The domestic index S&P CNX Nifty has resumed its jubilant run after a day of halt and regained its crucial 5,650 level. Moreover, the index traded in the green throughout the day, though the index surrender a part of its gains in the early trade but managed to snap the session with a gain of about half a percent. Earlier, benchmark made a gap up start tracking positive cues from global indices while, increased buying by funds and retail investors too strengthened the sentiments. After some initial jitters, the market traded in the tight range till end as momentum remained positive on improved global risk-taking appetite after policymakers approved an emergency tranche of funding for debt-laden Greece, pumped in strength into the Indian equity markets. Meanwhile, sugar stocks like, Shree Renuka Sugars, Balrampur Chini Mills, Bajaj Hindusthan and Rana Sugars all ended with a gain in the range of 3.50-6.50 percent on the buzz that government will discuss sugar decontrol in a meeting in the next 8-10 days while, Tea stocks too had a superb session today. Tata Global Beverages, Jay Shree Tea and Mcleod Russel gained in the range of 2.5-7 percent while, Warren Tea and Asian Tea were locked at their upper circuit of 20 percent. Finally, Nifty snapped the quiet day of trade with a gain of over 20 points.
On the global front, the US markets made a fabulous closing on Friday with the best weekly gain in last two years while, the Asian equity indices continued their bull run for yet another day and all the indices barring KLSE Composite finished the day’s trade in the positive terrain on Monday. The European counterparts were trading mixed at this point of time. Back home, buying supported all sectoral indices on the NSE to settle in the positive territory with CNX Realty surging the most and ending with a gain over four percent followed by Bank Nifty up 1.11%, CNX Infra up 0.40% and CNX IT up by 0.17%. The India Volatility Index (VIX), a gauge for market’s short term expectation of volatility, slipped 0.21% and reached 18.17, while S&P Nifty moved higher by 23.30 points to close at 5,5650.50.
The India VIX witnessed a drop of 0.21% at 18.17 on Monday as compared to its previous close of 18.21 on Friday.
The 50-share S&P CNX Nifty gained 23.30 points or 0.41% and settled at 5,650.50.
Nifty July 2011 futures closed at 5,665.60, at a premium of 15.10 point over spot closing of 5,650.50, while Nifty August 2011 futures were at 5,680.50 at a premium of 30.00 points over spot closing. The near month July 2011 derivatives contract expires on Thursday, 28 July, 2011. Nifty July futures saw an addition of 8.91% or 1.85 million (mn) units, taking the total outstanding open interest (OI) to 22.70 mn units.
From the most active underlying, DLF July 2011 futures closed at a discount of 1.75 points at 231.25 compared with spot closing of 233.00. The number of contracts traded was 19,783.
SBI’s July 2011 futures were at a premium of 5.00 point at 2444.00 compared with spot closing of 2439.00. The number of contracts traded was 13,296.
Tata Motors July 2011 futures were at a discount of 18.55 points at 993.90 compared with spot closing of 1012.45. The number of contracts traded was 13,939.
ICICI Bank July 2011 futures were at a premium of 6.70 at 1103.25 compared with spot closing of 1096.55. The number of contracts traded was 11,282.
RIL July 2011 futures were at a premium of 6.20 at 874.80 compared with spot closing of 868.60. The number of contracts traded was 13,972.
Among Nifty calls, 5700 SP from the July month expiry was the most active call with addition of 0.99 million or 25.24%.
Among Nifty puts, 5600 SP from the July month expiry was the most active put with addition of 1.41 million or 47.62%.
The maximum Call OI outstanding for Calls was at 5700 SP (4.95mn) and that for Puts was at 5600 SP (4.40 mn).
The respective Support and Resistance levels are: Resistance 5675.73 -- Pivot Point 5654.41-- Support 5629.18.
The Nifty Put Call Ratio (PCR) OI wise stood at 1.33 for July -month contract.
The top five scrips with highest PCR on OI were Jain Irrigation Systems 5.00, Sun Pharma 3.05, Shriram Transport Finance 3.00, Sun TV 2.50, Siemens 1.46 and Kotak Bank 1.31.
Among most active underlying, DLF witnessed a decline of 3.88% of Open Interest (OI) in the July month futures contract followed by Reliance that witnessed an addition of 1.23% of Open Interest (OI) in the near month contract. Finally the SBI witnessed an addition of 3.62% of OI in the July month futures.
