Daily Market Update- Equity 8 July 2022 | Globe Capital Market LTD.
Daily Market Update- Equity 8 July 2022

Tracking global cues, Nifty index registered gap up opening, kept the bullish momentum rolling till the end to close near the day’s peak at 16132 levels, up 143 points.

Overview and Outlook

Global Market update

  • US equity markets settled higher in range 1.12 – 2.28%
  • European equity markets were up in range 1.14 to nearly 2%
  • Majority of Asian equity markets are trading in green
  • SGX Nifty is up 132 points (as on 8:20 AM)


News Highlights from across the globe

  • Stocks in Asia caught a modest tailwind Friday from a US rally sparked by hopes that policy makers can get inflation under control without causing a global economic downturn. Asia-Pacific markets opened higher as investors look ahead to the release of US jobs data for June.
  • Wall Street benchmarks ended up on Thursday, with the S&P 500 and Nasdaq recording their fourth successive higher closes, as traders leaned in to US equities after the Federal Reserve hinted at a more tempered program of interest rate hikes.


Important news & Earnings Updates from the domestic front


  • Mahindra & Mahindra: The company has agreed to sell stake in its new electric vehicle arm to British International Investment Plc.
  • Coforge: The company is in alliance with Newgen Software to help organisations transform current processes, enhance operational efficiency, and gain a competitive edge over peers.
  • Vedanta: The company will acquire Athena Chhattisgarh Power, a 1,200 MW coal-based power plant, for Rs 564.67 crore.
  • PowerGrid: CBI has arrested the company’s executive director BS Jha and five others in connection with a bribery case. Rs 93 lakh was recovered from Jha’s residence in Gurugram.
  • Dr Reddy’s: The US Food and Drug Administration has issued a Form 483 with two observations to Dr Reddy’s formulations manufacturing facility in Andhra Pradesh.
  • Tata Motors: JLR sales fell 37% year-on-year to 78,825 units in quarter ended June 30 due to a global chip shortage, covid lockdowns in China, and new model transition of Range Rover Sport.
  • Alkem Laboratories: The company has received Form 483 with one observation from the U.S. FDA with respect to ANDA filed for products to be manufactured at its plant in Indore.


Nifty Outlook

Tracking global cues, Nifty index opened with a huge gap on the higher side, kept the bullish momentum rolling till the end to close shop near the day’s peak at 16132 levels, up 143 points.

Broader markets performed in line with benchmark, Mid & Small cap index gained 1.19% and 1.57% respectively, leading to fairly strong market breadth.

Barring FMCG index, all other sector gauges tracked at NSE settled in green. Metal index gained maximum, up 3.42% after China announces $220 bn Stimulus package. Apart from this Realty and Bankex also performed quite well, gained 2.6% and 1.74% respectively.

Nifty index has posted good recovery after breaking out from 15600-900 trading range. Going ahead, sustenance above 16200 levels is the key for further up move towards 16500 and higher levels.


FII & DII Trading Activity

Foreign institutional investors (FIIs) have offloaded shares worth Rs 925.22 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 980.59 crore on July 7, as per provisional data available on the NSE.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 16200-16340; Supports 16040-15920

Banknifty Futures – Resistances 35300-35500; Supports 34900-34450


Important Earnings Today – TCS


AGM today: Havells India, IIFL Finance, NELCO


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.