Bears take control over market; Nifty plunges over a percent

19 Sep 2019 Evaluate

NSE gauge -- Nifty50 traded with a negative bias throughout the day and ended the session with cut of over a percent as traders were concerned with report that as against a steep 17.5 percent higher tax collection budgeted for FY20, the government could mop-up only 4.7 percent more so far this year, with the direct tax kitty growing to Rs 5.50 lakh crore as of September 17, up from Rs 5.25 lakh crore a year-ago. The lower mop-up reflects the deepening slump in demand and overall growth. Sentiments remained in lackadaisical mood with the report that India’s slowdown and a simmering shadow banking crisis is putting Prime Minister Narendra Modi’s goal of crafting a $5 trillion economy by 2025 at risk.

Market witnessed a sharp losses in the last trading hours, as sentiment on the street weakened with the India Meteorological Department’s (IMD) report that monsoon rains in India in the week to September 18 were above average for a third straight week, with floods hitting many districts in the central parts of the country and damaging crops such as soybean and pulses. Market participants failed to take any sense of relief with report that Niti Aayog CEO Amitabh Kant’s statement that the government is doing everything possible to turn around the Indian economy and bring it back to a high trajectory growth path.

All the NSE sectoral indices ended in red. The top gainers from the F&O segment Vodafone Idea, Tata Motors and ICICI Prudential Life Insurance Company. On the other hand, the top losers were Yes Bank, Reliance Capital and Dish TV India. In the index option segment, maximum OI continues to be seen in the 10,800 11,300 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 increased by 1.29% and reached 15.55.The 50 share Nifty was down by 135.85 points or 1.25% to settle at 10,704.80.

Among, Nifty calls, 10,900 SP from the September month expiry was the most active call with an addition of 0.86 million open interests. Among Nifty puts, 10,700 from the September month expiry was the most active put with a contraction of 0.67 million open interests. The maximum OI outstanding for Calls was at 11,000 SP (4.48 mn) and that for Puts was at 10,800 SP (3.49 mn). The respective Support and Resistance levels of Nifty are: Resistance 10,809.92 -- Pivot Point 10,740.08 -- Support -- 10,634.97.

The Nifty Put Call Ratio (PCR) finally stood at 0.89 for September month contract. The top five scrips with highest PCR on Ramco Cements (1.46), Muthoot Finance (1.33), Godrej Consumer Products (1.33),Shree Cement (1.29) and Bosch (1.21).

Among most active underlying, Reliance Industries witnessed an addition of 2.77 million units of Open Interest in the September month futures contract, followed by State Bank of India witnessing an addition of 5.90 million units of Open Interest in the September month contract, Axis Bank witnessed an addition of 3.73 million units of Open Interest in the September month contract, Housing Development Finance Corporation witnessed an addition of 1.51 million units of Open Interest in the September month contract and ICICI Bank witnessed an addition of 8.11 million units of Open Interest in the September month future contract.

Bears take control over market; Nifty plunges over a percent

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