After trading jubilantly for most part of the day, domestic benchmark Nifty ended with marginal gains. Market made a gap-up start and continued its north-ward journey, as traders took encouragement with the Economist Intelligence Unit’s report stating that India and China are projected to see accelerated economic growth in the fourth quarter of this year, bucking trends in the US and the European Union. It added that the real GDP growth of India in the December-ending quarter is expected to be the highest among G7 and BRICS nations. In the third quarter, India's real GDP growth is estimated to be 1% on a quarter-on-quarter basis and is projected to rise to 2.20% in the fourth quarter. Market participants remained optimistic with Commerce and Industry Minister Piyush Goyal’s statement that India would enter into any free-trade agreement (FTA) or comprehensive partnership agreement on its terms and would do what would be best for the people and national interest.
In the second half of the session, the market touched its intraday high, as traders remained enthusiastic with a private report that Indian companies have ranked third in Asia's overall environmental sustainability out of eight markets studied, with an average score of 63.12, which is slightly exceeded the regional average of 62.34 points. But, index trimmed most of its initial gains in last leg of trade, as anxiety came after India Ratings and Research’s (Ind-Ra) analysis of data of Annual Survey of Industries (ASI) indicated slowdown in labour productivity growth in the Indian organized manufacturing sector, which grew at an average annual rate of 3.7% during FY16-FY18 (FY11-FY15: 7.4%, FY06-FY10: 10.3%, FY01-FY05: 9.6%), however, it fell to 2.6% and 2.9% in FY17 and FY18, respectively.
Most of the NSE sectoral indices ended in green, except Metal, Financial services and PVT Bank. The top gainers from the F&O segment Yes Bank, Dish TV India and Zee Entertainment Enterprises. On the other hand, the top losers were Indiabulls Housing Finance, Bharat Heavy Electricals and InterGlobe Aviation. In the index option segment, maximum OI continues to be seen in the 11600- 12,000 calls and 11,400 -11,900 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short term expectation of volatility decreased by 2.27% and reached 16.28.The 50 share Nifty was up by 33.35 points or 0.28% to settle at 11,877.45.
Nifty November 2019 futures closed at 11924.10 (LTP) on Thursday, at a premium of 46.65 points over spot closing of 11877.45, while Nifty December 2019 futures ended at 11968.30 (LTP), at a premium of 90.85 points over spot closing. Nifty November futures saw an addition of 6.30 million (mn) units, taking the total outstanding open interest (OI) to 14.74 mn units. The near month derivatives contract will expire on November 28, 2019 (Provisional).
From the most active contracts, Yes Bank November 2019 futures traded at a discount of 0.05 points at 70.25 (LTP) compared with spot closing of 70.30. The numbers of contracts traded were 2,15,823 (Provisional).
State Bank of India November 2019 futures traded at a premium of 0.10 points at 312.60 (LTP) compared with spot closing of 312.50. The numbers of contracts traded were 56,160 (Provisional).
Reliance Industries November 2019 futures traded at a premium of 6.90 points at 1472.00 (LTP) compared with spot closing of 1465.10. The numbers of contracts traded were 42,269 (Provisional).
HDFC Bank November 2019 futures traded at a premium of 4.70 points at 1234.70 (LTP) compared with spot closing of 1230.00. The numbers of contracts traded were 34,093 (Provisional).
Indiabulls Housing Finance November 2019 futures traded at a discount of 6.15 points at 199.25 (LTP) compared with spot closing of 205.40. The numbers of contracts traded were 33,962 (Provisional).
Among, Nifty calls, 12000 SP from the November month expiry was the most active call with an addition of 0.35 million open interests. Among Nifty puts, 11,800 from the November month expiry was the most active put with an addition of 0.26 million open interests. The maximum OI outstanding for Calls was at 11800 SP (1.66 mn) and that for Puts was at 11,600 SP (1.75 mn). The respective Support and Resistance levels of Nifty are: Resistance 11,929.93 -- Pivot Point 11,892.52 --Support -- 11,840.03.
The Nifty Put Call Ratio (PCR) finally stood at 1.17 for November month contract. The top five scrips with highest PCR on Bosch (3.00), Mahindra & Mahindra Fin. Services (2.72), Oil India (2.50), Cholamandalam Investment and Fin Co (2.00) and Cummins India (1.99).
Among most active underlying, State Bank of India witnessed an addition of 28.22 million units of Open Interest in the November month futures contract, followed by Reliance Industries witnessing an addition of 13.49 million units of Open Interest in the November month contract, Yes Bank witnessed an addition of 54.87 million units of Open Interest in the November month contract, Infosys witnessed an addition of 9.69 million units of Open Interest in the November month contract and Housing Development Finance Corporation witnessed an addition of 10.03 million units of Open Interest in the November month future contract (Provisional).
