Asian Markets Update @ 7 am
The SGX Nifty is trading 41 points (-0.2%) lower compared to its last close, indicating a negative start for the Nifty50 today. Major Asian markets are trading mixed. Japan's Nikkei 225 fell 0.1%, while Hong Kong's Hang Seng Index advanced 0.2%.
Global Market Update
US stocks gave up early gains but settled higher as worries regarding a potential weakness in the banking sector resurfaced a day after the Fed hiked interest rates. The Dow Jones fell 0.2% to end at 32,105. The S&P 500 advanced 0.3% to 3,948, while the Nasdaq Composite rose 1.0% and finished at 11,787.
Index Action
Nifty50
March Futures @ 17,082 📉▼103 (-0.6%)
OI Contracts: 2,32,894 (+0.7%)
Following the rate hike announcement by the Fed and mixed global cues, the Nifty50 swung between red and green zones and settled in the red. Dragged lower by pressure in the IT and Banking sectors, the index slipped lower from the 17,200 level and settled nearly half a percent lower.
Sectorally, PSU Bank (-1.7%) and Realty (-1.0%) were the biggest draggers, while FMCG (+0.3%) and Pharma (+0.2%) were among the top gainers.
The Nifty50 options expiring on 29 March have significant positions at 17,100 and 17,200 calls and 17,000 and 17,100 puts.
According to options data and OI analysis, the Nifty50's long range for the 27th April expiry is between 16,400 and 17,700. On the other hand, 16,800 and 17,350 is the short-term range for this week.
Bank Nifty
March Futures @ 39,637 📉▼481 (-1.2%)
OI Contracts: 95,610 (+2.3%)
The banking index ended a volatile session in the red. After a weak start, the index rebounded to the 40,200 level but again faced resistance near its 20-DMA and ended nearly 1% lower.
Among banking stocks, Bank of Baroda (-2.8%) and Punjab National Bank (-2.0%) were the biggest laggards, whereas Bandhan Bank (+0.5%) was the only stock to end in green.
The Bank Nifty's options expiring on 29 March have significant positions at the 40,000 and 41,500 calls and 39,500 and 39,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 27th April expiry is between 38,000 and 41,300. On the other hand, 38,800 and 40,400 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹995 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹1,668 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹1,014 crore and bought index options worth ₹8,638 crore. Further, they sold stock futures worth ₹121 crore and bought stock options worth ₹75 crore.
India VIX
The fear gauge India VIX fell 2.1% to 14.49.
Stock Action📊
Long build-up was seen in Syngene International, Manappuram Finance, Tata Communications, ABB and Ramco Cements.
Short build-up was seen in HAL, Vedanta, Alkem Labs, Persistent Systems and SBI.
Under F&O Ban: Biocon, HAL 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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