Daily Market Update- Equity 5 April 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 5 April 2023

The benchmark nifty index ended on a flat note at 17398 levels after adding just 38 points to its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets were down over 0.5%
  • European equity markets settled on mix note
  • Asian equity markets are trading mix
  • SGX Nifty is down by 50 points (as on 8:20AM)


News highlights from across the globe

  • Equity markets in Asia are trading mix after US stocks halted a four-day winning streak amid a selloff in banks.
  • Vacancies at U.S. employers sank in February to the lowest since May 2021, the Labor Department’s Job Openings and Labor Turnover Survey showed Tuesday. The reading was below all estimates in a Bloomberg survey.
  • The yield on 10-year treasuries was trading at 3.34%. Crude prices trade above $85-mark.


Important news updates from the domestic front

  • Business Updates For March 2023 (YoY)  – Bajaj Finance recorded 29% rise in core AUM to Rs 247,350 crore. The company booked the highest-ever new loans of 29.6 million in FY23. Total deposits increased 45% YoY to Rs 44,650 crore. The consolidated net liquidity surplus stood at Rs 11,850 crore.
  • Business Updates for March 2023 (YoY) – The total deposits of IndusInd Bank increased by 15% YoY to Rs 3.36 lakh crore. The bank recorded a 21% YoY rise in net advances at Rs 2.89 lakh crore. The CASA ratio stood at 40.1%.
  • Business Updates for March 2023 (YoY) – HDFC Bank CASA increased 11.3% to Rs 8.36 lakh crore as on March 31, 2023, with the CASA ratio at 44%. Total deposits increased by 20.8% to Rs 18.84 lakh crore. The bank recorded a 16.9% YoY rise in gross advances at Rs 16.01 lakh crore.
  • Business Updates for March Quarter (YoY)Vedanta total aluminum production remained flat at 574 kilotonnes. Gross oil and gas production declined 11% to 12.3 million barrels. Saleable ore production from Karnataka increased 12% to 1.6 million tonnes.
  • Business Updates for March Quarter (YoY) – Hindustan Zinc Mined metal production increased 2% to 301 kilotonnes, driven by higher ore production and improved mined metal grades. Refined metal production was at its highest ever of 269 kilotonnes with a growth of 3%. Integrated zinc production increased 2% YoY to 215 kilotonnes.
  • NBCC (India): The company received a work order for the construction of an 88.58-km border and road in Mizoram along Indo Bangladesh Border at a cost of Rs 448.02 crore.
  • Lemon Tree Hotels: The company signed a new property in Greater Bengaluru—Peninsula Suites. The property will be managed by Carnation Hotels, a wholly-owned subsidiary and the management arm of the company.
  • Britannia Industries: The board approved an interim dividend of Rs 72 for each share for the current fiscal. The record date for the dividend has been fixed at April 13, 2023.


Nifty Outlook

The benchmark nifty index ended on a flat note at 17398 levels after adding just 38 points to its previous closing values.

The broader market outperformed the benchmark as Small-cap and Mid-cap indices were up by 0.74% and 0.37% respectively. The market breadth was inclined towards the advancing side as 1604 advances were recorded against 377 declines at NSE.

Majority of sectoral indices tracked at NSE settled higher. Amongst them, Nifty Auto and PSU Bank index were at the top of the tally rose over 1% followed by Nifty Pvt Bank and Realty index that were up nearly 1% each.

Going ahead, we reiterate our bullish view on Nifty index till it is holding above 17200-17250 zone, and it is likely to trade northward and might test 17500-17550 levels in the near term.


Derivatives Overview & Outlook

On Monday, Nifty and Banknifty futures shed around 8% & 30% of open interest respectively as short covering whereas Finnifty futures added around 57% of open interest as long buildup.

Majority of F&O sectors settled higher. Amongst them, Auto and Pharma stocks witnessed maximum addition of long positions whereas Infra and Power stocks moved higher on short covering while some short buildup was seen among Oil & Gas and Textile stocks.

On options front, put writing was seen at multiple strike along with call writing at multiple strikes and maximum positions are at 17000 PE followed by 17200 PE and 17700 CE followed by 17500 CE.


FII & DII Trading Activity

On Monday, FIIs bought stocks worth Rs 322 Cr in the cash segment, sold stocks futures worth Rs 307 Cr and also sold index futures worth Rs 511 Cr. DIIs too were net sellers in the cash segment to the tune of Rs 328 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty – Resistances 17525-17600; Supports 17380-17300

Banknifty – Resistances 40330-40550; Supports 40800-40500



Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, USE and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.

Globe Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. Rolex Finvest Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited and Lakshya Impex Private Limited  are associates of GCML. Globe Comex International DMCC is step down subsidiary of GCML.

This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.

Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.

This report has been prepared by GCML based on the information available in the public domain and other public sources believed to be reliable. Though utmost care has been taken to ensure its accuracy and completeness, no representation or warranty, express or implied is made by GCML that such information is accurate or complete and/or is independently verified. The contents of this report represent the assumptions and projections of GCML and GCML does not guarantee the accuracy or reliability of any projection, assurances or advice made herein. Nothing in this report constitutes investment, legal, accounting and/or tax advice or a representation that any investment or strategy is suitable or appropriate to recipients’ specific circumstances.

Since GCML or its associates are engaged in various financial activities, they might have financial interest or beneficial ownership in various companies including subject company/companies mentioned in the report. GCML or its associates have not received any compensation for investment banking or merchant banking from the subject company in the past 12 months.  GCML or its associates might have received any compensation including brokerage services and for products or services other than investment banking or merchant banking from the subject company in the past 12 months. It is confirmed that GCML or research analyst or its associates have not managed or co-managed public offering of securities for the subject company in the past 12 months.

Research analyst or GCML or its relatives’/associates’ have no material conflict of interest at the time of publication of this report. Neither research analyst nor GCML are engaged in market making activity for the subject company. It is confirmed that research analysts do not serve as an officer, director or employee of the subject company. It is also confirmed that research analyst have not received any compensation from the subject company in the past 12 months.

No material disciplinary action has been taken on GCML by any regulatory authority impacting Equity Research Analysis activities.

The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. This information is subject to change, as per applicable law, without any prior notice. GCML reserves the right to make modifications and alternations to this statement, as may be required, from time to time.

Research analyst or GCML or its relatives’/associates’ do not have actual/beneficial ownership of 1% or more in securities of the subject company, at the end of the month immediately preceding the date of publication of the document.