Daily Market Update- Equity 6 March 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 6 March 2023

The Benchmark Nifty index ended the week on a very strong note, closed sharply higher at 17594 adding 272 points to its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets settled higher in range 1.17% to 1.97%
  • European equity markets gained 0.04% to 1.61%
  • Majority of Asian equity markets are trading in green
  • SGX Nifty is trading up by 90 points ( as on 8:20 AM)


News highlights from across the globe

  • Asian markets opened higher on Monday after the U.S. stocks ended last week on a positive note, driven by speculation that the Federal Reserve won’t raise interest rates beyond peak levels, as it is already priced in.
  • The yield on 10-year Treasuries advanced to 3.96%. Crude prices were trading around $85-mark


Important news updates from the domestic front

  • HDFC: The NCLT approves merger of wholly owned subsidiaries HDFC Property Ventures and HDFC Venture Capital with subsidiary HDFC Capital Advisors.
  • Ashoka Buildcon/Mahanagar Gas: The company with Morgan Stanley-managed North Haven India Infrastructure Fund will sell 100% stake in subsidiary Unison Enviro, comprising 13.54 shares, to Mahanagar Gas for Rs 531 crore.
  • Exide Industries: The NCLT approved merger of Chloride Power Systems & Solutions with parent entity Exide Industries.
  • Info Edge (India): The company’s wholly owned subsidiary Redstart Labs (India) will invest Rs 5.2 crore in pet care company Sploot, making it an associate entity.
  • Easy Trip Planners: The company signed an MoU with Andhra Pradesh government for promotion of tourism in the state.
  • Kansai Nerolac Paints: The joint venture between Kansai Nerolac Paints and Polygel Industries will acquire 40% in Nerofix for a cash consideration of Rs 37 crore.
  • Zydus Lifesciences: The company received final approval from the U.S. FDA for Vigabatrin for Oral Solution USP, 500 mg. The formulation had annual sales of $233.7 million in the U.S.


Nifty Outlook

The Benchmark Nifty index ended the week on a very strong note, closed sharply higher at 17594 adding 272 points to its previous closing values.

Nifty index outperformed the broader markets as Midcap and small cap index ended higher by 0.77% and 0.87% respectively against 1.57% rise in Nifty index.

All the sectoral indices tracked at NSE settled in green. PSU Bank and Metal index soared 5.40% and 3.55% respectively followed by Nifty Bank, Financial Service, Realty and Pvt Bank index that was up in range 1.5% to 2% each.

Technically, Nifty index has formed a bullish candlestick on daily as well as on weekly charts. Going ahead, Nifty index likely to test 17800 levels in immediate near term.


Derivatives Overview & Outlook

On Friday, Nifty futures shed around 5% of open interest as short covering whereas Banknifty futures added around 5% of open interest as long buildup.

All F&O sectors settled higher. Amongst them, Metal and Finance stocks witnessed maximum addition of long positions.

On options front, put writing was seen at 17600 & 17500 strikes and maximum positions are at 17500 PE and 18000 CE.


FII & DII Trading Activity

Last week, FIIs bought stocks worth Rs 6010 Cr in the cash segment, bought stocks futures worth Rs 2003 Cr and also bought index futures worth Rs 2263 Cr. DIIs were net buyers in the cash segment to the tune of Rs 12560 Cr during the week.



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