BHEL signs memorandum of cooperation with French state-owned company - Daily Market Update - Equity 29 Nov 2023 | Globe Capital Market LTD.
BHEL signs memorandum of cooperation with French state-owned company – Daily Market Update – Equity 29 Nov 2023

Bharat Heavy Electricals Ltd has signed a Memorandum of Cooperation with Electricité de France, a French state-owned company, to explore the content of the Jaitapur Nuclear Power Plant Project set up by the Nuclear Power Corp. of India. The Jaitapur Nuclear Power Plant Project in Maharashtra is a light water reactor and a collaboration between the Indian and French governments.

Overview and Outlook

Global Stock Market Today

  • US equity markets ended on a flat to positive note.
  • Barring DAX, other European equity markets settled on  flat to negative note.
  • Asian equity markets are trading in green.
  • GIFT Nifty is trading higher, Nifty futures likely to open around 20030 levels (as on 7:30AM)


News highlights from across the globe

  • Fed Governor Christopher Waller said that he feel confident noting recent fall in inflation, which may indicate the central bank’s policy is tight enough to control the price pressure, reported Bloomberg.
  • Share indices in Asia Pacific region traded on a mixed note as investors assessed diverse views of the U.S. Federal Reserve officials.
  • U.S. stocks and bonds extended their November gains, and the dollar fell, with the latest Fedspeak bolstering speculation that U.S. policymakers will have more room to cut interest rates next year.


Important news updates from the domestic front

  • Bharat Heavy Electricals has signed a Memorandum of Cooperation with a French state-owned company, Electricité de France S.A., France, to explore the opportunity to maximise the local content of the Jaitapur nuclear power project to be established by NPCIL in India. The Ministry of Defence inked a contract with BHEL to procure 16 upgraded Super Rapid Gun Mounts and accessories worth Rs 2,956.89 crore for the Indian Navy.
  • PCBL has approved the acquisition of Aquapharm Chemicals for Rs 3,800 crore.
  • Tata Power: Unit Tata Power Renewable Energy secured a Letter of Award for the development of a 200 MW firm and dispatchable renewable energy project with SJVN.
  • Canara Bank: The RBI has cleared the lender’s plans to divest a 70% stake in its subsidiary, Canbank Factors. The lender has also proposed to buy out the stakes of Bank of Baroda and DBS Bank India in its unlisted subsidiary, Canbank Computer Services.
  • Aster DM Healthcare plans to separate its India and Gulf businesses in a transaction worth $1 billion. The Moopen family-owned healthcare company’s subsidiary, Affinity Holdings, will transfer its shares in Aster DM Healthcare FZC—the Gulf unit—to promoter-owned Alpha GCC Holdings. After the deal, Alpha GCC Holdings will be jointly owned by Aster India and Fajr Capital Advisors in a 35:65 ratio.
  • Tube Investment of India: The government has approved the scheme of amalgamation of Cellestial E-Mobility and Cellestial E-Trac with Tl Clean Mobility.
  • Zomato: Alibaba Group unit Alipay Singapore plans to sell up to 29.6 crore shares in large deals.


Nifty Overview & Outlook

The benchmark Nifty index settled at day’s highs at 19889 levels after adding nearly 100 points on back of buying witnessed in the final half an hour of trade.

Small Cap index underperformed benchmark as it was settled on a positive note while Nifty Midcap Index was up over 0.5%; resultant, market breadth was tilted towards the advancing side.

Barring Healthcare and Pharma index, all sectoral indices tracked at NSE settled in green. Amongst them, Nifty Oil & Gas index gained maximum, up over 2% followed by Nifty Auto, Metal and PSU Bank indices that were up in range of 0.95%to 1.85%.

Technically, Nifty witnessed a breakout on the higher side from the congestion zone of 18650-18850 levels. Going ahead, it is likely to trade northward in the near term and we expect it to test 20100 and higher levels in immediate near term.


Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty and Banknifty futures with increase in open interest by 3.1% and 5.9% respectively whereas short covering was seen in Finnifty futures with decrease in open interest by 29.6%.

On sectoral front, long buildup was seen in Automobile, Power, Cement and Infrastructure stocks whereas short covering was seen in FMCG, Banking, Media and Textile stocks some short buildup was seen in Telecom stocks.

On options front, put writing was seen at multiple strikes and maximum positions are at 19800 PE and 20000 CE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 784 Cr in the cash segment, bought stocks futures and index futures worth Rs 3823 Cr and Rs 31 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 1325 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 20010-20130; Supports 19750-19690

Banknifty – Resistances 44340-44570; Supports 43650-43380

Finnifty – Resistances 19820-19930; Supports 19460-19390




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