Asian Markets Update @ 7:30 am
SGX Nifty was trading lower by 147 points at 7:30 am, signalling a negative start for the Nifty 50 today. Major Asian markets traded mixed. In Japan, the Nikkei 225 rose 0.6%, while Hong Kong’s Hang Seng index slipped 0.1%.
Global Markets Update
U.S. stocks tumbled again on Friday, and all three major indexes declined more than 1.5%. The Dow Jones fell 1.7% and ended the session near the day’s low. The Nasdaq and S&P 500 both lost 1.5%. The European markets closed higher in the range of 0.1% to 1.5%.
For September, the S&P 500 and the Dow Jones declined more than 8%. The tech-focused Nasdaq declined 10.5%.
Index Action
Nifty 50 @ 17,094 📈▲ 276 (+1.6%)
Nifty 50 extended the losing streak to the third week in a row and closed lower despite Friday’s relief rally. However, the index broke its seven-day losing streak on Friday and reclaimed the 17,000-mark.
All the major sectoral indices ended in the green, with Banking (+2.6%) and Metal (+2.2%) advancing the most.
Nifty 50’s options contracts expiring on 27 October are scattered and have sizable positions at 18,000 and 17,000 call options and 16,000 and 17,000 put options.
Nifty 50’s options contracts expiring on 6 October have sizable positions at 17,500 and 17,200 call options and 16,700 and 16,800 put options.
As per options data and OI analysis, the broad range for the Nifty 50 is between 16,400 and 17,800 levels. On the other hand, 16,700 and 17,300 are the critical levels to watch for the current week.
BANK NIFTY @ 38,631 📈▲ 984 (+2.6%)
After the RBI hiked interest rates by 0.5%, the Bank Nifty staged a sharp recovery of more than 1,000 points and climbed the 38,500-mark. All the twelve stocks of the index ended higher, with Federal Bank (+5.0%), Punjab National Bank (+4.7%) and IDFC First Bank (+4.4%) being the top gainers.
Bank Nifty’s options contracts expiring on 27 October have sizable positions at 41,000 and 40,000 call options and 38,000 and 36,000 put options.
Bank Nifty’s options contracts expiring on 6 October have sizable positions at 40,000 and 39,000 call options and 37,500 and 37,000 put options.
As per options data and OI analysis, the broad range for the Bank Nifty is between 36,800 and 39,800 levels. On the other hand, 37,800 and 39,400 are the critical levels to watch for the current week.
FII and DII Data**💰
In the cash market, FIIs sold shares worth ₹1,565 crore, while DIIs bought shares worth ₹3,245 crore. In the derivatives market, FIIs bought index futures worth ₹755 crore and sold index options worth ₹900 crore. Further, they bought stock futures worth ₹1,554 crore and sold stock options worth ₹142 crore.
India VIX
The India VIX, a gauge of the market's volatility in the near term, slipped 6.2% to 19.96.
Stock Action📊
Long build-up was seen in India Cements, United Spirits, Bajaj Finance, Granules and Trent.
Short build-up was seen in ICICI Lombard, Berger Paints, Info-Edge (Naukri), Rural Electrification Corporation (REC) and ICICI Prudential.
*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.