Daily Market Update- Equity 9 Aug 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 9 Aug 2023

The Benchmark Nifty index settled on a negative note, closed shop at 19570 levels, down 26 points from its previous closing values after highly volatile trading session.

Overview and Outlook

Global Market Update

  • US equity markets ended on negative note, down in range 0.42% to 0.79%
  • European equity markets ended on negative note
  • Asian markets are trading mixed
  • GIFT Nifty is trading up by 44 points (as on 8:35AM)


News highlights from across the globe

  • Asian equity futures fell, suggesting a cautious open to trading around the region as investors await consumer and producer price data from China that’s projected to show ongoing weakness.
  • On Tuesday, the equity declines on Wall Street waned in afternoon trading, with the S&P 500 finishing down by 0.4%. Apple Inc. halted its longest losing streak this year. Banks fell as Moody’s Investors Service downgraded 10 small and midsize American lenders and said it may do the same with a handful of major firms.
  • Brent crude was trading around $86 a barrel and the yield on the 10-year U.S. bond was trading at 4.02%


Important news updates from the domestic front

  • Jay Bharat Maruti board has approved a stock split of existing shares in 5:2 ratio. It will split existing equity shares with face value of Rs 5 into equity shares having face value of Rs 2. The purpose of the stock split is to enhance liquidity of the company’s equity shares and to give opportunity to small investors for investment.
  • SBI Life Insurance appointed Amit Jhingran as Managing Director and chief executive officer of the company.
  • Inox Wind Energy promoter group entities of Inox Wind raised Rs 500 crore through sale of equity shares of the company via block deals. The funds raised are proposed to be infused into Inox Wind and use it to repay its existing debt.
  • Lupin Novel Laboratories, has received approval from the U.S. FDA for its Abbreviated New Drug Application for Fluocinolone Acetonide Oil, which is a generic equivalent of DermaSmoothe of Hill Dermaceuticals Inc.
  • NTPC unit NTPC Renewable was the successful bidder for 80 MW floating solar project.


Nifty Overview & Outlook

The Benchmark Nifty index settled on a negative note, closed shop at 19570 levels, down 26 points from its previous closing values after highly volatile trading session.

Broader markets outperformed the benchmark as Midcap & Small cap ended on a flat to positive note against negative closing of frontline index resultant flat market breadth.

Performance on the sectoral front was mix. Amongst them, Nifty PSU bank led the advances, up over 3% followed Consumer Durables and Media index that were up over 0.5%. On the other hand, Nifty Metal witnessed some selling pressure down over 1%.

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, no significant activity was seen among Nifty, Banknifty and Finnifty futures on price front whereas on open interest front Nifty futures remained almost unchanged whereas Banknifty and Finnifty futures added around 1.5% and 11% of open interest as long buildup.

On the sectoral front, long buildup was seen among Banking and Capital Goods stocks whereas some short buildup was seen among FMCG and Realty shares.

On options front, call 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 711 Cr in the cash segment, sold stocks futures worth Rs 82 Cr and bought index futures worth Rs 424 Cr. DIIs were net buyer in the cash segment to the tune of Rs 537 Cr. 


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19680-19740; Supports 19560-19500

Banknifty – Resistances 45220-45370; Supports 44720-44600

Finnifty – Resistances 20230-20320; Supports 20000-19920






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