Asian Markets Update @ 7 am
The SGX Nifty is trading 22 points (+0.1%) higher compared to its last close, indicating a flat to positive start for the Nifty50 today. Major Asian markets are trading higher. Japan's Nikkei 225 rose 0.6%, while Hong Kong's Hang Seng Index advanced 2.9%.
Global Market Update
US stocks closed lower on Tuesday, with the big tech stocks under pressure amid rising Treasury yields. The Dow Jones fell 0.1% to close at 32,394. The S&P 500 slipped 0.1% to 3,971, while the Nasdaq Composite fell 0.4% to close at 11,716.
Index Action
Nifty50
March Futures @ 16,977 📉▼59 (-0.3%)
OI Contracts: 1,30,024 (-31.5%)
Despite a steady handover from the global markets, the Nifty50 ended a range-bound session with marginal cuts. After a positive start, the index slipped in the red dragged by the IT, Auto and Adani stocks. However, the banking stocks provided some support and capped the downside.
Among the Nifty sectoral indices, Realty (-1.2%) and Media (-1.6%) were among the top losers, while Private Bank (+0.3%) and Financial Services (+0.2%) were the top gainers.
The Nifty50 options expiring on 29 March have significant positions at 17,000 and 17,100 calls and 17,000 and 16,800 puts.
According to options data and OI analysis, the Nifty50's long range for the 27th April expiry is between 16,400 and 17,500. On the other hand, 16,800 and 17,200 is the short-term range for this week.
Bank Nifty
March Futures @ 39,632 📈▲145 (+0.3%)
OI Contracts: 59,364 (-23.5%)
The Bank Nifty held on to the 39,500 level amidst market weakness and closed the session with gains of 0.3%. Most of the heavy lifting was done by private banks while PSU banks remained under pressure.
Among banking stocks, IndusInd Bank (+2.3%) and HDFC Bank (+0.8%) were the top gainers, while Bandhan Bank (-5.2%) and Punjab National Bank (-1.4%) were the biggest laggards.
The Bank Nifty's options expiring on 29 March have significant positions at the 40,000 and 39,500 calls and 39,500 and 39,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th April expiry is between 37,000 and 41,000. On the other hand, 39,000 and 39,900 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹1,531 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹156 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹930 crore and sold index options worth ₹8,580 crore. Further, they sold stock futures worth ₹147 crore and sold stock options worth ₹185 crore.
India VIX
The fear gauge India VIX fell 0.3% to 15.10. Volatility is overall at higher zones and giving swings to the market in either direction.
Stock Action📊
Long build-up was seen in Deepak Nitrite, NTPC, Glenmark Pharma, Abbott India and UPL.
Short build-up was seen in Sun TV, Whirlpool, Bandhan Bank, Granules and HCL Tech.
*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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