Asian Markets Update @ 7 am
The SGX Nifty is trading 79 points (+0.4%) lower compared to its last close, indicating a negative start for the Nifty50 today. Major Asian markets are trading in the red. Japan's Nikkei 225 fell 0.1%, while Hong Kong's Hang Seng declined 0.2%.
Global Market Update
US stocks recovered from the low points of the day but ended in the red after big banks like JP Morgan Chase announced better-than-expected results, but mixed economic data raised concerns about further rate hikes by the Fed. The Dow Jones declined 0.4% to close at 33,886. The S&P 500 fell 0.2% to 4,137, while the Nasdaq Composite slipped 0.3% to close at 12,123.
Index Action
Nifty50
April Futures @ 17,884 📈▲25 (+0.1%)
OI Contracts: 1,89,161 (+1.7%)
The Nifty50 ended higher for the ninth straight session making this the longest winning streak in 2 years. with Nifty50 reclaiming the 17,800 mark. Pharma and IT stocks led the way, with the index ending near the day's high point. The markets will react to TCS earnings which were announced after market close yesterday, and retail inflation data, which came in at 5.66% for March, which is within RBI's target range.
Infosys results were declared on Thursday after market close following which the company's ADR in the US market was down nearly 10%. HDFC Bank also announced its results. The markets will react to both earnings announcements today.
Sectorally, PSU Bank (+1.4%) and Realty (+1.1%) were the top gainers, whereas Pharma (-0.7%) and IT (-2.2%) were the biggest laggards.
The Nifty50 options expiring on 20 April have significant positions at 18,000 and 17,800 calls and 17,800 and 17,500 puts.
According to options data and OI analysis, the Nifty50's long range for the 27th April expiry is between 17,400 and 18,200. On the other hand, 17,600 and 18,000 is the short-term range for this week.
Bank Nifty
April Futures @ 42,194 📈▲556 (+1.3%)
OI Contracts: 89,433 (+7.1%)
The Bank Nifty was a clear outperformer on Thursday with a nearly one and half per cent surge. With contributions from PSU and private banks, the banking index closed comfortably above the 42,000 level.
Among banking stocks, AU Small Finance Bank (+17.0%) and IndusInd Bank (+3.2%) were the biggest gainers, while Bandhan Bank (-2.0%) was the only laggard.
The Bank Nifty's options expiring on 20 April have significant positions at the 43,500 and 42,500 calls and 41,000 and 42,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th April expiry is between 41,200 and 43,000. On the other hand, 41,600 and 42,700 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹221 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹273 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹1,249 crore and bought index options worth ₹14,520 crore. Further, they sold stock futures worth ₹17 crore and bought stock options worth ₹487 crore.
India VIX
The fear gauge India VIX fell 2.9% to 11.91.
Stock Action📊
Long build-up was seen in AU Small Finance Bank, Deepak Nitrite, Indiamart Intermesh, TVS Motor and Dabur.
Short build-up was seen in Infosys, LTI Mindtree, Coforge, Persistent Systems and Mphasis.
Under F&O Ban: Balrampur Chini and Delta Corp.
*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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