Nifty ends near intraday high point

The local benchmark -- Nifty -- finished the session with the gains of above one and half percent. The day began on a positive note, as traders took support with report that the government is planning to save about Rs 35,000 crore to help manage the fiscal load put by the production-linked incentive (PLI) and phased manufacturing program (PMP) schemes, its initiatives to attract investment into the country. Further, market extended its uptrend with Finance Minister Nirmala Sitharaman’s statement that banks are going to be the catalysts for economic revival. However, in late afternoon session, index trimmed some of its gains with ICRA’s report that state governments' deficit is seen in the range from 4.25 per cent up to 5.52 per cent of the gross state domestic product (GSDP) in the current fiscal. But, in last leg of trade, market touched intraday high point, as centre launched the Aatmanirbhar Bharat ARISE-Atal New India Challenges programme to support MSMEs and start-ups for making India innovative, resilient, tech-driven, and research and development (R&D)-oriented.

All of the NSE sectoral indices ended in green except Metal and Pharma. The top gainers from the F&O segment were Reliance Industries, BPCL and Adani Enterprises. On the other hand, the top losers were Bharti Infratel, Indiabulls Housing Finance and Hindalco Industries. In the index option segment, maximum OI continues to be seen in the 11,400 - 11,600 calls and 10,900 - 11,100 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short term expectation of volatility decreased by 4.31% and reached 21.27. The 50 share Nifty down by 171.25 points or 1.52% to settle at 11,449.25.

Nifty September 2020 futures closed at 11467.50 (LTP) on Thursday, at a premium of 18.25 points over spot closing of 11449.25, while Nifty October 2020 futures ended at 11476.00 (LTP), at a premium of 26.75 points over spot closing (Provisional). Nifty September futures saw an addition of 1,497 units, taking the outstanding open interest (Contracts) to 1,33,292. The near month derivatives contract will expire on September 24, 2020 (Provisional).

From the most active contracts, Reliance Industries September 2020 futures traded at a premium of 0.20 points at 2319.20 (LTP) compared with spot closing of 2319.00. The numbers of contracts traded were 1,60,032 (Provisional).

Axis Bank September 2020 futures traded at a premium of 0.75 points at 447.75 (LTP) compared with spot closing of 447.00. The numbers of contracts traded were 32,164 (Provisional).

SBIN September 2020 futures traded at a premium of 0.20 points at 198.75 (LTP) compared with spot closing of 198.55. The numbers of contracts traded were 29,595 (Provisional).

ICICI Bank September 2020 futures traded at a premium of 0.70 points at 372.20 (LTP) compared with spot closing of 371.50. The numbers of contracts traded were 27,426 (Provisional).

Bajaj Finance September 2020 futures traded at a discount of 5.00 points at 3485.00 (LTP) compared with spot closing of 3490.00. The numbers of contracts traded were 24,083 (Provisional).

Among, Nifty calls, 11500 SP from the September month expiry was the most active call with a contraction of 0.31 million units open interests. Among Nifty puts, 11300 SP from the September month expiry was the most active put with an addition of 0.34 million units open interests. The maximum OI outstanding for Calls was at 11500 SP (1.96 million units) and that for Puts was at 11000 SP (2.97 million units). The respective Support and Resistance levels of Nifty are: Resistance 11,499.73 -- Pivot Point 11,413.57 -- Support -- 11,363.08.

The Nifty Put Call Ratio (PCR) finally stood at (1.34) for September month contract. The top five scrips with highest PCR on Vedanta (1.13), JSW Steel (1.09), MRF (1.07), Jubilant FoodWorks (0.93) and Reliance Industries (0.85)

Among most active underlying, Reliance Industries witnessed an addition of 5,527 units of Open Interest in the September month futures contract, followed by Bajaj Finance witnessing an addition of 29 units of Open Interest in the September month contract, SBIN witnessed an addition of 239 units of Open Interest in the September month contract, Axis Bank witnessed an addition of 240 units of Open Interest in the September month contract, and BPCL witnessed an addition of 1,687 units of Open Interest in the September month future contract (Provisional).