Daily Market Update- Equity 9 Dec 2022 | Globe Capital
09-Dec-2022
Daily Market Update- Equity 9 Dec 2022

Nifty index settled near the day’s top after a lackluster trading session where it traded in narrow range for most part of the session, closed shop at 18609 levels, up 48.85 levels.

Overview and Outlook

Global Market Update

  • US equity markets were up in range 0.55 to 1.13%
  • European equity markets ended on flat to negative note
  • Asian equity markets are trading mix
  • SGX Nifty is up by 75 points (as on 8:21 AM)

 

News highlights from across the globe

  • U.S. stocks were upbeat on data indicating moderation in the labour market, paving the way for less hawkish Federal Reserve stance.
  • Oil was up 0.8% after paring significant gains from a volatile session caused due to shutdown of a crucial pipeline between the U.S. and Canada.

 

Important news updates from the domestic front

  • One 97 Communications: The board will meet on Dec. 13 to consider a proposed share buyback programme.
  • Adani Enterprises: The company acquired 100% stake of Alluvial Mineral Resources from Adani Infra (India).
  • Sun Pharmaceuticals: The USFDA has listed the company’s Halol manufacturing facility under ‘Import Alert’. The company has not revised the revenue guidance for the current fiscal.
  • Hindustan Unilever: The company will acquire 100% stake of Zywie Ventures in cash deal, to be completed in two tranches. The company will also acquire 19.8% stake in Nutritionalab for Rs 70 crore.
  • Max Financial Services: The company completed the acquisition of balance 5.17% stake held by Mitsui Sumitomo Insurance Co., Japan in subsidiary Max Life Insurance Co., taking its overall shareholding to 87%.
  • HCL Tech: Management has indicated that growth for FY23 will come at the lower end of the range that it had indicated post its 2QFY23 results due to higher-than-expected furloughs, according to Nirmal Bang.
  • Ahluwalia Contracts (India): The company has clarified inter alia that the Rs 55.39-crore contract at Plaksha University, Punjab is a domestic project and will be executed within 15 months.

 

Nifty Outlook

Nifty index settled near the day’s top after a lackluster trading session where it traded in narrow range for most part of the session, closed shop at 18609 levels, up 48.85 levels.

Broader market performance was in line with benchmark, Mid cap index gained 0.5% while Small cap index was up 0.3%, leading to positive market breadth.

Sector performance was mix, Banking & Finance pack gained maximum, PSU Bank index was at the top of the tally, up 3.38% while Pharma index lost maximum, down over 1%.

Nifty index is well placed on short term charts, indicating upside move to continue ahead as well, we see it heading towards 18700/800 levels soon.

 

Derivatives Overview & Outlook

Yesterday, Nifty futures shed around 1.5% of open interest as short covering whereas Banknifty futures added around 11% of open interest as long buildup.

Majority of F&O sectors settled higher. Amongst them, Banking, Capital Goods and Chemicals stocks witnessed maximum addition of long positions whereas some short buildup was seen among Power and Realty stocks.

On options front, Nifty will start the new weekly contract with maximum positions at 18600 PE and 18600 CE.

 

FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 1132 Cr in the cash segment, bought stocks futures worth Rs 27 Cr and also bought index futures worth Rs 770 Cr. DIIs were net buyers in the cash segment to the tune of Rs 772 Cr.

 

Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 18800-18900; Supports 18650-18580

Banknifty Futures – Resistances 44000-44250; Supports 43500-43250

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