Asian Markets Update @ 7 am
The SGX Nifty is trading 56 points (+0.3%) higher than its last close, indicating a positive start for the Nifty50 today. Major Asian markets are trading in the green. Japan's Nikkei 225 is shut because of a public holiday, while Hong Kong's Hang Seng Index is up 0.5%.
Global Market Update
US stocks ended higher following an improvement in investor sentiment in the banking sector after the UBS rescue of Credit Suisse. The Dow Jones rose 1.2% to end at 32,244. The S&P 500 gained 0.8% to 3,951, while the Nasdaq Composite jumped 0.3% and finished at 11,675.
Index Action
Nifty50
March Futures @ 17,037 📉▼141 (-0.8%)
OI Contracts: 2,45,208 (+2.4%)
Amid Fed rate hike concerns, ongoing global banking crisis and foreign portfolio investor withdrawals, the Nifty50 started the week on a weak note and tanked to 16,800. The index recovered to the 17,000 level in the second half but ended with over half a percent cuts.
Banking stocks remained under pressure despite the acquisition of Credit Suisse by UBS Group. On the commodities front, Brent crude oil fell to 15 month low of $70 yesterday and has corrected nearly 12% in the past week. On the other hand, Gold prices touched a fresh lifetime high and crossed ₹60,000 per 10 grams on the MCX yesterday.
Sectorally, Metal (-2.3%) and PSU Bank (-1.7%) were the biggest draggers, while FMCG (+0.7%) and Media (+0.1%) were among the gainers.
The Nifty50 options expiring on 23 March have significant positions at 17,200 and 17,300 calls and 16,900 and 17,000 puts.
According to options data and OI analysis, the Nifty50's long range for the 29 March expiry is between 16,650 and 17,350. On the other hand, 16,800 and 17,200 is the short-term range for this week.
Bank Nifty
March Futures @ 39,515 📉▼225 (-0.5%)
OI Contracts: 1,04,307 (+2.9%)
The Bank Nifty opened lower and fell below the 39,000 level as global sentiments weighed the sector down. The index rebounded from the day's low point, led by a recovery in select private banks, but closed in the red.
Among banking stocks, Kotak Mahindra Bank (+0.3%) and Federal Bank (+0.5) were the top gainers, whereas Bandhan Bank (-2.8%) and AU Small Finance Bank (-2.2%) fell the most.
The Bank Nifty's options expiring on 23 March have significant positions at the 41,500 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 38,300 and 40,500. On the other hand, 38,700 and 40,100 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹2,545 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹2,876 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹1,996 crore and sold index options worth ₹8,420 crore. Further, they sold stock futures worth ₹2,220 crore and bought stock options worth ₹191 crore.
India VIX
The fear gauge India VIX surged 8.4% to 16.01.
Stock Action📊
Long build-up was seen in Godrej Consumer Products, Divi’s Labs, Jubilant FoodWorks, Apollo Tyres and BPCL.
Short build-up was seen in GAIL, India Cements, PVR, Hindustan Aeronautics and RBL Bank.
Under F&O Ban: Biocon 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.
Download the Upstox App Today