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

Benchmark Nifty index settled higher at 17871 levels, up 150 points from its previous closing values.

Overview and Outlook

Global Market Update

  • US markets ended lower in range 0.61 to 1.68 percent
  • European markets ended mix, DAX was up 0.59 percent while FTSE and CAC settled on flat note.
  • Asian markets are trading mix
  • SGX nifty is little changed, up 12 point (as on 8:22 AM)


News highlights from across the globe

  • Asian markets headed for declines on Thursday as fresh insights from Federal Reserve officials prompted investors to rethink the broadly bullish response to central bank commentary over the past week.
  • The yield on 10-year U.S. Treasuries was at 3.62%. Crude price was trading at $85-mark.
  • Rupee strengthened against the U.S. dollar as the Monetary Policy Committee hiked policy rate by another 25 basis points.


Important news updates from the domestic front

  • Vedanta: As per S&P Global Ratings, the next few weeks will be crucial for Vedanta Resources Ltd. The company is highly likely to meet its obligations until September 2023. However, sustaining liquidity beyond that would depend on the completion of at least one of two key ongoing transactions: a targeted US$2 billion fund raising exercise, and a proposed sale of international zinc assets by Vedanta
  • Larsen & Toubro: The company received an order worth Rs 2,585 crore from Ministry of Defence for supply for 41 sets of modular bridges for the Corps of Engineers of the Indian Army.
  • Navin Fluorine: The company’s subsidiary Navin Fluorine Advanced Sciences commenced commercial production at the multi-purpose plant and plant for manufacture of a key agro-chemical intermediate in Dahej, Gujarat.
  • RBL Bank: The bank received RBI’s approval for re-appointment of Rajeev Ahuja as executive director of the bank for a period of three years with effect from Feb. 21, 2023.
  • Reliance Industries: Jio-bp, a fuels and mobility joint venture between RIL and bp, announced the initial rollout of E20 petrol.
Nifty Outlook

Benchmark Nifty index settled higher at 17871 levels, up 150 points from its previous closing values.

Broader markets performed in line with benchmark. Market breadth was tilted towards the advancing side.

All the sectorial indices tracked at NSE settled higher. Amongst them, Metal index was at the top of the tally, gained nearly 4% followed by Nifty IT and Pharma index that rose nearly 1.5% each.

Nifty index is still trading in the same range i.e. 17600-17900 spot levels. Going ahead, crossover and sustenance from this range is required for any sustainable move in that direction, until then, it is likely to trade sideways.


Derivatives Overview & Outlook

Yesterday, Nifty futures shed around 3% of open interest as short covering whereas Banknifty future remained almost unchanged on the price front and added 2% of open interest.

Majority of F&O sectors settled higher. Amongst them, IT, Oil & Gas and Pharma stocks witnessed maximum addition of long positions.

On options front, call buying (unwinding by writers) was seen at 17800 strikes along with call writing at 18100 strikes and put writing was seen at multiple strikes with maximum writing at 17800 strikes. Nifty has maximum positions at 17800 PE and 18000 CE.


FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 737 Cr in the cash segment, bought stocks futures worth Rs 1924 Cr and also bought index futures worth Rs 1266 Cr. DIIs were net buyers in the cash segment to the tune of Rs 941 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 17990-18060; Supports 17840-17750

Banknifty Futures – Resistances 41900-42250; Supports 41300-41000


Important Results Today




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