S&P ups India's FY 24 growth forecast to 6.4% on robust domestic momentum - Daily Market Update - Equity 28 Nov 2023 | Globe Capital Market LTD.
S&P ups India’s FY 24 growth forecast to 6.4% on robust domestic momentum – Daily Market Update – Equity 28 Nov 2023

S&P Global Ratings increased its growth forecast for India in the current financial year (2023-24) to 6.4 percent, up from 6 percent, citing strong domestic momentum that has counteracted challenges from elevated food inflation and sluggish exports.

Overview and Outlook

Global Stock Market Today

  • US equity markets ended on a flat to negative note.
  • European equity markets settled in red, down in range 0.37% to 0.40%
  • Asian equity markets are trading mix
  • GIFT Nifty is little changed & Nifty futures likely to open around 19875 levels (as on 8:30AM)


News highlights from across the globe

  • Asian indices were trading on a mixed note tracking overnight losses in their Wall Street peers, and decline in crude oil prices on expectation of further production cut by the OPEC.
  • U.S. treasuries were under pressure in a holiday-shortened session, with this month’s sizzling rally in global bonds showing signs of stalling, Bloomberg reported.
  • Oil prices declined as over-supply ahead of the OPEC meeting on Thursday raised fear the oil cartel may extend its production cut further.


Important news updates from the domestic front

  • IRB Infrastructure Developer‘s SPV, IRB Lalitpur Tollway Pvt, signed a concession agreement with NHAI for the Lalitpur Lakhnadon TOT Project in the state of Madhya Pradesh. The project will pay upfront of Rs 4,428 crores to the NHAI for tolling and O&M of a 316-km stretch of NH44 for a revenue-linked concession period of 20 years.
  • SJVN’s first unit of 30 MW capacity for the 60 MW Naitwar Mori hydroelectric project in Uttarakhand has achieved the commercial operation date, and now its total generation capacity is 2,122 MW from 2,091.50 MW.
  • Eicher Motors launched a new Himalayan at an introductory price of Rs 2.69 to 2.84 lakh, ex-showroom India, and launched the Royal Enfield Shotgun 650, which is available at an ex-showroom price of Rs 4,25,000.
  • KPI Green Energy’s subsidiary, M/s. Sun Drops Energeia Pvt., got an order of 4.66 MW for solar projects from M/s GVM Woven and M/s Radhika Silk Mills.
  • Fortis Healthcare’s subsidiaries entered into definitive agreements with MGM Healthcare Pvt. for the sale and divestment of Fortis Malar Hospital and related assets to MGM for an aggregate consideration of Rs 128 crore.
  • PB Fintech has made an investment of Rs 350 crore in Policy Bazaar Insurance Brokers Pvt., a wholly-owned subsidiary of the company.
  • Bandhan Bank board approved the reappointment of Chandra Shekhar Ghosh as the Managing Director and Chief Executive Officer of the bank for a period of three years, with effect from July 10, 2024, subject to the approval of the Reserve Bank of India.
  • Bharti Airtel: The Department of Telecommunications, Uttar Pradesh East, imposed a penalty of Rs 1,86,000 for an alleged violation of subscriber verification norms.


Nifty Overview & Outlook

Nifty index ended flat after a lackluster trading session where the benchmark index remained in narrow range post initial one hour of trading and closed shop at 19794 levels after a cut of just 7 points from its previous closing values.

Broader market performance was also indecisive as Mid & Small cap index were little changed, leading to a flat market breadth.

Performance on the sectoral front was no different. Amongst them, Nifty Pharma index gained maximum, up nearly 1% followed by Metal & Healthcare Index that settled on a positive note up over 0.5% each. On the other hand, IT and FMCG index were at the bottom of the tally, down nearly 1% and 0.5% respectively.

Nifty index is trading in range 17700-18000 levels, an either side break from this range is needed for next directional move in that direction.


Derivatives Overview & Outlook

Last Friday, long unwinding was seen in Nifty futures with decrease in open interest by 3.4% whereas long buildup was seen in BankNifty and Finnifty futures with increase in open interest by 2.4% and 2.8% respectively.

On sectoral front, long buildup was seen in Capital goods, Pharma and Infrastructure stocks whereas short buildup was seen in Power and Realty stocks along with some long unwinding in Chemicals, Telecom and Textile stocks.

On options front, call writing was seen at multiple strikes and maximum positions are at 19800 PE and 19900 CE.


Institutional Trading Activity

Last week, FIIs bought stocks worth Rs 1473 Cr in the cash segment, bought stocks futures and index futures worth Rs. 2346 Cr and Rs. 508 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 2112 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19970-20060; Supports 19690-19600

Banknifty – Resistances 44150-44380; Supports 43500-43100

Finnifty – Resistances 19760-19870; Supports 19410-19290




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