Asian Markets Update @ 7 am
The SGX Nifty is trading 125 (-0.7%) points lower than its last close, indicating a negative start for the Nifty50 today. Major Asian markets are also trading lower. Japan's Nikkei 225 dropped 1.1%, while Hong Kong's Hang Seng Index fell 1.7%.
Global Market Update
US stocks closed sharply lower on Thursday as banks and other financial stocks came under pressure. This comes after tech lender SVB Financial Group launched a share sale to shore up its balance sheet amid declining deposits.
The Dow Jones closed below its 200-day moving average for the first time since Nov 9 and slipped 1.8% to end at 32,254. The S&P 500 slid 1.8% to 3,918, while the Nasdaq Composite shed 2.0% and finished at 11,338.
Index Action
Nifty50
March Futures @ 17,638 📉▼156 (-0.8%)
OI Contracts: 2,17,841 (+7.0%)
The Nifty50 halted its three-day winning streak and ended nearly 1% lower on the weekly expiry day. Weak global sentiments following hawkish comments by the Fed and sharp fall in heavyweights including Reliance Industries, dragged the index below 17,600. Investors will brace for volatility in the upcoming event heavy week with inflation numbers to be announced in India and the US.
Sectorally, except Metal (+0.06%), all other indices ended in the red with Auto (-1.8%) and Realty (-1.1%) being the worst hit.
The Nifty50 options expiring on 16 March have significant positions at 17,700 and 18,000 calls and 17,600 and 17,000 puts.
According to options data and OI analysis, the Nifty50's long range for the 29 March expiry is between 17,200 and 18,000. On the other hand, 17,400 and 17,800 is the short-term range for the next week.
Bank Nifty
March Futures @ 41,388 📉▼317 (-0.7%)
OI Contracts: 91,906 (-0.2%)
The Bank Nifty attempted a recovery after a negative start but faced resistance near 41,650 level. The fall accelerated in the second half with the banking index finding support near 17,200 level.
Among banking stocks, Axis Bank (+0.8%) and HDFC Bank (+0.01%) were the only ones to end in green. ICICI Bank (-1.8%) and Bank of Baroda (-1.4%) were the top losers.
The Bank Nifty's options expiring on 16 March have significant positions at the 41,500 and 42,000 calls and 41,000 and 40,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 29th March expiry is between 40,200 and 42,400. On the other hand, 40,600 and 41,800 is the short-term range for the next week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹561 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹42 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹2,253 crore and bought index options worth ₹8,654 crore. Further, they sold stock futures worth ₹2,390 crore and sold stock options worth ₹184 crore.
India VIX
The fear gauge India VIX rose 2.2% to 12.73.
Stock Action📊
Long build-up was seen in NTPC, Cipla, REC, SBI Cards and Berger Paints.
Short build-up was seen in GNFC, Tech Mahindra, Reliance Industries, Balkrishna Industries and M&M.
Under F&O Ban: Balrampur Chini and GNFC.
*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.