Asian Markets Update @ 7:30 am
The SGX Nifty was trading higher by 110 points at 7:30 am, indicating a positive start for the Nifty50 today. Major Asian markets were trading mixed. The Nikkei 225 in Japan rose 0.1%, while Hong Kong’s Hang Seng index surged 2.4%.
Global Markets Update
U.S. markets took a breather after last week's big run and closed Monday's session lower. Despite Monday's losses, all three major indices snapped a two-month losing streak. The Dow Jones soared nearly 14% in October, its highest monthly gain since 1976.
Meanwhile, the Dow Jones fell 0.3% to 32,732 on Monday, while the S&P 500 declined 0.7% to 3,871. The tech-focused Nasdaq Composite tumbled 1% and closed the session at 10,988. The European markets closed yesterday's session flat to positive in the range of 0.08% to 0.6%.
Index Action
Nifty50 @ 18,012 📈▲ 225 (+1.2%)
After a strong gap-up start, the Nifty50 index moved higher and closed in the green for the third day in a row. The headline index also managed a close above the psychologically crucial 18,000 mark for the first time in over six weeks.
All the major sectoral indices closed in the green, with IT (+1.4%), Auto (+1.4%) and Oil & Gas (+1.3%) advancing the most.
Nifty50’s options contracts expiring on 3 November have sizable positions at 18,000 and 18,500 call options and 17,800 and 17,700 put options.
As per options data and OI analysis, the broad range for the Nifty50 is between 17,300 and 18,600 levels. On the other hand, 17,700 and 18,300 are the critical levels to watch for next week.
Bank Nifty @ 41,307 📈▲ 317 (+0.7%)
Bank Nifty started the session on a positive note and after an initial blip it moved in an upward direction. The 12-pack index traded in a narrow range throughout the day and took support near 41,100 levels.
Among stocks, HDFC Bank (+2.6%) and AU Small Finance Bank (+2.6%) were among the performers, while Bandhan Bank (-10%) and Punjab National Bank (-1.0%) declined the most.
Bank Nifty’s options contracts expiring on 3 November have sizable positions at 42,000 and 41,500 call options and 41,000 and 40,500 put options.
As per options data and OI analysis, the broad range for the Bank Nifty is between 40,500 and 42,200 levels. On the other hand 41,000 and 41,700 are the critical levels to watch for the next week.
FII and DII Data**💰
In the cash market, FIIs bought shares worth ₹4,178 crore, while DIIs sold shares worth ₹1,107 crore. In the derivatives market, FIIs bought index futures worth ₹1,553 crore and sold index options worth ₹1,106 crore. Further, they bought stock futures worth ₹1,849 and bought stock options worth ₹29 crore.
India VIX
The India VIX, which measures the implied volatility of Nifty50 options declined 0.7% to 15.80.
Stock Action📊
Long build-up was seen in Voltas, JK Cement, ABFRL, Deepak Nitrite, Abbott India and Dalmia Bharat.
Short build-up was seen in Intellect Design, Bandhan Bank, Vedanta, Cholamandalam Investment and M&M Financial.
Key results today: Sun Pharma, Adani Ports, Tech Mahindra, Cholamandalam Investment, UPL, Punjab National Bank and Voltas.
*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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