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

Tracking global cues Nifty index opened on a weak note, recovered most of the lost ground to settle at 17624 levels, down 31 points from its previous closing levels.

Overview and Outlook

Global Market update

  • US equity markets were up in range 1.4 to 2.14%
  • European equity were mix
  • Asian equity markets are trading in green
  • SGX Nifty is up 132 points (as on 8:16 AM)


News Highlights from across the globe

  • US stock indexes climbed the most in roughly a month as bond yields eased, with investors shrugging off hawkish remarks made by Federal Reserve officials on Wednesday.
  • Markets in Asia-Pacific traded higher following Wall Street’s solid rebound rally overnight in the best day since August 10 for all three averages. Investors will also be closely watching Federal Reserve Chair Jerome Powell’s speech on Thursday as markets brace for another 75 basis-point hike later this month.


Important news & Earnings Updates from the domestic front

  • Zee Entertainment: The company received NCLT approval to convene shareholder meet for considering, approving Sony deal. NCLT directed it to hold the shareholders’ meet on October 14, 2022.
  • InterGlobe Aviation: The Gangwal family, one of the promoters of InterGlobe Aviation Ltd., will offload 2.8% stake in the airline through block deal, according to Bloomberg News.
  • IRCTC: The company emerged as the successful bidder in sale of commercial built-up space in WTC Nauroji Nagar, New Delhi.
  • Redington India: Apple launched iPhone 14 series. It intends to manufacture it in India about two months after, according to Bloomberg. Redington is a re-seller of Apple products in India.
  • Aditya Birla Fashion and Retail: SEBI granted relaxation to the company from securities contracts rules in preferential allotment To Caladium Investment.
  • Concor: The Union Cabinet approved lowering the railway land licensing fees to 1.5%, which is expected to facilitate the disinvestment process of Concor.
  • Cipla: Gets U.S. FDA approval for generic version of Revlimid.
  • AAVAS Financiers: CARE Ratings has upgraded the company’s long-term facilities credit rating to CARE AA from CARE AA-. Outlook on the long-term facilities rating is revised to stable from positive.


Nifty Outlook

Tracking global cues Nifty index opened on a weak note, recovered most of the lost ground to settle at 17624 levels, down 31 points from its previous closing levels.

Broader markets outperformed benchmark as Mid & Small cap index gained 0.5% and 0.78% respectively, leading to fairly positive market breadth.

Sector performance was mix, Auto index lost maximum, down 1.15% while Media index was at the top of the tally, up 1.46% on back of Zee limited whose shares rose over 4%.

Nifty index is still trading in range 17400 to 17800 levels; either side break is needed for next directional move.


Derivatives Overview & Outlook

Yesterday, no significant activity was seen in Nifty futures on price as well as on open interest front whereas Banknifty futures shed around 7% of open interest as long unwinding.

On sectoral front, long buildup was seen among Cement, Infra and IT stocks whereas short buildup was seen among Auto stocks.

On options front, call writing was seen at multiple strikes along with some put writing at multiple strikes and maximum positions are at 17000 PE followed by 17500 PE and 18000 CE.


FII & DII Trading Activity

Yesterday, FIIs bought stocks worth Rs 758 Cr in the cash segment, sold stocks futures worth Rs 3116 Cr and also sold index futures worth Rs 71 Cr.

DIIs were net sellers in the cash segment to the tune of Rs 758 Cr.


 Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 17750-17850; Supports 17550-17480

Banknifty Futures – Resistances 39800-40100; Supports 39300-38950


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