NSE gauge -- Nifty50 -- ended the session in red for second day with the cut of half a percent. Market made a gap down opening with report that India has reported a daily jump of nearly 50,000 Covid-19 cases, even as the tally has soared past the 8-million mark. The country's death toll has mounted to 120,563. Further, market remained in negative territory even after Union Finance Minister Nirmala Sitharaman said that she was closely monitoring the progress of Micro Small Medium Enterprises (MSMEs), whom she called as the growth engine of the country. Addressing the Tech Sparks 2020, Sitharaman said, 'We have changed the definition of MSMEs (Micro, Small and Medium Enterprises) and expanded the scope of MSMEs. Because of this change, more MSMEs have come into the system, and they've benefited from the schemes given by the government.
However, in afternoon session market erased all the losses to trade near neutral line in green zone, as trader took some support, as Crisil in its latest report has said that financial conditions in India have staged a speedy recovery from the harrowing abyss they had been sent flailing into by the coronavirus disease (covid-19) pandemic in April, 2020. It said the Reserve Bank of India’s (RBI) measures have helped mitigate the large and broad-based economic damage caused by the pandemic. But, index failed to extend its gains and entered into negative territory again to close the session below its 11700 mark.
Most of the sectoral indices ended in red except IT. The top gainers from the F&O segment were Pidilite Industries, Hindustan Petroleum Corporation and Berger Paints. On the other hand, the top losers were Piramal Enterprises, Larsen & Toubro and Vodafone Idea. In the index option segment, maximum OI continues to be seen in the 11,700 - 12,500 calls and 10,900 - 11,800 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short term expectation of volatility increased by 3.57% and reached 24.11.The 50 share Nifty down by 58.80 points or 0.50% to settle at 11,670.80.
Nifty November 2020 futures closed at 11671.00 (LTP) on Thursday, at a premium of 0.20 points over spot closing of 11670.80, while Nifty December 2020 futures ended at 11685.05(LTP), at a premium of 14.25 points over spot closing. Nifty November futures saw an addition of 48,297 units, taking the total open interest (Contracts) to 1,37,870. The near month derivatives contract will expire on November 26, 2020 (Provisional).
From the most active contracts, Reliance Industries November 2020 futures traded at a premium of 5.70 points at 2031.55 (LTP) compared with spot closing of 2025.85. The numbers of contracts traded were 49,288 (Provisional).
Axis Bank November 2020 futures traded at a premium of 2.25 points at 495.25 (LTP) compared with spot closing of 493.00. The numbers of contracts traded were 38,336 (Provisional).
ICICI Bank November 2020 futures traded at a premium of 0.60 points at 400.25 (LTP) compared with spot closing of 399.65. The numbers of contracts traded were 30,580 (Provisional).
L&T November 2020 futures traded at a discount of 15.25 points at 919.95 (LTP) compared with spot closing of 935.20. The numbers of contracts traded were 30,317 (Provisional).
Bharti Airtel November 2020 futures traded at a premium of 1.30 points at 451.50 (LTP) compared with spot closing of 450.20. The numbers of contracts traded were 24,223 (Provisional).
Among, Nifty calls, 12000 SP from the November month expiry was the most active call with an addition of 2,836 units open interests. Among Nifty puts, 11000 SP from the November month expiry was the most active put with an addition of 7,128 units open interests. The maximum OI outstanding for Calls was at 12000 SP (19,314 units) and that for Puts was at 11000 SP (29,532 units). The respective Support and Resistance levels of Nifty are: Resistance 11,741.15 -- Pivot Point 11,673.80 -- Support -- 11,603.45.
The Nifty Put Call Ratio (PCR) finally stood at (1.70) for November month contract. The top five scrips with highest PCR on Bata India (1.25), Cummins India (1.10), Kotak Mahindra Bank (0.98), Indiabulls Housing Finance (0.97) and Glenmark Pharmaceuticals (0.97).
Among most active underlying, Reliance Industries witnessed an addition of 17,511 units of Open Interest in the November month futures contract followed by Axis Bank witnessed an addition of 4,715 units of Open Interest in the November month futures contract, Bharti Airtel witnessed an addition of 7,600 units of Open Interest in the November month futures contract, DR. Reddy’s witnessed an addition of 3,185 units of Open Interest in the November month futures contract and ICICI Bank witnessed an addition of 9,019 units of Open Interest in the November month futures contract (Provisional).
