BSE moves Bankex expiry to Monday from Friday, effective October 16: Daily Market Update- Equity 31 Aug 2023 | Globe Capital Market LTD.
BSE moves Bankex expiry to Monday from Friday, effective October 16: Daily Market Update- Equity 31 Aug 2023

The expiry day of S&P BSE Bankex derivatives contracts will be revised to Monday effective October 16, the Bombay Stock Exchange said in a circular dated August 30. The existing expiry day of Bankex contracts is Friday.

Overview and Outlook

Global Market Update

  • US equity markets settled higher in range 0.11% to 0.54%
  • European equity markets ended mixed
  • Asian equity markets are trading on a positive note
  • GIFT Nifty is up by 20 points (as on 8:30AM), Nifty likely to open around 19375.


News highlights from across the globe

  • Asian equity markets are trading with positive bias after  U.S. economic reports pointed to slowing growth, adding to bets the Federal Reserve is nearing the end of its tightening cycle.
  • In China, investors are focused on official purchasing managers index data due Thursday that is forecast to show further weakness in manufacturing and slowing growth in services. In U.S. corporate news, Apple is testing the use of 3D printers to produce smartwatch components.
  • Brent crude was trading above $85 a barrel and the yield on the 10-year U.S. bond was trading at 4.11%


Important news updates from the domestic front

  • Ajanta Pharma has received the final approval from U.S. Food and Drug Administration to launch and market Topiramate Extended-Release Capsules of doses 25 mg, 50 mg, 100 mg, and 200 mg. Topiramate is the generic version of Supernus Pharmaceuticals Inc.’s Trokendi XR. Ajanta can launch Topiramate on Feb. 1, 2026, or earlier under certain circumstances.
  • DreamFolks Services has entered into a partnership with one of the leading Visa service providers to offer premium lounges at Visa centers and Doorstep Visa services.
  • Gensol Engineering received in-principle approval from NSE to issue 4.05 lakh equity shares at a price not less than Rs 1,480.08 to non-promoter on a preferential basis pursuamt to share swap basis.
  • 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.
  • Rail Vikas Nigam has emerged as the lowest bidder for various projects of Maharashtra Metro Rail Corporation. The total project cost is Rs 256.19 crore.
  • Bharat Heavy Electricals has secured an order for setting up 2×800 MW Supercritical Thermal Power Project Stage-II at Lara in Chhattisgarh through international competitive bidding. The deal entails designing, engineering, manufacturing, supply, construction, erection, testing and commissioning with civil and structural works for the EPC project.
  • Andhra Paper: Andhra Pradesh Pollution Control Board has approved Consent to Operate and Hazardous Waste Authorization to include the Precipitated Calcium Carbonate process to ensure efficient carbon capture and reuse which will reduce carbon emission. This process yields lower paper production cost and improves the paper opacity, bulk, and brightness. There is no additional paper and pulp production c


Nifty Overview & Outlook

The benchmark Nifty index opened with a gap on the higher side but failed to sustain at higher levels and settled near day’s low at 19347 levels to end the day on a flat note.

Broader markets outperformed the benchmark as Small cap & Mid-cap index ended higher, up 1.03% and 0.86% respectively against the flat closing of the frontline index.

Majority of sectoral indices tracked at NSE settled in green. Amongst them, Nifty Realty and Metal index led the advances, up by 1.41% and 0.92% respectively followed by Nifty Auto, FMCG and IT index that were up over 0.5% each. On the other hand, Nifty Bank and Financial services was the worst performer, down over 0.5%.

Technically, Nifty index is well placed on multiple chart frames and 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.


Derivatives Overview & Outlook

Yesterday, no major changes was observed on price front in all three major futures indices while on open interest front Nifty future shown short covering with a decrease in open interest by 2.7%, short buildup was seen in Banknifty futures and Finnifty futures with an increase in open interest by 4.4% and 8% respectively.

Nifty and Banknifty futures rolled 59% & 56% of open interest respectively into next contracts so far.
On options front, both call writing and put writing was seen at multiple strikes and maximum positions are at 19300 PE and 19500 CE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 495 Cr in the cash segment, bought stock futures worth Rs 1930 Cr and sold index futures worth Rs. 13 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1323 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19415-19465; Supports 19280-19210

Banknifty – Resistances 44570-44800; Supports 43980-43780

Finnifty – Resistances 19950-20040; Supports 19660-19540


F&O stocks in ban today: BHEL, IBULHSGFIN



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