Asian Markets Update @ 7 am
The SGX Nifty is trading lower by 71 (-0.4%) points from its previous close, indicating a negative start for the Nifty50 today. Major Asian markets are trading in the green. Japan's Nikkei 225 gained 0.3%, while Hong Kong's Hang Seng index advanced 0.9%.
Global Markets Update
US stocks rallied sharply to erase losses and closed in the green after the Fed hiked the rates by 25 basis points, in line with market expectations.
The Dow Jones settled flat with a positive bias, while S&P 500 gained 1.0%. The technology-heavy Nasdaq Composite rose 2.0%.
Index Action
Nifty50
February Futures: 17,665📉▼133 (-0.7%)
OI Contracts: 2,08,578 (-0.8%)
The Nifty50 traded in a range of over 600 points on the Budget Day and formed the bearish candlestick pattern on the daily chart. However, the index came within striking distance of the 18,000 mark but gave up most of its gains from the day's high.
Among major sectoral indices, PSU Bank (-5.6%) and Metal (-4.5%) declined the most. FMCG (+1.1%) and IT (+0.9%) were the top gainers.
Nifty50's options contracts expiring today have large positions at the 18,000 and 17,800 calls and the 17,500 and 17,200 puts.
As per options data and OI analysis, the broad range for the February expiry of the Nifty50 is between 16,800 and 18,500 levels. On the other hand, 17,300 and 17,900 are the critical levels to watch for today's expiry.
Bank Nifty
February Futures: 40,710 📉▼353 (-0.8)
OI Contracts: 95,111 (-10.8%)
The Bank Nifty swung over 2,500 points on Wednesday, from 42,015 to 39,490. The index closed 142 points (0.3%) lower but protected the psychologically crucial 40,500-mark.
Among banking stocks, Bank of Baroda (-7.8%) and Punjab National Bank (-6.0%) were the biggest laggards, while ICICI Bank (+1.9%) and HDFC Bank (+1.5%) advanced the most.
Bank Nifty's options contracts expiring today have significant positions at 41,500 and 42,000 call options and 39,500 and 40,000 put options.
As per options data and OI analysis, the broad range for the February expiry of Bank Nifty is between 39,000 and 42,000 levels. On the other hand, 39,800 and 41,200 are the critical levels to watch for today's expiry.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹1,785 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹529 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹796 crore and sold index options worth ₹14,108 crore. Further, they bought stock futures worth ₹243 crore and sold stock options worth ₹336 crore.
India VIX
The India VIX, which measures the implied volatility of Nifty50 options, fell 0.5% to 16.78.
Stock Action📊
Long build-up was seen in Cholamandalam Investments, Apollo Tyres, ITC, Britannia and Jindal Steel & Power.
Short build-up was seen in HDFC Life, Coal India, SBI Life, Whirlpool and ICICI Prudential.
Under F&O Ban: Ambuja Cement.
*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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