Asian Markets Update @ 7:30 am
SGX Nifty slipped below the 16,800-mark and was trading lower by 21 points, signalling a negative start for the Nifty 50 today. Major Asian markets traded mixed. In Japan, the Nikkei 225 slipped 1.4%, while Hong Kong’s Hang Seng index advanced 0.1%.
Global Markets Update
U.S. stocks resumed their 2022 sell-off and closed Thursday’s session sharply lower. The broad-based sell-off was led by index heavyweight Apple which declined more than 4% on concerns around waning demand that prompted a downgrade from Bank of America.
The Dow Jones erased 1.5% and slipped to 29,225, while the S&P 500 plummeted 2.1% to 3,640. With index heavyweights Apple and Nvidia Corp slumping more than 4%, the Nasdaq fell 2.8% to 10,737. The European markets also closed sharply lower and declined in the range of 1.6% to 1.7%.
Index Action
Nifty 50 @ 16,818 📉▼ 40 (-0.2%)
After a positive start, the Nifty 50 crossed the 17,000 mark but failed to capitalise on early gains. The index faced stiff resistance around the 17,000 mark and ended in the red for the seventh consecutive session.
Among sectors, Pharma (+1.3%) and Media (+1.2%) were the top gainers, while IT (-0.9%) and Financial Services (-0.8%) were the top losers.
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 17,000 and 17,500 call options and 16,000 and 17,000 put options.
As per options data and OI analysis, the broad range for the Nifty 50 is between 16,000 and 17,500 levels, while 16,600 and 17,000 are the critical levels to watch for the next week.
BANK NIFTY @ 37,647 📉▼ 112 (-0.3%)
Bank Nifty remained under pressure and closed in the negative territory for the seventh day in a row. Despite a strong start, the index failed to sustain its opening gains and closed below the psychologically crucial 38,000 mark.
Among stocks, AU Small Finance Bank (+3.1%) and Bandhan Bank (+2.7%) advanced the most, while Kotak Mahindra Bank (-1.5%) and ICICI Bank (-0.6%) were the top laggards.
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 39,000 and 38,000 call options and 36,000 and 37,500 put options.
As per options data and OI analysis, the broad range for the Bank Nifty is between 36,500 and 38,500 levels, while 37,100 and 38,200 are the critical levels to watch for the next week.
FII and DII Data**💰
In the cash market, FIIs sold shares worth ₹3,599 crore, while DIIs bought shares worth ₹3,161 crore. In the derivatives market, FIIs sold index futures worth ₹1,007 crore and bought index options worth ₹6,306 crore. Further, they bought stock futures worth ₹1,228 crore and sold stock options worth ₹165 crore.
India VIX
The India VIX, a gauge of the market's volatility in the near term, slipped 3.6% to 21.30.
Stock Action📊
Long build-up was seen in Tata Chemicals, Torrent Pharma, Sun Pharma, Dabur and Dr. Reddy’s.
Short build-up was seen in Bharat Petroleum Corporation, Mindtree, UPL, Larsen & Toubro Infotech and REC (Rural Electrification Corporation).
*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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