Asian Markets Update @ 7:30 am
The SGX Nifty was trading lower by 155 points at 7:30 am, indicating a negative start for the Nifty50 today. Major Asian markets were trading lower. Hong Kong’s Hang Seng index lost 2.3%, while China’s SSE Composite fell 0.2%. The markets in Japan were closed on Thursday on account of a holiday.
Global Markets Update
U.S. stocks closed Wednesday's volatile trading session lower after the Federal Reserve delivered another 0.75% hike for the fourth time. Stocks initially rallied but lost momentum after Fed Governor Jerome Powell cautioned that it was 'very premature' to think of a pause on rate hikes. The Governor said that the ultimate target of increases in interest rates would be higher than previously expected.
The Dow Jones erased 1.5% to settle at 32,147, while S&P 500 tumbled 2.5% and closed yesterday's session at 3,759. The tech-heavy Nasdaq Composite dropped 3.3% to 10,524. The European markets closed yesterday's session lower in the range of -0.5% to -0.6%.
Index Action
Nifty50 @ 18,082 📉▼ 62 (-0.3%)
The Nifty50 index snapped its four-day winning streak and ended Wednesday’s session lower ahead of RBI’s Monetary Policy Committee (MPC) meeting on November 3. Among sectors, Media (+0.8%) and Metal (+0.6%) ended in the green with decent gains, while PSU Banks (-0.8%) and Realty (-0.8%) topped the list of laggards.
Nifty50’s options contracts expiring on 3 November have sizable positions at 18,400 and 18,500 call options and 18,000 and 17,800 put options.
As per options data and OI analysis, the broad range for the Nifty50 is between 17,400 and 18,600 levels. On the other hand, 17,800 and 18,300 are the critical levels to watch for this week.
Bank Nifty @ 41,146 📉▼ 142 (-0.3%)
The Bank Nifty extended the losing streak to the second day in a row and closed lower. The 12-pack index again faced the hurdle around the 41,500 mark and consolidated within the 41,000-41,500 band. Among stocks, Federal Bank (+0.9%) and AU Small Finance Bank (+0.4%) were the top gainers, while Punjab National Bank (-2.2%) and Bandhan Bank (-1.4%) declined the most.
Bank Nifty’s options contracts expiring on 3 November have sizable positions at 42,000 and 41,500 call options and 41,000 and 40,500 put options.
As per options data and OI analysis, the broad range for the Bank Nifty is between 40,400 and 42,000 levels. On the other hand 40,800 and 41,600 are the critical levels to watch for this week.
FII and DII Data**💰
In the cash market, FIIs bought shares worth ₹1,436 crore, while DIIs sold shares worth ₹1,378 crore. In the derivatives market, FIIs sold index futures worth ₹629 crore and bought index options worth ₹2,201 crore. Further, they sold stock futures worth ₹1,224 and bought stock options worth ₹21 crore.
India VIX
The India VIX, which measures the implied volatility of Nifty50 options climbed 3.2% to 16.66.
Stock Action📊
Long build-up was seen in Polycab, Rain Industries, Vedanta, India Cements and Coromandel.
Short build-up was seen in LIC Housing Finance, Chambal Fertilisers, Titan, Firstsource Solutions and Eicher Motors.
Key results today: HDFC, Adani Enterprises, Vodafone-Idea, HPCL, SRF, Hero MotoCorp and Amara Raja Batteries.
Under F&O Ban: LIC Housing Finance and Punjab National Bank.
*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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