Daily Market Update- Equity 3 April 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 3 April 2023

The benchmark nifty index opened with a gap on the higher side, kept the bullish momentum rolling throughout the session and settled at 17360 levels after adding 279 points to its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets settled higher in range 1.26% to 1.74%
  • European equity markets gained 0.15% to 0.81%
  • Asian equity markets are trading in green
  • SGX Nifty is little changed (as on 8:15 AM)


News highlights from across the globe

  • OPEC+ announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.
  • The group’s decision to reduce output by more than 1 million barrels a day is a jolt to markets that had been looking to a near-term peak in inflationary pressure.
  • The yield on 10-year treasuries was trading at 3.52%. Crude prices above $74-mark.


Important news updates from the domestic front

  • Hindustan Aeronautics registered its highest ever revenue from operations in a fiscal after a growth of 7.6% at Rs 26,500 crore during the year ended March 2023. The order book of the company stood at around Rs 82,000 crore at the end of March.
  • The consortium of Tracks & Towers Infratech and Rail Vikas Nigam received the letter of award from NHAI for construction of six-lane greenfield Varanasi-Ranchi-Kolkata highway for Rs 1,271.99 crore. The company received letter of award from NHAI for construction of six lane elevated Kona Expressway for Rs 720.67 crore. The company also received letter of award from Ministry of Railways for manufacturing and maintenance of 120 Vande Bharat trainsets at a cost of Rs 120 crore per trainset.
  • Engineers India: The company secured job orders Rs 48.82 crore for five assignments related to the energy sector.
  • ICICI Bank: The company acquired 9.5% stake in Propertypistol Realty via investment of Rs 22.5 crore in the latter’s equity shares and compulsorily convertible preference shares.
  • Punjab National Bank: The bank changed its base rate from 9% to 9.5% with effect from April 1, 2023.
  • Dixon Technologies (India): The company incorporated wholly owned subsidiary Dixtel Communications to undertake wholesale/trading of electronic equipment and other related parts.
  • Life Insurance Corporation of India: BC Patnaik has ceased to be the managing director of the corporation after close of office hours March 31, 2023, upon his superannuation.
  • Karnataka Bank: The bank saw CASA rise around 9% year-on-year to Rs 28,807.04 crore as on March 31, 2023. Meanwhile, gross advances increased 6% on-year to Rs 61,326.42 crore.


Nifty Outlook

The benchmark nifty index opened with a gap on the higher side, kept the bullish momentum rolling throughout the session and settled at 17360 levels after adding 279 points to its previous closing values.

Midcap index underperformed the benchmark as it was up by 0.87% while the smallcap index performed in line with the benchmark. The market breadth was heavily inclined towards the advancing side as 1647 advances were recorded against 671 declines at NSE.

All sectoral indices tracked at NSE settled in green. Amongst them, Nifty IT led the rally rose 2.45% followed by Nifty Pvt Bank, Realty and Fin Services that gained over 1.5% each.

Technically, Nifty ended on a strong note on Friday and closed above its congestion zone i.e 16850-17200. Going ahead, Nifty index is likely to trade northward and might test 17500-17550 levels in near term.


Derivatives Overview & Outlook

On Friday, Nifty & Finnifty futures shed around 3% & 10% of open interest respectively as short covering whereas Banknifty futures remained almost unchanged on the open interest front.

All F&O sectors settled higher. Amongst them, Pharma, Cement, Capital Goods and Metal stocks witnessed maximum addition of long positions.

On options front, put writing was seen at multiple strikes and maximum positions are at 17000 PE and 17700 CE.


FII & DII Trading Activity

Last week, FIIs bought stocks worth Rs 2517 Cr in the cash segment, bought stocks futures worth Rs 3243 Cr and also bought index futures worth Rs 4612 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 4956 Cr.



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