was seen at 17000 strikes along with call writing at 17000 strikes and maximum positions are at 17000 PE and 18000 CE followed by 17000 CE.


FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 891 Cr in the cash segment, bought stocks futures worth Rs 1607 Cr and also bought index futures worth Rs 3249 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1809 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty – Resistances 17125-17240; Supports 16950-16880

Banknifty – Resistances 39750-40050; Supports 39300-38900


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