Asian Markets Update @ 7 am
The SGX Nifty is trading 55 (+0.3%) points higher than its last close, indicating a positive start for the Nifty50 today. Major Asian markets are trading mixed. Japan's Nikkei 225 rose 1.1%, while Hong Kong's Hang Seng Index dropped 0.8%.
Global Market Update
US stocks rebounded on Thursday, ending a back-and-forth session in the green after interest rate worries led to four straight days of declines for the S&P 500.
The Dow Jones added 0.3%, while S&P 500 gained 0.5%. The technology-heavy Nasdaq Composite climbed 0.7%.
Index Action
Nifty50
March Futures @ 17,628 📉▼33 (-0.1%)
OI Contracts: 2,09,148 (+56%)
The Nifty50 ended a volatile expiry day lower, ending the day in the red for the fifth consecutive day. However, the index recovered from the day's low to close above the 17,500-mark on a recovery in banking and metal stocks.
Sectorally, PSU Bank (+0.5%) and Metal (+0.3%) were the top gainers, while Realty (-1.7%) and Media (-1.7%) were the biggest laggards.
The Nifty 50 options contracts expiring on 2 March have significant positions at the 17,500 and 18,000 calls and the 17,500 and 17,000 puts.
As per options data and OI analysis, the Nifty50’s broad range for the 29th March expiry is between 17,000 and 18,000. On the other hand, 17,300 and 17,700 is the short-term range for the upcoming week.
Bank Nifty
March Futures: 40,363 📉▲77 (+0.1%)
OI Contracts: 69,945 (+53%)
The Bank Nifty snapped a five-day losing streak to close higher on Thursday. The index rebounded from its intra-day low of 39,600 and formed a long legged doji candle on the daily chart.
Among banking stocks, Federal Bank (+2.1%) and Axis Bank (+1.3%) advanced the most, while Bank of Baroda (-1.0%) and IndusInd Bank (-1.5%) were the biggest laggards.
The Bank Nifty’s options contracts expiring on 2 March have significant positions at the 40,000 and 41,000 calls and 39,000 and 40,000 puts.
As per options data and OI analysis, Bank Nifty’s range for the 29th March expiry is between 38,300 and 41,700. On the other hand, 39,200 and 40,700 is the short-term range for the upcoming week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹1,417 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹1,586 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹1,245 crore and bought index options worth ₹28,361 crore. Further, they sold stock futures worth ₹615 crore and sold stock options worth ₹141 crore.
India VIX
The fear gauge India VIX fell 3.3% from 15.59 to 15.07. Volatility eased on Thursday, but has been on the rise for the past five sessions.
Stock Action📊
Long build-up was seen in Syngene International, HCL Tech, Abbott India, ONGC and GAIL.
Short build-up was seen in HDFC AMC, Indiabulls Housing Finance, Asian Paints, HDFC Life and Zee Entertainment.
*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.