Daily Market Update- Equity 29 Dec 2022 | Globe Capital
29-Dec-2022
Daily Market Update- Equity 29 Dec 2022

Nifty index settled flat after a lackluster trading session, closed shop at 18122 levels, down 5 points from its previous closing value.

Overview and Outlook

Global Market Update

  • US equity markets settled in red, down over 1%
  • European equity markets ended mix, FTSE gained 0.32% while DAX & CAC settled in red
  • Majority of Asian equity markets are trading in red
  • SGX Nifty is down 71 points (as on 8:26 AM)

 

News highlights from across the globe

  • Fresh concerns about the spread of Covid-19 from China unnerved investors, dragging Asian stocks lower in trade.
  • US shares were lower for a second day on Wednesday after, the S&P 500 slid 1.2% to the lowest level in more than a month. The 10-year Treasury yield climbed and the dollar strengthened.
  • The crude also fell, declining 1.7%, whereas gold futures dipped 0.8%.

 

Important news updates from the domestic front

  • Wipro: The company completed the acquisition of remaining 3.3% stake in Encore Theme Technologies.
  • Mahindra & Mahindra: The company will raise its stake in associate MITRA Agro Equipments to 100% from the current 47.33%.
  • Tata Power: The company’s subsidiary Tata Power Renewable Energy received the letter of award from Tata Power Delhi Distribution Ltd. for setting up a 255 MW hybrid (wind and solar) power project in Karnataka.
  • Ashoka Buildcon: The company has been awarded three projects worth Rs 754.57 crore from Madhya Pradesh PoorvKshetra Vidyut Vitaran Company.
  • Spandana Sphoorty Financial: The company will transfer stressed loan portfolio, including written off loans, worth Rs 323.08 crore to an asset reconstruction company for a consideration of Rs 95 crore.
  • JSW Energy: The company implemented the NCLT-approved resolution plan for Ind-Barath Energy (Utkal) and acquired the same.
  • Garware Technical Fibres: The company closed its buyback scheme are buying 2.4 lakh shares at Rs 3,750 apiece.

 

Nifty Outlook

Nifty index settled flat after a lackluster trading session, closed shop at 18122 levels, down 10 points from its previous closing value.

Broader markets too performed in line with benchmark, as Mid & Small cap index was up 0.23% while Small cap index as almost unchanged.

Majority of sector gauges tracked at NSE settled in red, while Consumer Durables & Oil & Gas index gained maximum, up over 1% each.

Nifty index is looking weak on charts, we expect it drifting lower. Though, scheduled monthly expiry will lead to a volatile trading session.

 

Derivatives Overview & Outlook

Yesterday, both Nifty and Banknifty futures remained almost unchanged on the price as well as on open interest front.

Nifty and Banknifty futures have rolled 65% & 69% of open interest respectively into next contracts so far.

On options front, put writing was seen at 18000 & 18100 strikes along with call writing at 18200 strikes and maximum positions are at 18000 PE and 18200 CE.

 

FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 873 Cr in the cash segment, sold stocks futures worth Rs 259 Cr and bought index futures worth Rs 385 Cr. DIIs were net buyers in the cash segment to the tune of Rs 373 Cr.

 

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