Index Action
Nifty50
The Nifty50 touched 16,500 after the RBI rate hike announcement but slipped back into the red. Pharma and IT stocks rose higher while FMCG and Oil & Gas stocks slipped lower. Among stocks, Tata Steel and SBI were the top gainers while Bharti Airtel and ITC were the top losers. The Nifty50 fell 60 points to 16,356.
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 16,600 and 16,500 call options and 16,000 and 16,300 put options.
As per options data, the broad range for the Nifty50 is between 15,400 and 17,000 levels. Its immediate support is at 16,100 and resistance is at 16,600 levels.
Bank Nifty
The Bank Nifty also gave up its intraday gains and closed below 35,000. Large private banks like Axis Bank and ICICI Bank slipped in trade while PSU banks like SBI and Bank of Baroda moved higher. The Bank Nifty fell 49 points to 34,946.
The Bank Nifty’s options contracts expiring on 30 June are scattered and have sizable positions at 37,000 and 35,000 call options and 35,000 and 34,000 put options.
The Bank Nifty’s options contracts expiring on 9 June have sizable positions at 36,000 and 35,500 call options and 34,500 and 34,000 put options.
As per the options data, the broad range for the Bank Nifty is between 34,000 and 36,200 levels. Its immediate support is at 34,400 and resistance is at 35,600 levels.
Stock Action
Today’s top gainers were Glenmark Pharma (+4.3%), SBI Card (+2.7%), Nippon Life (+2.4%), Dalmia Bharat (+2.3%) and Oberoi Realty (+1.9%).
Today's top losers were Gujarat Gas (-7.6%), GNFC (-5.9%), Polycab (-5.0%), Balrampur Chini (-4.7%) and Deepak Nitrite (-4.6%).
Sector Update
Among major sectoral indices, Realty and IT were the top gainers. Stocks like DLF, Oberoi Realty, TCS, LTI and Mindtree closed in the green.
The FMCG and Oil & Gas sectors were the top losers. Stocks like United Spirits, ITC, Marico, Gujarat Gas and Oil India closed in the red.
Big Story
The RBI Governor hiked the key repo rate by 50 basis points to 4.9%. Governor also said that the inflation is likely to remain above 6% in the first three quarters of FY 2022-23. The RBI has retained its FY23 GDP growth forecast at 7.2%.