Index Action
Nifty50
Amid weak global cues and surging crude oil prices, the Nifty50 opened lower and slumped to 15,750 levels. Banking and Auto stocks are among the biggest losers so far, while recovery in IT and Metal stocks helped the index bounce from the day’s low. At 12 pm today, it was trading 306 points lower at 15,939.
For March 10 options contracts, the Nifty50 has sizable positions at 16,500 and 16,300 call options and 15,500 and 15,800 put options. Further, additions were seen in 16,000 call options and 15,800 put options.
The Nifty50's immediate support is at 15,600 and resistance at 16,500 levels.
Bank Nifty
The Bank Nifty fell to 32,600 levels and is the worst-performing sector of the day so far. Both private and PSU bank indices have lost nearly 4%. At 12 pm today, it was trading 1,407 points lower at 32,999.
For March 10 options contracts, the Bank Nifty has sizable positions at 34,000 and 33,500 call options and 33,000 and 32,000 put options. Further additions were seen in 33,500 call options and 32,000 put options.
The Bank Nifty's immediate support is at 32,100 and resistance is at 34,400 levels.
Stock Action
Today’s top gainers are ONGC, GAIL, Hindalco, Hindustan Copper and IGL.
Today’s top losers are Dalmia Bharat, Piramal Enterprises, IDFC, JK Cement and Motherson Sumi.
Sector Update
Among the sectors, IT and Metal saw buying interest. Stocks like Coforge, HCL Tech, LTI, Hindalco and Vedanta are trading in the green.
The Banking and Auto sectors came under selling pressure. Stocks like Axis Bank, Bandhan Bank, Federal Bank, Maruti Suzuki and M&M are trading in the red.
Global Markets Update
Major European markets are likely to open lower as their Futures are trading negative in the range of -4.5% to -2%. US Futures are also trading lower, down by 1%.