Index Action
Nifty50
The Nifty50 fell more than 200 points from the day’s high and ended near the low point of the day. Other than IT and Oil & Gas, all other sectors closed lower. Auto, metal and cement stocks were the biggest draggers on the Nifty50 as it ended 43 points down at 16,584.
The Nifty50’s options contracts expiring on 30 June are scattered and have sizable positions at 17,000 and 17,500 call options and 16,000 and 15,500 put options.
The Nifty50’s options contracts expiring on 9 June have sizable positions at 16,800 and 17,000 call options and 16,500 and 16,300 put options.
As per options data, the broad range for the Nifty50 is between 15,800 and 17,500 levels. Its immediate support is at 16,300 and resistance is at 16,900 levels.
Bank Nifty
The Bank Nifty fell from 35,950 levels and ended 1% lower. Except Kotak Mahindra Bank, all other index stocks ended lower with Bandhan Bank and AU Small Finance Bank falling the most. The Bank Nifty closed 338 points lower at 35,275.
The Bank Nifty’s options contracts expiring on 30 June are scattered and have sizable positions at 37,000 and 36,000 call options and 34,000 and 35,000 put options.
The Bank Nifty’s options contracts expiring on 9 June have sizable positions at 36,000 and 36,500 call options and 35,000 and 34,500 put options.
As per the options data, the broad range for the Bank Nifty is between 34,400 and 36,600 levels. Its immediate support is at 34,800 and resistance is at 36,000 levels.
Stock Action
Today’s top gainers were Metropolis, Indiabulls Housing Finance, Reliance, Birlasoft and Dr. Lal Pathlabs.
Today's top losers were Ramco Cements, JK Cement, Dalmia Bharat, Grasim and Shree Cements.
Sector Update
Among major sectoral indices, Oil & Gas and IT were the top gainers. Stocks like Infosys, Mindtree, TCS, Reliance and IOC closed in the green.
The Auto and Media sectors were the top losers. Stocks like Hero MotoCorp, Ashok Leyland, Eicher Motors, Sun TV and Zee Entertainment closed in the red.
Major News
The S&P Global India Services Purchasing Managers’ Index (PMI) rose to 58.9 in May from 57.9 in April. This is the fastest pace in 11 years on strong demand although inflationary pressures touched new highs, restricting optimism and weighing on consumers’ pockets.