Counting of votes for Assembly elections in Haryana and Jammu & Kashmir begins - Daily Market Update 8 Oct 2024 | Globe Capital Market LTD. (2025)

08-Oct-2024

Overview and Outlook

• Ola Electric Mobility has been served a notice by Central Consumer Protection Authority for alleged violation of consumer rights, misleading advertisement, and unfair trade practices.
• IRCON International: Contractor Apex Buildsys files claims of Rs 38.71 crore against the company.
• HDFC Bank approves the sale of HDFC Edu to Vama Sundari Investments for Rs 192 crore. Vama Sundari is a related party to HDFC AMC.
• Bharat Electronics has received an additional order worth Rs 500 crore. The order includes EMI shelters, AMC for integrated air command and control system nodes, upgrade spares for gun systems, spares for radars, and communication systems.
• Bajaj Hindusthan Sugar terminates the JV with EverEnviro Resource Management.
• Chalet Hotels has submitted a scheme of arrangement for the merger with Sonmil Industries Pvt. Ltd. and The Dukes Retreat Pvt. Ltd.
• City Union Bank on Monday opened three new branches in Ludhiana, Pudukkottai and Sivakasi.
• Tata Motors: In the second quarter, JLR reported retail sales of 103,000 units, a decline of 3% year-on-year. Production was recorded at 86,000 units, down 7% from the previous year, primarily due to disruptions in aluminium supply reported in the first quarter. Wholesales also decreased, totalling 87,303 units, which represents a 10% year-on-year drop. Despite these challenges, production and who
• Sobha’s second quarter, it sold a new area of 0.93 million square feet, generating a sales value of Rs 1,179 crore, with an average price realisation of Rs 12,674 per square foot. For the first half of fiscal 2024-25, the total sales value reached Rs 3,052 crore, compared to Rs 3,189 crore in the same period of financial year 2023-24.

Nifty Overview & Outlook

Benchmark Nifty index settled lower at 24795.75 levels after a cut of more than 200 points from its previous closing values in a volatile trading session.

Broader markets underperformed the benchmark as Mid and Small cap index fell 1.55% & 2.75% respectively.

All sectoral indices, barring IT, settled in red. Media and PSU bank index were the worst performers, fell over 3% each followed by Metals and Oil & Gas index that fell over 2% each.

On Tuesday, markets are likely to be highly volatile as Haryana and J&K’s assembly elections vote counting will take place. Going ahead, we reiterate our negative view on Nifty index and suggest traders to maintain sell on rise trading strategy till it is trading below 25500 levels on closing basis.

Derivatives Overview & Outlook

Yesterday, short buildup was seen in Nifty, Banknifty, Finnifty and Midcapnifty with increase in open interest by 1.2%, 18.4%, 24.3 and 4.6% respectively.

All F&O sectors settled lower. Amongst them, short buildup was observed in Banking, Metal and Realty stocks and some long unwinding was seen in Cement, Media and Pharma stocks.

On options front, call writing along with some put addition was seen at multiple strikes and maximum positions are at 26000 CE followed by 25500 CE and 24000 PE followed by 24500 PE.

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 8293 Cr in the cash segment, bought stocks futures worth Rs 5275 Cr and sold index futures worth Rs 7987 Cr. DIIs were net buyer in the cash segment to the tune of Rs 13245 Cr.

Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 25260-25400; Supports 24850-24700

Banknifty – Resistances 51400-51800; Supports 50700-50500

Finnifty – Resistances 23600- 23800; Supports 23300-23200

Security in Ban Today: BANDHANBNK, BSOFT, GNFC, GRANULES, HINDCOPPER, IDFCFIRSTB, MANAPPURAM, PNB, RBLBANK.

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