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

Benchmark Nifty index opened with gap on lower side and remained in downtrend throughout the session. Finally ended at 17321 down 121 points from previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets were up in range 0.73 to 1.05%
  • European equity markets ended on flat to positive note
  • Majority of Asian equity markets are trading in green
  • SGX Nifty is up by 100 point ( as on 8:20 AM)


News highlights from across the globe

  • Asian markets were set to advance on Friday after dovish comments from U.S. policymaker led stocks to snap two days of losses.
  • Japan’s Feb service-sector activity grows at fastest rate in 8 month.
  • Japan’s jobless rate falls to 2.4% in January
  • The yield on 10-year Treasuries advanced to 4.07%. Crude prices were trading around $84-mark.


Important news updates from the domestic front

  • Pidilite Industries: The company investment additional Rs 10 crore in Buildnext Construction Solutions, taking its stake to 24.15%.
  • Adani Green Energy: The company’s 700 MW wind-solar hybrid plant in Jaisalmer, Rajasthan became fully operational, taking its operating wind-solar hybrid portfolio to 2,140 MW. The facility has a power purchase agreement at Rs 3.24 per kwh for 25 years.
  • Alembic Pharmaceuticals: The company will take an impairment charge of Rs 1,150.43 crore on three manufacturing facilities under construction in Gujarat. The three plants are expected to take a hit to their profitability and generate less cash than expected.
  • Happiest Minds Technologies: The board approved allotment of 12,500 non-convertible debentures on private placement basis to raise Rs 125 crore.
  • Indian Bank: The bank will increase its lending rates across the board in the range of 5-10 basis points, effective March 3, 2023.
  • MOIL: The company recorded 10% jump year-on-year during February in production of manganese ore at 1.31 lakh tonnes, while sales increased 19% on-year to 1.32 lakh tonnes.


Nifty Outlook

Benchmark nifty index opened with gap on lower side and remained in downtrend throughout the session. Finally ended at 17321 down 121 points from previous closing values.

Midcap and Small cap index outperform the broader market ended on negative note down 0.22% and 0.17%. The market breadth was inclined towards declining side as 1292 declines were recorded against 969 advances tracked at NSE.

Barring Nifty pharma, All the sectoral indices tracked at NSE ended in red while Nifty IT, Auto were the worst performer fell 1.26% and 0.86% followed by Nifty Financial Services and Nifty Bank that were down 0.85% and 0.76% respectively. on the other hand Nifty Pharma was the top of the tally gained over 2%.

Going ahead, we reiterate bearish view on nifty if the index breaks recent swing low area i.e. 17250-17300 then next immediate support of index is placed at 17000. Whereas on the higher side the key resistance level to watch out is 17500.


Derivatives Overview & Outlook


Nifty March futures ended at 17,388 a discount of 144.70 points. Nifty March futures rose 2.95% and 6,770 shares in Open Interest.

Nifty Bank March futures ended at 40,565.05 a discount of 345.40 points. Nifty Bank March futures fell 4.83% and 4,779 shares in Open Interest.


FII & DII Trading Activity

Foreign institutional investors (FII) bought shares worth Rs 12,770.81 crore, while domestic institutional investors (DII) purchased shares worth Rs 2,128.80 crore on March 2, the National Stock Exchange’s provisional data showed.



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