Asian Markets Update @8 am 🕗
SGX NIFTY is trading in the red, down by 48 points. The Singapore-traded NIFTY 50 Futures tanked over 300 points from Tuesday's close and dropped to 17,470 levels yesterday. The sharp fall came on the day when Indian Markets were closed on account of Ganesh Chaturthi.
Major Asian markets are also trading lower. In Japan, the Nikkei 225 dropped 1.5%, while Hong Kong’s Hang Seng index slipped 1.1%.
Global Markets Update
U.S markets closed lower for the fourth consecutive day as investors remain concerned about aggressive rate hikes by the U.S Federal Reserve. The Dow Jones fell 0.8%, while the tech-focused Nasdaq lost 0.5%. European markets also closed lower in the range of -0.9% to -1.3%.
Index Action
NIFTY 50 @ 17,759 📈 ▲ 446 (+2.5%)
Following strong inflows from FIIs, the NIFTY 50 index registered its biggest single-day gain in more than three months and reversed all the losses of Monday's session. It surged 2.7% on Tuesday and closed near the day's high.
All 50 stocks of the index closed in the green, with Bajaj Finserv (+5.4%) and Bajaj Finance (+4.9%) being the top gainers. All the major sectoral indices ended in the green, with Realty (+3.4%) and Financial Services (+3.4%) contributing the most.
NIFTY 50’s options contracts expiring on 29 September are scattered and have sizable positions at 18,000 and 19,000 call options and 16,000 and 16,500 put options.
NIFTY 50’s options contracts expiring on 1 September have sizable positions at 18,000 and 17,700 call options and 17,300 and 17,500 put options.
As per options data, the broad range for the NIFTY 50 is between 16,800 and 18,200 levels. Its immediate support is at 17,400 and resistance is at 17,800 levels.
BANK NIFTY @39,536 📈▲ 1,260 (+3.2%)
BANK NIFTY rose 1,260 points and ended Tuesday's session at the 39,536 mark. All twelve stocks of the index closed in the green, with IndusInd Bank (+4.5%) and ICICI Bank (+3.6%) being the top gainers.
BANK NIFTY’s options contracts expiring on 29 September are scattered and have sizable positions at 40,000 and 41,000 call options and 40,000 and 38,000 put options.
BANK NIFTY’s options contracts expiring on 1 September have sizable positions at 40,000 and 40,500 call options and 39,000 and 38,000 put options.
As per the options data, the broad range for the BANK NIFTY is between 37,600 and 40,400 levels. Its immediate support is at 38,600 and resistance is at 39,800 levels.
FII and DII Data**
In the cash market, FIIs were net buyers of ₹4,165 crore, while DIIs were net sellers of ₹656 crore. In the derivatives market, FIIs bought index futures worth ₹1,782 crore and bought index options worth ₹8,331 crore. Further, they bought stock futures worth ₹1,297 crore and bought options worth ₹52 crore.
India VIX
The India VIX, a gauge of the market's volatility in the near term, slipped 5.6% to 18.70.
Stock Action📊
Long build-up was seen in Ashok Leyland, Chambal Fertilisers, Power Finance Corporation, Aarti Industries and GNFC Ltd.
Short build-up was seen in Syngene International, Tata Chemicals, RBL Bank, Coromandel International and NMDC Ltd.
*In Futures and Options or F&O, long build-up means an increase in Open Interest (OI) along with an increase in price, and short build-up means an increase in Open Interest (OI) along with a decrease in price.
**Source: nseindia.com. Cash market figures are provisional.
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