Index Action
Nifty50
The Nifty50 ended a volatile day on a negative note and declined more than 0.5%. The headline index closed lower for the second consecutive day, dragged by IT and pharma stocks. The Nifty50 fell 89 points to 16,125.
The Nifty50’s options contracts expiring on 26 May have sizable positions at 16,500 and 16,400 call options and 16,000 and 15,800 put options.
As per options data, the broad range for the Nifty50 is between 15,500 and 16,800 levels. Its immediate support is at 15,900 and resistance is at 16,400 levels.
Bank Nifty
The Bank Nifty showed relative strength versus the Nifty50 and ended the day in the green. However, the selling pressure around 34,500-mark dragged the index lower. It ended the day 42 points higher at 34,290.
The Bank Nifty’s options contracts expiring on 26 May have sizable positions at 35,000 and 34,500 call options and 34,000 and 33,000 put options.
As per the options data, the broad range for the Bank Nifty is between 33,000 and 35,500 levels. Its immediate support is at 33,800 and resistance is at 34,800 levels.
Stock Action
Today’s top gainers were Coromandel, Ashok Leyland, Abbott India, TVS Motor and Page Industries.
Today's top losers were PVR, Divi’s Labs, Balrampur Chini, M&M Financial and Persistent.
Sector Update
Among major sectoral indices, Financial Services and Nifty Bank were the top gainers. Stocks like HDFC, SBI Cards, HDFC Life, Kotak Mahindra Bank and HDFC Bank closed in the green.
The Media and IT sectors ended in the red. Stocks like PVR, Sun TV, Tech Mahindra, Coforge and LTI were the laggards.
Major News
After curbing wheat exports earlier this month, the government is planning to curb sugar exports for the first time in 6 years, according to a news report. To maintain an adequate supply before the next season, the government plans to cap the season's export to 10 million tonnes. The sugar marketing year runs from October to September.