India Q1 GDP Preview:Economists Peg Growth At 7.8% Amid Resilience: Daily Market Update- Equity 30 Aug 2023 | Globe Capital Market LTD.
India Q1 GDP Preview:Economists Peg Growth At 7.8% Amid Resilience: Daily Market Update- Equity 30 Aug 2023

India's economy remained resilient in the first quarter of FY24 as domestic demand, government capex and a services-led recovery shielded the nation from tighter monetary and weak global conditions.

Overview and Outlook

Global Market Update

  • US equity markets settled higher in range 0.85% to 1.74%
  • European equity markets also up in range 0.87% to 1.69%
  • Asian equity markets are trading on a positive note
  • GIFT Nifty is up by 11 points (as on 8:30AM), Nifty likely to open around 19427.


News highlights from across the globe

  • Asian equity markets trading with gains across the region as China’s largest banks reportedly prepare to cut interest rates and investors speculate that the Federal Reserve is nearing the end of its tightening campaign.
  • Yesterday, nearly 90% of the S&P 500 companies rose as the gauge closed just shy of 4,500. A rally in megacaps like Tesla Inc. and Nvidia Corp. sent the Nasdaq 100 up more than 2%.
  • Brent crude was trading above $85 a barrel and the yield on the 10-year U.S. bond was trading at 4.12%


Important news updates from the domestic front

  • India’s economy remained resilient in the first quarter of FY24 as domestic demand, government capex and a services-led recovery shielded the nation from tighter monetary and weak global conditions. The gross domestic product is estimated to grow 7.8% in April- June 2024, a step up from 6.1% in the previous quarter, according to 13 economists polled by Bloomberg. Gross value added is expected to
  • Zomato: SoftBank Group’s affiliate SVF Growth Singapore will sell a 1.17% stake in the company for at least Rs 940 crore. SVF Growth Singapore will sell 10 crore shares at a floor price of Rs 94 apiece, representing a 0.7% discount on Tuesday’s closing price.
  • MPS: Its subsidiary MPS Interactive Systems will acquire 65% stake in Australia-based Liberate Group entities for AUD 9.32 million. The entities include Liberate Learning, Liberate eLearning, App-eLearn and Liberate Learning (New Zealand). The remaining 35% shareholding will be acquired by MPSi in subsequent tranches.
  • ONGC will invest about Rs 2 lakh crore to achieve zero carbon emissions by 2038, its chairman Arun Kumar Singh said on Tuesday. It will invest Rs 1 lakh crore by 2030 in setting up 10 gigawatts of renewable energy capacity, green ammonia plant, and offshore wind energy projects, the remaining would be used to achieve Scope-1 and 2 net zero carbon emissions.
  • Lupin: The drugmaker’s Canada unit launched Propranolol LA (long-acting) capsules, 60 mg, 80 mg, 120 mg and 160 mg.
  • GR Infraprojects: Two wholly owned subsidiaries have executed the concession agreement with the National Highways Authority of India for two projects in Karnataka worth a total Rs 1,457 crore.
  • SBFC Finance reported a standalone net profit of Rs 47 crore for the quarter ended June. Net interest income stood at Rs 141 crore.
  • HCL Tech announced an exclusive preferred professional services agreement with Cloud Software Group to help implement, upgrade, modernize and provide services for all TIBCO products for enterprise customers across the globe.


Nifty Overview & Outlook

The benchmark Nifty index ended on a positive note at 19342 levels, added 36 points to its previous closing values after a lackluster trading session.

The broader market outperformed the benchmark as Small-cap & Midcap index were up 0.54% and 0.33% respectively leading to flat market breadth.

Performance on the sectoral front was mix. Amongst them, Realty and Metal index were at the top of the tally, rose over 1.5% and 1% respectively followed by Auto and Media index that were up over 0.5%   On the other hand, Nifty PSU Bank led the decline down, 0.5%.

Technically, Nifty index is trading in a range for past couple of sessions. Going ahead, we reiterate our short term sideways view on Nifty index till it is trading in 19250-19650 levels on a closing basis. Either side break and sustenance from the said range will open the doors for next directional move in that direction.


Derivatives Overview & Outlook

Yesterday, long builup was seen Nifty Future and Finnifty Future. Short covering was seen in Bank nifty Future.

On sectoral front short covering was seen in Capital goods, Cements, Infrastructure, Reality and Technology shares while fresh shorts was seen in Pharma and Telecom shares.

On options front, put writing and call writing both was seen at multiple strikes and maximum positions are at 19300 PE and 19500 CE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 62 Cr in the cash segment, bought stocks futures and index futures worth Rs 2543 Cr and Rs 559 Cr. DIIs were net buyers in the cash segment to the tune of Rs 305 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19425-19500; Supports 19280-19200

Banknifty – Resistances 44780-44920; Supports 44280-44170

Finnifty – Resistances 19900-20010 Supports 19680-19620





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