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Daily Market Update
23-Dec-20241 min readvipin kumar

NSE to exclude 16 securities from F&O effective Feb 28 2024- Daily Market Update 23 Dec 2024

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The National Stock Exchange of India Ltd on Friday announced the exclusion of 16 securities from the F&O market, effective Feb. 28, 2025.

However, the existing unexpired contracts of expiry months December 2024, January 2025, and February 2025 would continue to be available for trading till their respective expiry, and new strikes would also be introduced in the existing contract months, according to an exchange filing.

Abbott India Ltd, Atul Ltd, Bata India Ltd, Can Fin Homes Ltd, Coromandel International Ltd, City Union Bank Ltd, Gujarat Narmada Valley Fertilisers and Chemicals Ltd, Gujarat Gas Ltd, Indiamart Intermesh Ltd, IPCA Laboratories Ltd, Dr. Lal Path Labs Ltd, Metropolis Healthcare Ltd, Navin Fluorine International Ltd, PVR Inox Ltd, and Sun TV Network Ltd are the 16 securities to be excluded from the F&O market effective Feb. 28.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled higher by over 1% each.
  • European equity markets settled on a flat to negative note.
  • Majority of Asian equity markets are trading in green.
  • GIFT Nifty is down by 150 points, Nifty futures likely to open around 23800 levels.

 

News highlights from across the globe

  • Asia-Pacific equity markets are trading higher on Monday, tracking Friday’s overnight gains on Wall Street following positive economic data and in anticipation over developments in the Nissan and Honda Motor merger.
  • Brent crude was trading 0.19% higher at $73.08 a barrel.

 

Important news updates from the domestic front

  • UltraTech Cement Ltd: The Competition Commission of India approved the proposed acquisition of India Cements by the company for Rs 3,954 crore.
  • Vedanta Ltd tweaked its demerger plan on Friday. The company said it won’t demerge its base metals subsidiary from itself, while the other four wholly owned arms will take part in the demerger scheme that it had announced earlier.
  • IDBI Bank: The board of IDBI Bank will meet on Dec. 31 to consider and approve raising up to Rs 10,000 crore through the issuance of infrastructure bonds in the current financial year and 2025-26 (April-March).
  • Piramal Enterprises Ltd approved raising up to Rs 2,000 crore through NCDs in one or more tranches.
  • Indian Oil Corp approved an investment of Rs 657 crore for setting up a yarn project in Odisha. The project will be set up by the company’s joint venture with MCPI. The project is to be set up in Odisha’s Bhadrak. The estimated cost for the project is Rs 4,382.2 crore, with IOC’s contribution of Rs 657.3 crore.
  • AGI Greenpac: The board approved the proposal for raising up to Rs 1,500 crore through issuance of shares and equity-linked securities. The funds will be raised in one or more tranches.
  • Laurus Labs Ltd Eight Roads Ventures and F-Prime Capital have together invested Rs 120 crore in the company’s arm Laurus Bio.
  • Redtape Ltd in a board meeting on Dec. 26, will consider and approve the proposal of interim dividend for FY25 and issue of bonus shares.
  • Aurobindo Pharma Ltd Subsidiary CuraTeQ Biologics received marketing authorisation for Bevqolva, its bevacizumab biosimilar version in the UK.
  • GMM Pfaudler: A German subsidiary will form JV company to establish engineering and manufacturing facility in Poland.
  • Fortis Healthcare Ltd acquired 7.61% stake in arm Agilus Diagnostics from IOC for Rs 429 crore.

 

Nifty Overview & Outlook

Benchmark Nifty index settled lower at 23587 levels after a cut of 364 points or 1.52% from previous closing values.

Broader markets underperformed the benchmark as Mid and Small cap indices fell 2.71% to 2.19% respectively.

All sectoral indices tracked at NSE settled in red. Amongst them, Nifty Realty index was the worst performer, fell nearly 4% followed by PSU Banks and IT index that was down over 2.5% each.

Technically Nifty index is trading in lower lows and lower highs formation which is a negative formation. Going ahead, we expect it to trade southwards and likely to test 23400 – 23200 levels in immediate near term. Hence, we suggest traders to maintain sell on rise trading approach till it is trading below 24000 levels on closing basis.

 

Derivatives Overview & Outlook

On Friday, Short buildup was seen in Nifty and Banknifty futures with an increase in open interest by 5.4% and 6.2% respectively whereas some long unwinding was seen in Finnifty and Midcapnifty futures with decrease in open interest by 1.4% and 1.8% respectively.

All the sectoral indices settled lower. Amongst them, Technology and Realty stocks witnessed maximum addition of short positions whereas some long unwinding was seen among Finance, Infrastructure and Metal stocks.

On options front, call writing was seen at multiple strikes. Maximum call positions are at 25000 CE followed by 24000 CE while the maximum put position are at 24000 PE closely followed by 23500 PE.

 

Institutional Trading Activity

Last Friday, FIIs sold stocks worth Rs 3598 Cr in the cash segment, sold stocks futures worth Rs 737 Cr also sold index futures worth Rs 1538 Cr. DIIs were net buyers to the tune of Rs 1374 Cr in the cash segment.

 

Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 23800-24000; Supports 23550-23480

Banknifty – Resistances 51200-51500; Supports 50600-50250

Finnifty – Resistances 23800- 24000; Supports 23580-23500

 

F&O Security in Ban Today: BANDHANBNK, GRANULES, HINDCOPPER, MANAPPURAM, RBLBANK, SAIL.

Disclosure

Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, MCX, NCDEX, and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager and Research Analyst. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.

AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. AtoZ Finstock Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited, Lakshya Impex Private Limited and Launchpad Fintech Private Limited are associates of GCML.

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