Asian Markets Update @ 7:30 am
The SGX Nifty was trading lower by 45 points at 7:30 am, signalling a negative start for the Nifty50 today. Major Asian markets were also trading lower. In Japan, the Nikkei 225 declined 0.3%, while Hong Kong's Hang Seng index fell 0.5%.
Global Markets Update
U.S. stocks ended Wednesday’s session slightly lower, as the fresh Fed minutes suggest that central bankers saw inflation showing little sign so far of abating. According to the minutes released from the September meeting, the Fed officials indicated that they expect higher interest rates to remain in place until prices come down.
The Dow Jones dropped 0.1% to 29,210, while the S&P 500 declined for the sixth-day in a row and closed 0.3% lower at 3,577. The technology-heavy Nasdaq lost 0.1% to close at 10,417. The European markets continued their downward trend and closed yesterday’s session lower in the range of 0.3% to 0.8%.
Index Action
Nifty50 @ 17,123 📈▲ 140 (+0.8%)
The Nifty50 had a volatile first half and rebounded from the 16,950 level. The headline index snapped its three-day losing streak and found support around its 200-day moving average for the second consecutive day.
Except for Media (-0.07%), all the other major sectoral indices closed in the green with healthy gains. Realty (+1.6%) and FMCG (+1.4%) advanced the most.
Nifty50’s options contracts expiring on 27 October are scattered and have sizable positions at 18,000 and 17,100 call options and 16,000 and 17,000 put options.
Nifty50’s options contracts expiring on 13 October have sizable positions at 17,400 and 17,500 call options and 17,000 and 16,800 put options.
As per options data and OI analysis, the broad range for the Nifty50 is between 16,000 and 17,800 levels. On the other hand, 16,900 and 17,300 are the critical levels to watch for the current week.
Bank Nifty @ 39,118 📈▲ 406 (+1.0%)
The Bank Nifty also broke its three-day losing streak and closed the choppy session higher. The banking index rebounded from the 38,600 levels and ended the day near day's high.
Except for ICICI Bank (-0.2%), all the other eleven stocks of the banking index ended in the green. IDFC First Bank (+3.7%) and Axis Bank (+2.9%) were the top gainers.
Bank Nifty’s options contracts expiring on 27 October have sizable positions at 41,000 and 39,000 call options and 38,000 and 39,000 put options.
Bank Nifty’s options contracts expiring on 13 October have sizable positions at 39,500 and 40,000 call options and 39,000 and 38,500 put options.
As per options data and OI analysis, the broad range for the Bank Nifty is between 37,700 and 40,400 levels. On the other hand 38,600 and 39,600 are the critical levels to watch for the current week.
FII and DII Data**💰
In the cash market, FIIs sold shares worth ₹542 crore, while DIIs bought shares worth ₹85 crore. In the derivatives market, FIIs bought index futures worth ₹1,063 crore and bought index options worth ₹957 crore. Further, they bought stock futures worth ₹2,467 crore and bought stock options worth ₹144 crore.
India VIX
The India VIX, a gauge of the market's volatility in the near term, slipped 1.5% to 20.18.
Stock Action📊
Long build-up was seen in Navin Fluorine, Hindustan Petroleum, Axis Bank, Indiamart and Federal Bank.
Short build-up was seen in Whirlpool, Asian Paints, Syngene International, Laurus Labs and Havells India.
Key results today: Infosys and Mindtree.
Under F&O Ban: Delta Corp and Indiabulls Housing Finance.
*In Futures and Options or F&O, long build-up means an increase in Open Interest (OI) along with an increase in price, and short build-up means an increase in Open Interest (OI) along with a decrease in price.
**Source: nseindia.com. Cash market figures are provisional.
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