Asian Markets Update @ 7 am
The SGX Nifty is trading 35 points (+0.1%) lower compared to its last close, indicating a flat to negative start for the Nifty50 today. Major Asian markets are trading in the red. Japan's Nikkei 225 fell 0.1%, while Hong Kong’s Hang Seng declined 1.7%.
Global Market Update
US stocks erased early gains and settled lower after the release of the Fed minutes of its March policy meeting that pointed to concerns about the banking sector and a coming recession. The Dow Jones declined 0.1% to close at 33,646. The S&P 500 fell 0.4% to 4,091, while the Nasdaq Composite slipped 0.8% to close at 11,929.
Index Action
Nifty50
April Futures @ 17,863 📈▲75 (+0.4%)
OI Contracts: 1,85,920 (-0.3%)
The bulls remained in charge for the eighth straight session, with Nifty50 reclaiming the 17,800 mark. Pharma and IT stocks led the way, with the index ending near the day’s high point. The markets will react to TCS earnings which were announced after market close yesterday, and retail inflation data, which came in at 5.66% for March, which is within RBI’s target range.
Sectorally, Pharma (+2.2%) and IT (+1.0%) were the top gainers, whereas PSU Bank (-0.6%) and FMCG (-0.3%) were the biggest laggards.
The Nifty50 options expiring on 13 April have significant positions at 18,000 and 17,700 calls and 17,700 and 17,600 puts.
According to options data and OI analysis, the Nifty50's long range for the 27th April expiry is between 17,500 and 18,100. On the other hand, 17,700 and 17,900 is the short-term range for this week.
Bank Nifty
April Futures @ 41,644 📈▲157 (+0.3%)
OI Contracts: 83,449 (-3.2%)
The Bank Nifty jumped nearly half a per cent and closed above 41,500. The private banks added the gains, while the PSU banks kept the banking index in check.
Among banking stocks, HDFC Bank (+1.3%) and ICICI Bank (+0.9%) were the biggest gainers, while Federal Bank (-0.8%) and Federal Bank (-0.7%) were the biggest laggards.
The Bank Nifty's options expiring on 13 April have significant positions at the 41,500 and 42,000 calls and 41,000 and 41,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th April expiry is between 40,500 and 42,500. On the other hand, 41,200 and 41,900 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹1,907 crore, while Domestic Institutional Investors (DIIs) sold shares worth ₹225 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹1,673 crore and sold index options worth ₹685 crore. Further, they bought stock futures worth ₹1,475 crore and sold stock options worth ₹41 crore.
India VIX
The fear gauge India VIX rose 2.4% to 12.27.
Stock Action📊
Long build-up was seen in Bajaj Auto, Alkem Labs, Divi’s Lab, Granules and Indiamart Intermesh.
Short build-up was seen in Balrampur Chini, Dixon Technologies, Cummins, Abbott India and ABB.
Under F&O Ban: Balrampur Chini and Delta Corp.
*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.