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

Benchmark Nifty Index ended on positive note for the third straight session, closed shop at 17754 levels after adding 42 points to previous closing values.

Overview and Outlook

Global Market Update

  • US equity markets ended mix.
  • European equity markets too ended on mix note.
  • Asian equity markets are also trading mix
  • SGX Nifty is little changed (as on 8:18 AM)


News highlights from across the globe

  • Asian markets opened on a mix note after a choppy U.S. session saw major benchmarks post modest gains.
  • Equities on Wall Street struggled to gain traction as traders assessed Jerome Powell’s latest comments and prospects for higher interest rates.
  • The yield on 10-year Treasuries advanced to 3.97%. Crude prices were trading around $82-mark.


Important news updates from the domestic front

  • State Bank of India: The bank raised Rs 3,717 crore through its third AT-1 bond issuance during the current financial year at coupon rate of 8.25%.
  • Bharat Forge: The company through its subsidiary Kalyani Powertrain inaugurated its first e-bike manufacturing facility at MIDC, Chakan with annual production capacity of 60,000 units and scalable to 1 lakh units.
  • Sequent Scientific: The transaction contemplated under the agreement to acquire 100% stake in Tineta Pharma has not been materialised, and the acquisition will not happen.
  • Ramakrishna Forgings: The company incorporated a subsidiary—RKFL Engineering Industry—to implement the resolution plan under corporate insolvency resolution process for JMT Auto.
  • Aptus Value Housing Finance India: The company denied being part of any negotiation to handover management control to Chola mandalam.
  • ISMT: R Poornalingam resigned as an independent director of the company, with effect from March 8, 2023.

Nifty Outlook

Benchmark Nifty Index ended on positive note for the third straight session, closed shop at 17754 levels after adding 42 points to previous closing values.

Nifty midcap index outperform the benchmark as it ended higher, gained 0.74% while small cap performed in line with benchmark.

Performance on the sectoral front was mix. Nifty Auto was the top performer gained 0.85% followed by NIfty Pvt Bank and PSU Bank that were up by 0.68% each. On the other hand, Nifty realty was the worst performer down 0.68%.

On Technical note, Nifty has major supports placed at 17600 mark while resistance on the higher side is placed around 17800 levels.


Derivatives Overview & Outlook

Yesterday, both Nifty and Banknifty futures added around 4% and 2% of open interest respectively as long buildup.
On the sectoral front, FMCG, Capital Goods and Power stocks witnessed maximum addition of long positions whereas some short buildup was seen among Pharma and Telecom stocks.
On options front, put writing was seen at multiple strikes along with call writing at 17800 strikes and maximum positions are at 17600 PE and 17800 CE.


FII & DII Trading Activity

Yesterday, FIIs bought stocks worth Rs 3672 Cr in the cash segment, bought stocks futures worth Rs 118 Cr and sold index futures worth Rs 577 Cr. DIIs were net sellers in the cash segment to the tune of Rs 938 Cr.



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