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

Benchmark Nifty Index settled higher for second trading session in a row, closed shop at 17711 after adding 117 points to its previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets settled down in range 1.25% to 1.72%
  • European equity markets ended on negative note
  • Majority of Asian equity markets are trading in red
  • SGX Nifty is trading down by 150 points ( as on 8:40 AM)


News highlights from across the globe

  • Asian markets opened lower on Wednesday after hawkish rhetoric from Jerome Powell rattled risk sentiment in the U.S. and drove the dollar higher against all of its major peers.
  • The yield on 10-year Treasuries advanced to 3.98%. Crude prices were trading around $83-mark


Important news updates from the domestic front

  • RBL Bank: The bank elevated Deepak Ruiya to the position of deputy chief financial officer, with effect from March 6, 2023. He will be responsible for all the functions as are executed by a CFO till an appointment is made to the office.
  • GAIL (India): The board of the company will meet on March 13 to consider and approve interim dividend for the current fiscal.
  • Zee Entertainment Enterprises: The company entered a settlement agreement with operational creditor Indian Performing Rights Society to settle all claims and disputes. Subsequently, IPRS has withdrawn its insolvency petition against the company.
  • GAIL (India): The board of the company will meet on March 13 to consider and approve interim dividend for the current fiscal.
  • LTIMindtree: The company opened a new delivery centre in Krakow, Poland, expanding its presence in Eastern Europe.
  • NTPC: The company saw 11.92% growth in electricity generation at 364.2 billion units between April 2022 and February 2023, compared to the country’s generation growth of 9.56%, Ministry of Power said. Its captive coal production in February stood at 2.6 million metric tonnes and the despatch during the month stood at 2.5 MMT, marking a robust growth of 80% and 87% respectively.


Nifty Outlook

Benchmark Nifty Index settled higher for second trading session in a row, closed shop at 17711 after adding 117 points to its previous closing values.

Nifty small cap outperform the broader market gained 1.19% while Midcap performed in line with the benchmark.

All sectoral indices, barring Nifty Realty and PSU Bank, ended in the green. Amongst them, Nifty IT was at the top of the tally, gained 1.22% followed by Nifty Auto and Financial Services that were up 0.96% and 0.58% respectively. While Nifty realty and PSU Bank were the worst performers down 0.52% and 0.23% respectively.

Technically index has formed shooting star kind of pattern which suggest bearish reversal in trend. The immediate support of index is placed at 17600 as long as this level is protected a bullish momentum can continue towards 17800 or higher level


Derivatives Overview & Outlook

On Monday, both Nifty and Banknifty futures shed around 7% & 2% of open interest respectively as short covering.

On the sectoral front, Oil & Gas, Finance and Power stocks witnessed maximum addition of long positions whereas some short covering was seen among Auto, FMCG and Capital Goods stocks.

On options front, put writing was seen at 17700 strikes and maximum positions are at 17800 CE and 17500 PE.


FII & DII Trading Activity

On Monday, FIIs bought stocks worth Rs 721 Cr in the cash segment, bought stocks futures worth Rs 1447 Cr and sold index futures worth Rs 105 Cr. DIIs too were net buyers in the cash segment to the tune of Rs 757 Cr.



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