Index Action
Nifty50
The Nifty50 plummeted to the 16,600-mark after the RBI Governor in an unscheduled briefing, hiked the repo rate by 40 bps and CRR by 50 bps. All the major sectoral indices closed in red, with Realty and Metal declining the most. With 45 out of its 50 stocks closing in red, the Nifty50 closed the day 391 points lower at 16,677.
The Nifty50’s options contracts expiring on May 26 are scattered and have sizable positions at 17,000 and 17,500 call options and 16,000 and 16,500 put options.
The Nifty50’s options contracts expiring on May 5 have sizable positions at 17,000 and 17,100 call options and 16,500 and 16,600 put options.
As per options data, the broad range for the Nifty50 is between 16,000 and 17,800 levels. Its immediate support is at 16,400 and resistance is at 16,900 levels.
Bank Nifty
The Bank Nifty declined more than 1,000 points from its 2 pm peak after a surprise rate hike by the RBI. The Bank Nifty tumbled to the low of 35,127 and eventually ended the session 899 points lower to 35,264. Barring Kotak Mahindra Bank, the other 11 stocks of the index closed in red.
The Bank Nifty’s options contracts expiring on May 26 are scattered and have sizable positions at 39,000 and 36,000 call options and 36,000 and 35,000 put options.
The Bank Nifty’s options contracts expiring on May 5 have sizable positions at 36,500 and 36,000 call options and 35,000 and 35,500 put options.
As per the options data, the broad range for the Bank Nifty is between 34,100 and 37,000 levels. Its immediate support is at 34,700 and resistance is at 35,800 levels.
Stock Action
Today’s top gainers were Rain Industries, Britannia, ONGC, Petronet LNG and Power Grid.
Today's top losers were Info Edge, Alembic Pharma, Indiamart, Shriram Transport Finance and Voltas.
Sector Update
All the Nifty sectoral indices closed in red, with Media, Realty and Metal being the top losers. Stocks like Zee Entertainment, DLF, Godrej Properties, NALCO and Hindalco ended the day lower.
Major News
The ₹20,557 crore IPO by Life Insurance Corporation of India opened today for subscription. At 3:40 pm, the policyholders' segment was oversubscribed 1.69 times. The employee reserved portion has been subscribed 100%, while the retail portion has been subscribed 52%.