Asian Markets Update @ 7:30 am
The SGX Nifty was trading lower by 21 points at 7:30 am, indicating a flat to negative start for the Nifty50 today. However, on the Singapore exchange, the Nifty Futures contract crossed the 17,700 mark yesterday but reversed all its gains.
Major Asian markets were also trading lower. The Nikkei 225 in Japan declined 0.2%, while Hong Kong’s Hang Seng index lost 0.2%.
Global Markets Update
U.S stocks closed Thursday’s choppy session lower. This comes after the 10-year Treasury yield reached a high of 4.23% on Thursday, trading at levels not seen since 2008.
The Dow Jones slipped 0.3% to close at 30,333, while S&P 500 fell 0.8% to 3,665. The technology-heavy Nasdaq composite shed 0.6% and ended the day at 10,614. The European markets closed higher after Liz Truss resigned as the British PM after 45 days in office.
Index Action
Nifty50 @ 17,563 📈▲ 51 (+0.3%)
The Nifty50 index closed the volatile session of the F&O weekly expiry higher and recovered its initial losses towards the fag-end. Supported by gains in IT (+1.3%), Metal (+1.4%) and FMCG (+0.8%) stocks, the Nifty50 index extended its upward march to the fifth day in a row.
Nifty50’s options contracts expiring on 27 October have sizable positions at 18,000 and 17,500 call options and 17,500 and 17,000 put options.
As per options data and OI analysis, the broad range for the Nifty50 is between 16,500 and 18,000 levels. On the other hand, 17,300 and 17,800 are the critical levels to watch for the next week.
Bank Nifty @ 40,099 📉▼ 273 (-0.6%)
The Bank Nifty traded nearly in a 400-point range and closed Thursday's volatile session lower. The index-heavyweight private banks remained under pressure throughout the day, and IndusInd Bank lost more than 4% despite good second quarter results.
Among stocks, Punjab National Bank (+2.9%) and Bank of Baroda (+2.1%) were the top gainers, while AU Small Finance Bank (-5.3%) and IndusInd Bank (-4.8%) were the top losers.
Bank Nifty’s options contracts expiring on 27 October have sizable positions at 42,000 and 41,000 call options and 38,000 and 39,000 put options.
As per options data and OI analysis, the broad range for the Bank Nifty is between 39,000 and 41,500 levels. On the other hand 39,600 and 40,700 are the critical levels to watch for next week.
FII and DII Data**💰
In the cash market, FIIs bought shares worth ₹1,864 crore, while DIIs sold shares worth ₹886 crore. In the derivatives market, FIIs sold index futures worth ₹1,784 crore and bought index options worth ₹15,213 crore. Further, they bought stock futures worth ₹1,349 crore and bought stock options worth ₹219 crore.
India VIX
The India VIX, which measures the implied volatility of Nifty50 options declined 1.4% to 17.23.
Stock Action📊
Long build-up was seen in Punjab National Bank, ICICI Prudential, Nestle India, Cipla and Bajaj Finance.
Short build-up was seen in AU Small Finance Bank, IndusInd Bank, Axis Bank, Container Corporation of India and Astral.
Key results today: Ambuja Cements, Bajaj Finserv, DLF, Hindustan Unilever, JSW Steel, Reliance Industries, SBI Life and Torrent Pharma.
Under F&O Ban: BHEL, Delta Corp, India Cements, Indiabulls Housing Finance and Zee Entertainment.
*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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