Asian Markets Update @ 7:30 am
The SGX Nifty was trading lower by 77 points at 7:30 am, suggesting a negative start for the Nifty50 today. Major Asian markets were also trading in the red. Nikkei 225 in Japan fell more than 1%, while Hong Kong’s Hang Seng index was trading flat with a negative bias.
Global Markets Update
U.S. stocks finished Thursday's session lower and gave up most of the gains registered in the previous session. The three major indices fell more than 1% after the release of third-quarter GDP data, which suggested that the U.S. economy expanded more quickly than expected.
Positive economic data of faster growth and a strong labour market sent equities on a downward spiral. The Dow Jones tumbled 1.0% to 33,027, while the S&P 500 declined 1.4% and closed at 3,822. The tech-focused Nasdaq Composite fell 2.1% and ended at 10,476.
Index Action
Nifty50 @ 18,127 📉▼ 71 (-0.3%)
Despite favourable cues from international indices, the Indian equities extended their losing streak and closed weekly expiry on the negative note.
The market breadth turned extremely bearish as all the major sectoral indices closed in the red. Realty (-1.4%) and PSU Bank (-1.2%) declined the most for the second consecutive day.
Nifty50’s options contracts expiring on 29 December have sizable positions at 18,400 and 18,500 call options and 18,000 and 18,200 put options.
As per options data and OI analysis, the broad range for the Nifty50 is between 17,800 and 18,600 levels. On the other hand, 18,000 and 18,400 are the critical levels to watch for the next week.
Bank Nifty @ 42,408 📉▼ 209 (-0.4%)
The Bank Nifty index again succumbed to the selling pressure and closed near one-month low. Among banking stocks, Punjab National Bank (+1.1%) and Kotak Mahindra Bank (+0.6%) were the top gainers, while Bandhan Bank (-4.6%) and IDFC First Bank (-3.3%) were the top losers.
Bank Nifty’s options contracts expiring on 29 December have sizable positions at 43,000 and 43,500 call options and 42,500 and 42,000 put options.
As per options data and OI analysis, the broad range for the Bank Nifty is between 41,500 and 43,200 levels. On the other hand, 41,800 and 42,800 are the critical levels to watch for the next week.
FII and DII Data**💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹928 crore, while Domestic Institutional Investors (DIIs) purchased shares worth ₹2,206 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹650 crore and bought index options worth ₹10,198 crore. Further, they bought stock futures worth ₹737 crore and sold stock options worth ₹155 crore.
India VIX
The India VIX, which measures the implied volatility of Nifty50 options, fell 2.4% to 15.18.
Stock Action📊
Long build-up was seen in Punjab National Bank, REC, Abbott India, Shree Cement and Ramco Cements.
Short build-up was seen in BHEL, Delta Corp, UPL, Escorts Kubota and IDFC Ltd.
Under F&O Ban: 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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