Asian Markets Update @ 7 am
The SGX Nifty is trading 99 points up (+0.5%) compared to its last close, indicating a positive start for the Nifty50 today. Major Asian markets are trading in the green. Japan's Nikkei 225 gained 0.6%, while Hong Kong's Hang Seng Index rose 0.8%.
Global Market Update
US stocks surged after a group of large banks lined up to rescue First Republic Bank following the collapse of Silicon Valley Bank. The Dow Jones rose 1.1% to end at 32,246. The S&P 500 advanced 1.7% to 3,960, while the Nasdaq Composite gained 2.4% and finished at 11,717.
Index Action
Nifty50
March Futures @ 17,070 📈▲33 (+0.1%)
OI Contracts: 2,46,017 (-0.7%)
The Nifty50 halted its five-day losing streak and closed near the 17,000 mark. A turnaround in the banking and financial stocks, aided by gains in the FMCG stocks, helped the index settle a volatile session marginally higher.
Sectorally, Metal (-2.5%) and IT (-0.6%) were the biggest draggers, while Media (+4.1%) and FMCG (+1.1%) were among the gainers.
The Nifty50 options expiring on 23 March have significant positions at 17,000 and 17,500 calls and 17,000 and 16,500 puts.
According to options data and OI analysis, the Nifty50's long range for the 29 March expiry is between 16,500 and 17,500. On the other hand, 16,700 and 17,300 is the short-term range for next week.
Bank Nifty
March Futures @ 39,475 📈▲254 (+0.6%)
OI Contracts: 1,07,901 (-1.2%)
The Bank Nifty regained the 39,000 level and closed 0.2% higher. The PSU banks led the recovery in the index while the private bank continued to face pressure.
Among banking stocks, SBI (+1.3%) and IDFC First Bank (+1.1) were the top gainers, whereas Bandhan Bank (-0.6%) and IndusInd Bank (-2.5%) fell the most.
The Bank Nifty's options expiring on 23 March have significant positions at the 39,000 and 40,000 calls and 39,000 and 38,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 29th March expiry is between 37,800 and 41,400. On the other hand, 38,200 and 40,200 is the short-term range for the next week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹282 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹2,051 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹1,814 crore and bought index options worth ₹20,333 crore. Further, they sold stock futures worth ₹1,418 crore and bought stock options worth ₹242 crore.
India VIX
The fear gauge India VIX fell 0.4% to 16.22.
Stock Action📊
Long build-up was seen in Bajaj-Auto, BPCL, ICICI Prudential, Zydus Lifesciences and GAIL.
Short build-up was seen in City Union Bank, Vedanta, Hindalco, Samvardhana Motherson and RBL Bank.
Under F&O Ban: GNFC and Indiabulls Housing Finance.
*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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