Asian Markets Update @ 7 am
The SGX Nifty is trading higher by 62 (+0.3%) points from its previous close, indicating a positive start for the Nifty50 today. Major Asian markets are trading mixed. Japan's Nikkei 225 advanced 0.1%, while Hong Kong's Hang Seng index declined 0.5%.
Global Markets Update
US stocks edged higher on Friday, closing just shy of the day's highs. The rally in growth stocks kept investors hoping that the Fed would slow its pace of cutting rates this week.
The Dow Jones Industrial Average added 0.08%, while S&P 500 jumped 0.2%. The technology-heavy Nasdaq Composite rose 0.8%.
Index Action
Nifty50
February Futures: 17,694 ▼290 (1.6%)
OI Contracts: 2,19,039 (+10.9%)
Amid relentless selling by foreign investors, the Nifty50 plunged over 1% to close lower for the second consecutive day. Selling continued in Adani group stocks, with some stocks losing close to 20%.
Among major sectoral indices, Oil & Gas (-5.6%) and PSU bank (-5.4%) declined the most. Auto (+1.0%), Pharma (+0.5%) and FMCG (+0.4%) bucked the trend and ended in the green.
Nifty50’s options contracts expiring on 2 February have sizable positions at 18,000 and 18,200 call options and 18,000 and 17,000 put options.
As per options data and OI analysis, the broad range for the Nifty50 February expiry is between 16,800 and 18,600 levels. On the other hand, 17,400 and 17,900 are the critical levels to watch for the current week.
Bank Nifty
February Futures: 40,689 📉▼ 1,174 (2.8%)
OI Contracts: 97,064 (+26.9%)
The Bank Nifty fell over 3% but held on to the support level of 40,000. The index recovered marginally in the second half to close above 40,300. All the 12 stocks of the index ended in the red, with Bank of Baroda (-7.3%) and Punjab National Bank (-5.4%) being the biggest laggards.
Bank Nifty’s options contracts expiring on 2 February have sizable positions at 42,000 and 41,500 call options and 39,500 and 40,500 put options.
As per options data and OI analysis, the broad range for the Bank Nifty February expiry is between 39,500 and 42,000 levels. On the other hand, 39,900 and 41,000 are the critical levels to watch for the current week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹5,977 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹4,252 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹3,072 crore and bought index options worth ₹6,187 crore. Further, they sold stock futures worth ₹1,303 crore and bought stock options worth ₹532 crore.
India VIX
The India VIX, which measures the implied volatility of Nifty50 options, surged 18.1% to 17.32.
Stock Action📊
Long build-up was seen in Bajaj Auto, Ashok Leyland, TVS Motor and DLF.
Short build-up was seen in Dixon Technologies, SBI, Bank of Baroda, HDFC Bank and IndusInd Bank.
Under F&O Ban: Ambuja Cement.
*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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