Daily Market Update- Equity 8 Aug 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 8 Aug 2023

The benchmark Nifty index opened with a gap on the higher side and settled higher at 19597 levels after adding 80 points to its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets ended on positive note, up in range 0.61% to 1.16%
  • European equity markets ended on mixed note
  • Asian markets are trading mixed
  • GIFT Nifty is trading down by 39 points (as on 8:35AM)


News highlights from across the globe

  • Asian stocks are set for a mixed opening after shares in the US rebounded from their worst week since March, with Wall Street optimism offset by the latest comments from a Federal Reserve official that pointed to more rate hikes to control inflation.
  • Brent crude was trading at $85.34 a barrel and the yield on the 10-year U.S. bond was trading at 4.09%


Important news updates from the domestic front

  • Adani Green Energy: Qatar Sovereign Wealth arm, INQ Holding bought 2.7% stake in a bulk deal. Infinite Trade and Investment, a promoter entity, sold 4.48 crore shares (2.8%) at Rs 920.43 apiece.
  • BEML secured a letter of acceptance from Bangalore Metro Rail Corporation for supply of rolling stock contract 5RS-DM valued at Rs 3,177 crore.
  • One 97 Communications: PWC India resigned as auditor of Paytm Payments Services. The resignation follows an Aug. 2 letter by One 97 Communications which cited change in auditor at holding company level. Keeping in mind the company’s practice of aligning auditor of holding company with material subsidiary, PWC submitted its resignation.
  • RailTel Corporation of India has received the work order from Pimpri Chinchwad Smart City for providing end-to-end services for monetisation of PCSCL city network infrastructure on revenue sharing model. The estimated annual revenue from the contract is Rs 70 crore and the total revenue for 10 years is Rs 700 crore.
  • MMTC: Securities and Exchange Board of India has cancelled the registration of the company as a stockbroker for its involvement in an illegal “paired contract” in the case pertained to the defunct National Spot Exchange Ltd.


Nifty Overview & Outlook

The benchmark Nifty index opened with a gap on the higher side and settled higher at 19597 levels after adding 80 points to its previous closing values.

Small cap index underperformed the benchmark as it ended on a flat to positive note while Mid Cap index performed in line with the benchmark; resultant, flat Market breadth.

Majority of sectoral indices tracked at NSE settled in green. Amongst them, Nifty Healthcare Index was at the top of the tally, rose over 2% followed by IT & Pharma index that settled higher 1.56% and 1.13% respectively. On the other hand, Nifty PSU Bank led the decline down over 0.50%.

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 19300-19800 levels.


Derivatives Overview & Outlook

Yesterday, short covering was seen in Nifty futures as open interest decreased by 0.8%. Short buildup was seen in Banknifty futures with rise in open interest by 2.8% and Finnifty futures shown long buildup with with increase in open interest by 14%.

On the sectoral front, long buildup was seen in Infrastructure, Pharma and Technology stocks whereas short buildup was seen in Chemicals, Realty and Textile shares.

On options front, put writing was seen at multiple strikes and maximum positions are at 19500 PE and 19600 CE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 1893 Cr in the cash segment, bought stocks futures and index futures worth Rs. 1397 Cr and Rs 636 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 1081 Cr. 


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19710-19785; Supports 19500-19435

Banknifty – Resistances 45260-45400; Supports 44650-44480

Finnifty – Resistances 20220-20280; Supports 19990-19910






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