Asian Markets Update @ 7 am
The SGX Nifty is trading 111 (+0.6%) points 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 rose 1.3%, while Hong Kong's Hang Seng Index gained 0.7%.
Global Market Update
The US market ended higher as investors looked past the pressure from rising U.S. government bond yields. The Dow Jones gained 1%, while the S&P 500 and the technology-heavy Nasdaq climbed 0.7%.
Index Action
Nifty50
March Futures @ 17,388 📉▼144 (-0.8%)
OI Contracts: 2,36,538 (+2.9%)
The Nifty50 ended the weekly expiry day lower, erasing the previous day’s gains. After opening lower amid weak global cues, the index continued to slide down through the day and settled near the day's low point.
All major sectoral indices ended in the green, with Realty (+2.0) and Oil & Gas (+0.03%) advancing the most, while IT (-1.2%) and Auto (-0.8%) declined the most.
The Nifty50 options expiring on 9 March have significant positions at 17,400 and 17,500 calls and 17,000 and 17,300 puts.
According to options data and OI analysis, the Nifty50's long range for the 29 March expiry is between 16,800 and 17,800. On the other hand, 17,100 and 17,500 is the short-term range for the current week.
Bank Nifty
March Futures @ 40,565 📉▼345 (-0.8%)
OI Contracts: 94,223 (-4.8%)
Amid weakness, the Bank Nifty, too, ended in the red, below 40,400. Dragged lower by a fall in heavy-weight private banks, the banking index dipped to 40,300 but closed above it.
Among banking stocks, IndusInd Bank (+0.1%) and Bank of Baroda (+0.1%) were the top gainers, while Axis Bank (-2.2%) and Kotak Mahindra Bank (-1.3%) were the biggest laggards.
The Bank Nifty's options expiring today have significant positions at the 40,500 and 41,000 calls and 40,000 and 40,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 29th March expiry is between 38,900 and 41,700. On the other hand, 39,800 and 41,000 is the short-term range for the current week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) bought shares worth ₹12,770 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹2,128 crore in the cash market. In the derivatives market, FIIs sold index futures worth ₹532 crore and bought index options worth ₹18,252 crore. Further, they sold stock futures worth ₹2,581 crore and sold stock options worth ₹124 crore.
India VIX
The fear gauge India VIX fell 0.2% to 12.97.
Stock Action📊
Long build-up was seen in Power Grid, Adani Enterprises, Voltas, Torrent Power and Ambuja Cements.
Short build-up was seen in MCX, L&T Technology Services, Bata India, Axis Bank and Dalmia Bharat.
*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.