Abu Dhabi-based IHC to sell stakes in Adani units - Daily Market Update- Equity 29 Sep 2023 | Globe Capital Market LTD.
Abu Dhabi-based IHC to sell stakes in Adani units – Daily Market Update- Equity 29 Sep 2023

Abu Dhabi-based IHC Capital Holding LLC said it will dispose of its investment in Adani Green Energy Ltd. and Adani Energy Solutions Ltd. Its subsidiaries, Green Energy Investment Holding RSC Ltd. and Green Transmission Investment Holding RSC Ltd., have entered into a definitive agreement with a buyer to dispose of their FDI investments in Adani Green Energy and Adani Transmission, respectively, the investment firm said in an exchange filing on Thursday.

Overview and Outlook

Global Stock Market Today

  • US equity markets ended on a flat to positive note
  • European markets settled higher in range 0.11% to 0.70%.
  • Asian equity markets are trading mix.
  • GIFT Nifty is little changed (as on 8:30AM), Nifty futures likely to open around 19660levels.


News highlights from across the globe

  • Contracts for the S&P 500 and Nasdaq 100 edged lower after the U.S. indexes gained on strong performances by tech behemoths including Nvidia Corp. and Meta Platforms Inc.
  • Brent Crude prices were trading above $95 a barrel and the yield on the 10-year U.S. bond was trading at 4.58%


Important news updates from the domestic front

  • SBI trimmed its stake in MSP Steel & Power to 2.47% from 4.83%.
  • Adani Energy Solutions, Adani Green Energy: Abu Dhabhi-based IHC Capital Holding’s units Green Energy Investment Holding and Green Transmission Investment Holding have entered into a definitive agreement with a buyer to dispose of their investments in Adani Green Energy and Adani Transmission, respectively.
  • Bajaj Finserv appointed Ramaswamy Subramaniam as president of private equity.
  • SBI Life Insurance appointed Amit Jhingran as MD and CEO with effect from Oct. 1 after Mahesh Kumar Sharma resigned.
  • Sun Pharmaceuticals signed a letter of intent for acquiring the remaining 25% stake in the Mexican subsidiary Sun Pharma de México, S.A. de C.V.
  • Pidilite Industries: Subsidiary Pidilite Ventures acquired up to a 20% stake in toymaker Imagimake Play Solutions for Rs 20 crore.
  • Dr. Reddy’s Laboratories Swiss unit incorporated another wholly-owned subsidiary in Jamaica, named Dr. Reddy’s Laboratories Jamaica.


Nifty Overview & Outlook

The benchmark Nifty index opened with a gap on higher side but failed to hold at the higher levels and remained in a downtrend throughout the session, settled lower at 19523 levels, down nearly 200 points from its previous closing values on monthly F&O expiry day.

Performance on the broader front was mix. Small Cap index outperformed the benchmark as it was down 0.41% while Midcap Cap index underperformed the benchmark, down over 1.5%.

All sectoral indices tracked at NSE settled in red. Amongst them, Nifty FMCG & IT index led the declines, fell around 2% each followed by Nifty Auto, Consumer Durable, Media and PSU Bank indices that was down over 1% each.

Technically, Nifty index is consolidating around an important support of 19500 levels. On the higher side, resistance is placed around 19800 levels. Crossover and sustenance below 19500 levels might take it towards 19200 level in immediate near term.


Derivatives Overview & Outlook

Yesterday, all three main indices Nifty, Banknifty and Finnifty futures shed 14%, 7% and 1% of open interest respectively as long unwinding.

Banknifty futures rolled 85% of open interest into next contract which was higher than the previous month rollovers on 77% while Nifty futures rolled 76% which was inline with previous month rollovers of 77%.

On options front, Nifty will start the first weekly contract of October series with maximum positions at 19500 PE and 19700 CE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 3364 Cr in the cash segment, sold stocks futures worth Rs 7741 Cr in the cash segment and also sold index future worth Rs 3893 Cr. DIIs were net buyers in the cash segment to the tune of Rs 2711 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19680-19750; Supports 19550-19480

Banknifty – Resistances 44750-45000; Supports 44300-44100

Finnifty – Resistances 19930-20000; Supports 19760-19680


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