Asian Markets Update @ 7:30 am
Early trends on SGX Nifty indicate a gap-up start for the Nifty50 today with a gain of 130 points. Major Asian markets were also trading higher. In Japan, the Nikkei 225 advanced 0.6%, while Hong Kong's Hang Seng index rose 0.7%.
Global Markets Update
U.S. stocks surged on Monday after a strong earnings report by the Bank of America, and the reversal of tax cut plans in the U.K. buoyed market sentiment.
The Dow Jones Jones gained 1.8% to close at 30,185, while the S&P 500 jumped 2.6% to 3,677. The tech-focused Nasdaq surged 3.4% to close at 10,675. European markets closed sharply higher in the range of 0.9% to 1.7% on U.K’s financial policy reversal.
Index Action
Nifty50 @ 17,311 📈▲ 126 (+0.7%)
The Nifty50 index shrugged off weak global cues and started the third week of October on a positive note. The index sustained its opening gains and closed Monday’s session near the day’s high, led by gains in banking, financials and auto stocks.
Nifty50’s options contracts expiring on 27 October are scattered and have sizable positions at 18,000 and 17,500 call options and 16,000 and 17,000 put options.
Nifty50’s options contracts expiring on 20 October have sizable positions at 17,300 and 17,500 call options and 17,000 and 17,300 put options.
As per options data and OI analysis, the broad range for the Nifty50 is between 16,400 and 17,800 levels. On the other hand, 17,100 and 17,500 are the critical levels to watch for the current week.
Bank Nifty @ 39,920 📈▲ 614 (+1.5%)
The Bank Nifty index displayed strength for the second consecutive day and reclaimed the 39,500 mark. The banking index inched higher as the day progressed and closed Monday’s session near the day’s high.
All the twelve stocks of the index closed in the green, with Bank of Baroda(+4.3%) and State Bank of India (+3.1%) advancing the most.
Bank Nifty’s options contracts expiring on 27 October have sizable positions at 40,000 and 39,000 call options and 38,000 and 39,000 put options.
Bank Nifty’s options contracts expiring on 20 October have sizable positions at 40,000 and 41,000 call options and 39,000 and 39,500 put options.
As per options data and OI analysis, the broad range for the Bank Nifty is between 38,500 and 41,000 levels. On the other hand 39,300 and 40,400 are the critical levels to watch for the current week.
FII and DII Data**💰
In the cash market, FIIs sold shares worth ₹372 crore, while DIIs bought shares worth ₹1,582 crore. In the derivatives market, FIIs bought index futures worth ₹416 crore and bought index options worth ₹498 crore. Further, they bought stock futures worth ₹2,290 crore and sold stock options worth ₹400 crore.
India VIX
The India VIX, which measures the implied volatility of Nifty50 options climbed 0.8% to 18.42.
Stock Action📊
Long build-up was seen in City Union Bank, GNFC, Canara Bank, Bank of Baroda and Hindustan Aeronautics.
Short build-up was seen in Syngene International, Shree Cement, NALCO, Oberoi Realty and Indraprastha Gas.
Key results today: ICICI Lombard, L&T Technology Services and Polycab.
Under F&O Ban: Delta Corp, India Cements 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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