Here are the key items on the G20 summit agenda:Daily Market Update- Equity 8 Sep 2023 | Globe Capital Market LTD.
Here are the key items on the G20 summit agenda:Daily Market Update- Equity 8 Sep 2023

India's legacy to the group of 20 nations could be on issues such as cryptocurrency regulation, multilateral development bank reform, furthering digital public infrastructure, climate financing, formulating common debt relief frameworks for distressed countries, and improving the lines of global value chains. Although the language around the Russia-Ukraine crisis and the subsequent global food and energy insecurity is likely to impact the joint communiqué, the summit in New Delhi is expected to yield a chair summary similar to the G20 Bali Summit in 2022.

Overview and Outlook

Global Stock Market Today

  • Barring Dow Jones, other US equity markets settled on negative note
  • European equity markets ended on mixed note.
  • Asian equity markets are trading on a negative note
  • GIFT Nifty is up by 11 points (as on 8:30AM), Nifty futures likely to open around 19779 levels.


News highlights from across the globe

  • Stocks in Asia were set to follow a big tech-led drop on Wall Street amid concern over how a Chinese ban on Apple Inc.’s iPhone could impact the industry that has driven this year’s market rally. The dollar strengthened and Treasuries rose.
  • The Nasdaq 100 fell Thursday as Apple slid about 6.5% in two days, wiping out $190 billion in value, while an advance in defensive groups sent the S&P 500 away from session lows.
  • Brent Crude prices slipped below $90 a barrel and the yield on the 10-year U.S. bond was trading at 4.24%.


Important news updates from the domestic front

  • Tata Steel unit Tata Steel Special Economic Zone has tied up with AVAADA Group to set up a green hydrogen and ammonia manufacturing unit in Odisha.
  • LTIMindtree has launched two industry solutions — AdSpark and Smart Service Operations — to accelerate the time-to-market for businesses on the Salesforce platform.
  • Mazagon Dock Shipbuilders has signed a Master Ship Repair Agreement with the U.S. government. The agreement is expected to open-up voyage repairs of US Navy Ships at MDL.
  • Exide Industries plans to invest Rs 100 crore in subsidiary Exide Energy Solutions via rights issue. The unit is involved in manufacturing of advanced chemistry battery cells.
  • Bajaj Finserv: Subsidiary Bajaj Allianz General Insurance reported gross direct premium underwritten for August at Rs 1,677.87 crore, and the premium in the current financial year up to August at Rs 9,228.81 crore. Bajaj Allianz Life Insurance’s total premium for August stood at Rs 926.41 crore and premium in the current financial year up to August at Rs 3,828.06 crore.
  • Sterlite Technologies has partnered with TruVista, a provider of broadband services and applications, to drive the growth and enhancement of South Carolina’s rural connectivity infrastructure. TruVista is investing over $12 million in rural broadband, a significant portion of which will be dedicated to South Carolina.

Nifty Overview & Outlook

The benchmark Nifty index settled higher at 19727 levels, added over 100 points to its previous closing values after highly volatile trading session.

The Broader market traded in line with the benchmark as Midcap and Small cap index rose nearly 0.5% higher.

Majority of sectoral indices tracked at NSE settled in green. Amongst them, Nifty Realty was  the top performer gained nearly 1.5% followed by Nifty Bank, Financial Services, Media and PSU Bank index that were up over 1% each. On the other hand, Nifty FMCG and Pharma witnessed some selling pressure, down nearly 0.41% and 0.32% respectively.

Technically, Nifty closed on a strong note and formed a bullish candlestick on the daily chart. Going ahead, we reiterate our bullish view on Nifty index and expect it to move towards its all time highs i.e.  19991 level in immediate near term.

Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty futures with increase in open interest by 6.7% whereas short covering was seen in Banknifty and Finnifty futures with decrease in open interest by 1% and 4% respectively.
On sectoral front, long buildup was seen in Capital Goods, Media, Power and Technology stocks. Short buildup was seen in Cement and Pharma stocks whereas short covering was seen in Automobile and Finance stocks.
On options front, put writing was seen at multiple strikes and maximum positions are at 19600 PE and 20000 CE.

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 759 Cr in the cash segment, bought stocks futures and index future worth Rs 2540 Cr and Rs. 1367 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 28 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19900-19825; Supports 19650-19590

Banknifty – Resistances 45350-45600; Supports 44630-44325

Finnifty – Resistances 20170-20300; Supports 19900-19830

F&O stocks in ban today:




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