Asian Markets Update @ 7 am
SGX Nifty was trading higher by 20 points at 7 am, signalling a positive start for the Nifty 50 today. In Japan, the Nikkei 225 rose 0.8%, while Hong Kong’s Hang Seng index added 0.1%.
Global Markets Update
U.S. stocks extended their decline on Monday, and the Dow Jones slid into bear market territory. The Dow's decline of 1.1% to 29,260 put the index into a bear market-defined in Wall Street parlance as a drop of 20% or more from its recent high. The S&P 500 fell 1% to 3,655, and the tech-heavy Nasdaq slipped 0.6% to 10,802.
Index Action
Nifty 50 @ 17,016 📉▼ 311 (-1.8%)
Nifty 50 slipped to 17,000 levels and closed lower for the fourth day in a row. It has corrected more than 4% over the last four trading sessions as global uncertainties dominate the market sentiment. Meanwhile, the Rupee on Monday ended at a fresh record low of 81.62 against the U.S. dollar.
Except for IT (+0.5%), all other major sectoral indices ended in the red, with Realty (-4.2%) and Metal (-4.1%) contributing most to the fall.
Nifty 50’s options contracts expiring on 29 September have sizable positions at 17,500 and 17,600 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 17,800 levels, while 16,800 and 17,300 are the critical levels to watch for the current week.
BANK NIFTY @ 38,616 📉▼ 930 (-2.3%)
Bank Nifty remained under pressure for the fourth day in a row and fell to 38,500 levels. However, the index protected the 38,500 mark and closed yesterday's session at 38,616. All the twelve stocks of the banking index ended in the red, with AU Small Finance Bank (-6.3%) and Bandhan Bank (-5.9%) declining the most.
Bank Nifty’s options contracts expiring on 29 September are scattered and have sizable positions at 40,000 and 39,000 call options and 38,500 and 38,000 put options.
As per options data and OI analysis, the broad range for the Bank Nifty is between 37,800 and 39,500 levels, while 38,200 and 39,300 are the critical levels to watch for the current week.
FII and DII Data**
In the cash market, FIIs sold shares worth ₹5,101 crore, while DIIs bought shares worth ₹3,532 crore. In the derivatives market, FIIs bought index futures worth ₹941 crore and bought index options worth ₹9,705 crore. Further, they bought stock futures worth ₹823 crore and bought stock options worth ₹227 crore.
India VIX
The India VIX, a gauge of the market's volatility in the near term, climbed 6.3% to 21.89.
Stock Action📊
Long build-up was seen in Alkem Laboratories, Asian Paints and Pidilite Industries.
Short build-up was seen in Power Grid, M&M Financial Services, ABB India, Polycab India and Voltas.
Under F&O Ban: 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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