Asian Markets Update @ 7 am
The SGX Nifty is trading 36 points (-0.2%) lower compared to its last close, indicating a negative to a flat start for the Nifty50 today. Major Asian markets are trading in the green. Japan's market is shut on account of a public holiday, while Hong Kong's Hang Seng is up by 0.9%.
Global Market Update
US equities experienced their fourth consecutive day of decline due to the resurgence of contagion fears in the regional banking sector. Share prices of companies such as Boeing, Disney, Goldman Sachs, and American Express also contributed to the downturn.
The Dow Jones fell by 0.8% to close at 33,127. Meanwhile, the S&P 500 dropped 0.7% to settle at 4,061, and the Nasdaq Composite lost 0.4%, closing at 11,966.
Index Action
Nifty50
May Futures @ 18,287 📈▲137 (+0.7%)
OI Contracts: 1,96,864 (+2.8%)
Amid strong foreign portfolio investors' inflows, the Nifty50 surged on Thursday and ended above 18,250. The index formed a long bull candle on the daily chart and closed at the high point of the calendar year so far.
Sectorally, Financial Services (+1.5%) and PSU Bank (+1.2%) were the top gainers, whereas FMCG (-0.1%) was the only laggard.
The Nifty50 options expiring on 11 May have significant positions at 18,200 and 18,300 calls and 18,200 and 18,100 puts.
According to options data and OI analysis, the Nifty50's long range for the 25th May expiry is between 17,800 and 18,800. On the other hand, 18,000 and 18,500 is the short-term range for this week.
Bank Nifty
May Futures @ 43,643 📈▲331 (+0.7%)
OI Contracts: 98,360 (+6.3%)
The Bank Nifty built on its opening gains and rose steadily through the day. With 9 out of the 12 banking index stocks ending green, the banking index surged to 43,700 level before settling just below it.
Among banking stocks, HDFC Bank (+2.0%) and SBI (+1.6%) were the biggest gainers, while IndusInd Bank (-1.0%) and IDFC First Bank (-0.5%) were the laggards.
The Bank Nifty's options expiring on 11 May have significant positions at the 44,000 and 43,500 calls and 43,500 and 43,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 25th May expiry is between 42,600 and 44,700. On the other hand, 43,000 and 44,200 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹1,414 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹441 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹415 crore and sold index options worth ₹7 crore. Further, they bought stock futures worth ₹190 crore and sold stock options worth ₹135 crore.
India VIX
The fear gauge India VIX fell 0.9% to 11.73.
Stock Action📊
Long build-up was seen in ABB, Coromandel, Cholamandalam Investments,LIC Housing Finance and Escorts Kubota.
Short build-up was seen in Tata Chemicals, HAL, Dabur, Bharat Forge and Petronet LNG.
Under F&O Ban: GNFC and Manappuram Finance.
*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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