SVB jitters spooks banking stocks

Good morning!☕🗞️

Missed out on the top stories yesterday? Here's your chance to catch up ⤵️

Options setup (Expiry: 16 March)

⭐SVB jitters spooks banking stocks
SBI: ₹547 ▼11 (-2.0%)

Shares of the State Bank of India fell over 2% on Friday, while the OI of its March futures contract rose 0.9%, indicating a short build-up. Meanwhile, the put option OI on the 545 and 540 contracts rose 16% and 5%, respectively. The concerns over the financial stability of US-based Silicon Valley Bank (SVB) weighed on financial stocks worldwide, including India. The rub-off effect was seen on Indian banks as the Nifty Bank index fell 1.8%.

⭐Maha govt cuts VAT on jet fuel
Indigo: ₹1,887 ▲19 (+1.0%)

InterGlobe Aviation (Indigo) shares rose over 1% on Friday, while the OI of its March futures contract fell 4.4%, indicating a short-covering. This comes after the Maharashtra government, in a major relief to airlines, reduced the VAT on aviation turbine fuel from 25% to 18%.

⭐Zydus gets nod for schizophrenia drug
₹476▲7 (+1.5%)

Shares of Zydus Lifesciences settled with gains of over 1%, while the OI of its March futures contract rose 0.7%, indicating a minor long build-up. This comes after the company received final approval from the USFDA to manufacture and market the drug for schizophrenia and bipolar disorder. The tablet Olanzapine orally has annual sales of $28.3 million in the United States.

Disclaimer:

Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop-losses. The information is only for consumption by the client and such material should not be redistributed. We do not recommend any particular stock, securities and strategies for trading. The securities quoted are exemplary and are not recommendatory. The stock names mentioned in this article are purely for showing how to do analysis. Take your own decision before investing.