Asian Markets Update @ 7 am
The SGX Nifty is trading 32 points (+0.2%) higher compared to its last close, indicating a flat to a positive start for the Nifty50 today. Major Asian markets are trading mixed. Japan's Nikkei 225 gained 0.4%, while Hong Kong's Hang Seng dropped 0.3%.
Global Market Update
On Wednesday, US stocks ended a volatile session on a mixed note ahead of a slew of earnings from big tech companies starting with Meta Platform, Facebook's parent company. The Dow Jones advanced 0.2% to close at 33,875. The S&P 500 rose 0.09% to 4,137, while the Nasdaq Composite declined 0.2% to close at 12,037.
Index Action
Nifty50
April Futures @ 17,768 📈▲111 (+0.6%)
OI Contracts: 1,97,393 (+8.3%)
The Nifty broke out of its consolidation and surged past the 17,700 level on Monday. Positive sentiment from earnings announced by heavyweights, a rise in financial stocks and support from IT and FMCG stocks contributed to the gains on the index. The next hurdle for the index is at its 100-DMA, near the 17,850 level.
Markets may continue to witness volatility as this is the monthly expiry week and earnings heavy-week with companies like Axis Bank, Bajaj Finance, Maruti Suzuki and Hindustan Unilever declaring their results.
Sectorally, PSU Bank (+2.6%) and Financial Services (+1.2%) were the top gainers, whereas Media (-1.3%) and Pharma (-0.7%) were the biggest laggards.
The Nifty50 options expiring on 27 April have significant positions at 17,700 and 18,000 calls and 17,700 and 17,600 puts.
According to options data and OI analysis, the Nifty50's long range for the 25th May expiry is between 17,100 and 18,200. On the other hand, 17,600 and 17,850 is the short-term range for this week.
Bank Nifty
April Futures @ 42,666 📈▲520 (+1.2%)
OI Contracts: 92,351 (+0.8%)
The Bank Nifty opened higher and built on its gains throughout the day. Banking and other financial stocks were major contributing factors in positively affecting the market sentiment. 9 out of the 12 banking index stocks settled higher as the index ended with gains of over 1%.
Among banking stocks, IDFC First Bank (+3.1%) and ICICI Bank (+0.5%) were the biggest gainers, while IndusInd Bank (-1.2%) and Bandhan Bank (-0.3%) were the only laggards.
The Bank Nifty's options expiring on 27 April have significant positions at the 42,500 and 43,000 calls and 42,500 and 42,000 puts.
According to options data and OI analysis, Bank Nifty's range for the 25th May expiry is between 41,200 and 44,000. On the other hand, 42,200 and 43,000 is the short-term range for this week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹412 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹1,177 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹1,113 crore and sold index options worth ₹11,765 crore. Further, they bought stock futures worth ₹1,311 crore and bought stock options worth ₹143 crore.
India VIX
The fear gauge India VIX rose 0.3% to 11.67.
Stock Action📊
Long build-up was seen in Tata Consumer, Punjab National Bank, Titan, Reliance Industries and IDFC.
Short build-up was seen in IndusInd Bank, Maruti Suzuki, Sun Pharma, Bharti Airtel and IEX.
*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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