Asian Markets Update @ 7 am
SGX Nifty was trading lower by 175 points at 7 am, signalling a negative start for the Nifty 50 today. In Hong Kong, the Hang Seng index dropped 1.0%, while Japan's Nikkei 225 tumbled 2.2%.
Global Markets Update
U.S. markets continued to slide lower as the rate-hike-led recession concerns took centre stage among investors. The Dow Jones fell 1.6% to 29,590 and hit a new 52-week low. The tech-heavy Nasdaq declined 1.8% to 10,867. European markets closed sharply lower in the range of -1.9% to -2.2%.
Index Action
Nifty 50 @ 17,327 📉▼ 302 (-1.7%)
Nifty 50 fell sharply on Friday as investors remained cautious after central banks around the world raised the interest rates, and the rupee slipped to a record closing low of 80.99 against the U.S. dollar.
All the major sectoral indices ended in the red, with PSU Bank (-3.9%), Media (-3.4%) and Realty (-2.9%) contributing most to the fall.
Nifty 50’s options contracts expiring on 29 September have sizable positions at 17,600 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 Nifty 50 is between 16,500 and 18,200 levels, while 17,100 and 17,600 are the critical levels to watch for the current week.
BANK NIFTY @ 39,546 📉▼ 1,084 (-2.6%)
Bank Nifty continued to reel under pressure and closed lower for the third day in a row. The index tumbled 2.6% on Friday but settled just above the 39,500 mark. All the twelve stocks of the index ended in the red, with Punjab National Bank (-5.8%), Federal Bank (-5.0%) and Bank of Baroda (-4.3%) declining the most.
Bank Nifty’s options contracts expiring on 29 September are scattered and have sizable positions at 41,000 and 40,500 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 38,400 and 40,500 levels, while 39,100 and 40,000 are the critical levels to watch for the current week.
FII and DII Data**
In the cash market, FIIs sold shares worth ₹2,899 crore, while DIIs bought shares worth ₹299 crore. In the derivatives market, FIIs sold index futures worth ₹3,372 crore and bought index options worth ₹8,026 crore. Further, they sold stock futures worth ₹2,990 crore and bought stock options worth ₹292 crore.
India VIX
The India VIX, a gauge of the market's volatility in the near term, climbed 9.4% to 20.59.
Stock Action📊
Long build-up was seen in Cipla, ITC, Metropolis, Tata Steel and Voltas.
Short build-up was seen in Power Grid, M&M Financial, BHEL, Zee Entertainment and Apollo Hospitals.
Under F&O Ban: Ambuja Cements, Can Fin Homes, Delta Corp, Vodafone-Idea, Punjab National Bank 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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