Nifty end higher for fifth straight session

11 Sep 2019 Evaluate

CNX Nifty continued its bull run for fifth straight session and finished the day’s trade with a gain of about one third of a percent amid the report that Export-Import Bank of India (Exim Bank) forecasted India’s merchandise exports to increase from $81.4 billion to $82 billion, with an expected growth rate of 0.6% from a year ago during the second quarter of 2019-20 (July-September). Market made a gap-up start as Finance Minister Nirmala Sitharaman’s statement that the government is not underestimating the slow Gross Domestic Product (GDP) growth and has full focus on how it can rise in the next quarter. She also added that the government is trying to revive demand and consumption in the country.

Index trimmed some of their early gains in the afternoon deals as market-men got anxious with report that Fitch Ratings forecasted India's economic growth at 6.6% during the current year, down from 6.8% in the previous year, and said the government has only limited room to ease fiscal policy because of high debt. However, market managed to end with decent gains in the end. On the sectoral front, automobile sector rose 3.5 percent after union finance minister Nirmala Sitharaman on Tuesday said the government will soon respond to the demands of the auto segment, which is crippled by plunging sales.

Most of the NSE sectoral indices ended in green, except FMGC, IT and Media. The top gainers from the F&O segment Yes Bank, Jindal Steel & Power and Tata Motors. On the other hand, the top losers were ICICI Prudential Life Insurance Company, Oil India and Oil & Natural Gas Corporation. In the index option segment, maximum OI continues to be seen in the 11,000 - 11,500 calls and 10,700 - 10,900 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short term expectation of volatility decreased by 3.03% and reached 15.37.The 50 share Nifty was up by 32.65 points or 0.30% to settle at 11,035.70.

Among, Nifty calls, 11,300 SP from the September month expiry was the most active call with an addition of 0.64 million open interests. Among Nifty puts, 11,000 from the September month expiry was the most active put with an addition of 0.31 million open interests. The maximum OI outstanding for Calls was at 11,200 SP (2.36 mn) and that for Puts was at 10,800 SP (3.47 mn). The respective Support and Resistance levels of Nifty are: Resistance 11,056.45 -- Pivot Point 11,034.05 -- Support -- 11,013.30.

The Nifty Put Call Ratio (PCR) finally stood at 1.22 for September month contract. The top five scrips with highest PCR on Ramco Cements (2.62), Shree Cement (2.25), Cummins India (1.86), Hindalco Industries (1.30) and Maruti Suzuki India (1.30).

Among most active underlying, Maruti Suzuki India witnessed an addition of 0.32 million units of Open Interest in the September month futures contract, followed by Reliance Industries witnessing an addition of 0.36 million units of Open Interest in the September month contract, State Bank of India witnessed an addition of 1.56 million units of Open Interest in the September month contract, Tata Motors witnessed an addition of 10.99 million units of Open Interest in the September month contract and Yes Bank witnessed an addition of 8.42 million units of Open Interest in the September month future contract.

Nifty end higher for fifth straight session

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