Daily Market Update- Equity 3 Jan 2023 | Globe Capital
03-Jan-2023
Daily Market Update- Equity 3 Jan 2023

Benchmark Nifty index settled higher at 18197 levels after adding 92 points to its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets were closed yesterday
  • European equity markets gained over 1%, FTSE was closed
  • Asian equity markets are trading mix
  • SGX Nifty is little changed (as on 8:28 AM)

 

News highlights from across the globe

  • Australian stocks were steady on their first trading day of the year after European shares rallied on Monday, shaking off some of the tumult of 2022.
  • Indian stocks are likely to follow domestic cues and China’s Covid fallout as the U.S. markets were closed on Monday, the New Year’s Day.

 

Important news updates from the domestic front

  • Zee Entertainment Enterprises: The company will contest the insolvency plea by operational creditor Indian Performing Right Society over claims of Rs 211.42 crore.
  • Zomato: Gunjan Patidar, co-founder and chief technology officer of the company, resigned due to undisclosed reasons.
  • Maruti Suzuki: The production volumes of the company in December declined almost 18% y-o-y to 1.25 lakh units in December.
  • SBI/ICICI Bank/HDFC Bank: The Reserve Bank of India marks these three banks in its list of domestic systematically important banks.
  • Dabur India: The company completed acquisition of 51% shareholding of Badshah Masala pursuant to the share purchase agreement and shareholders agreement with the latter’s promoters and shareholders.
  • ONGC: The company’s Sagar Samrat offshore drilling rig, which has been commissioned as a mobile offshore production unit, started oil and gas production in Arabian Sea.
  • MOIL: The company registered 18% sequential increase in production at 1.41 lakh tonne, and 91% rise in sales at 1.64 lakh tonne in December 2022.
  • L&T Technology Services: The board will meet on Jan. 19 consider and approve the financial results for quarter ended December 2022.

 

Nifty Outlook

Benchmark Nifty index settled higher at 18197 levels after adding 92 points to its previous closing values.

Broader markets marginally outperformed the benchmark as Mid and Small cap index gained 0.80% & 0.69% respectively against 0.50% rise in benchmark. Market breadth was heavily tilted towards the advancing side as over 2 gainers were recorded against every losing share at NSE.

Barring Pharma, all sectoral indices settled in green. Amongst them, Metal index was at the top of the tally, gained 2.43% followed by Media and Realty index that was up 1.17% & 1% respectively.

Nifty index is trading in a range (18000-18200 spot levels) for last few sessions. Crossover and sustenance above 18200 spot will open the doors for 18400 and higher levels in immediate near term.

 

Derivatives Overview & Outlook

Yesterday, both Nifty & Banknifty futures added around 1% & 1.5% of open interest respectively as long buildup.

On sectoral front, long buildup was seen among Metals, Oil & Gas & Chemical stocks whereas short buildup was seen among Textile stocks.

On options front, put writing was seen at 18000 strikes and maximum positions are at 18000 PE and 18200 CE.

 

FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 213 Cr in the cash segment, bought stocks futures worth Rs 520 Cr and sold index futures worth Rs 717 Cr. DIIs were net buyers in the cash segment to the tune of Rs 743 Cr.

 

Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18375-18450; Supports 18185-18100

Banknifty Futures – Resistances 43700-43950; Supports 43100-42850

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