Asian Markets Update @ 7:30 am
The SGX Nifty was trading lower by 4 points at 7:30 am, indicating a flat to negative start for the Nifty50 today. Major Asian markets were trading mixed. Hong Kong’s Hang Seng index advanced 2.1%, while Nikkei 225 in Japan fell 2% after a holiday on Thursday.
Global Markets Update
U.S. stocks closed Thursday’s volatile session lower and declined for the fourth day in a row. Thursday’s decline came after Treasury yields spiked as traders digested the latest interest rate hike.
The Dow Jones fell 0.4% to 32,001, while the S&P 500 sank 1.0% to close at 3,719. The tech-focused Nasdaq Composite shed 1.7% and closed at 10,342. The European markets closed yesterday’s session on a mixed note, in the range of +0.6% to -0.9%.
Index Action
Nifty50 @ 18,052 📉▼ 30 (-0.1%)
Amid weak global cues, the Nifty50 extended losses for the second day in a row and closed Thursday’s range-bound session lower. Among the Nifty sectoral indices, PSU Bank (+2.5%) and Realty (+0.5%) saw gains, while IT (-1.1%) and Auto (-0.4%) came under selling pressure.
Nifty50’s options contracts expiring on 10 November have sizable positions at 18,100 and 18,500 call options and 18,000 and 17,500 put options.
As per options data and OI analysis, the broad range for the Nifty50 is between 17,500 and 18,500 levels. On the other hand, 17,800 and 18,300 are the critical levels to watch for next week.
Bank Nifty @ 41,298 📈▲ 151 (+0.3%)
The Bank Nifty index outperformed the broader markets and closed Thursday's session higher, led by gains in index heavyweight SBI (+1.9%) and other PSU Banks. Among stocks, PNB (+5.2%) and IDFC First Bank (+3.3%) advanced the most, while Kotak Mahindra Bank(-0.5%) and HDFC Bank (-0.4%) were the top losers.
Bank Nifty’s options contracts expiring on 10 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 42,200 levels. On the other hand 40,800 and 41,600 are the critical levels to watch for next week.
FII and DII Data**💰
In the cash market, FIIs bought shares worth ₹677 crore, while DIIs sold shares worth ₹732 crore. In the derivatives market, FIIs sold index futures worth ₹1,007 crore and bought index options worth ₹6,867 crore. Further, they sold stock futures worth ₹45 and sold stock options worth ₹72 crore.
India VIX
The India VIX, which measures the implied volatility of Nifty50 options declined 4.3% to 15.94.
Stock Action📊
Long build-up was seen in Coromandel, Dalmia Bharat, Vedanta, Federal Bank and Shree Cement.
Short build-up was seen in Voltas, Balkrishna Industries, Polycab, Tech Mahindra and Ipca Labs.
Key results today: Aditya Birla Fashion, Britannia, Cipla, City Union Bank, Cummins India, Escorts Kubota, GAIL, Marico, Titan and TVS Motor.
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.