The local benchmark -- Nifty -- ended the Tuesday’s session below 15750 mark. Market made positive start, as government's total tax collection in the April-June quarter grew about 86 per cent to more than Rs 5.57 lakh crore. Out of the total amount, collection of net direct tax stood at Rs 2.46 lakh crore and of indirect tax was at Rs 3.11 lakh crore. Market maintained its gains as traders took support with Care Ratings’ report that the country's gross domestic product (GDP) growth is likely to be 8.8 to 9 per cent in the current financial year, driven by agriculture and industry sectors.
However, in afternoon trade market failed to hold its gain and entered into negative territory, as Moody's Analytics said the second wave of COVID-19 may have a more lasting damage on the Indian economy and exports will once again be the foundation for recovery. Index continued its free fall till end of the session, as unemployment rate increased to 7.14% for the week ended July 25 from 5.98% in the previous week. Both urban and rural areas contributed to the spike in joblessness. Unemployment rate in urban areas increased marginally to 8.01% from 7.94% a week before; the rise was sharper in rural areas, from 5.1% to 6.75%.
All the sectoral indices ended in red except PSU Bank and Metal. The top gainers from the F&O segment were Manappuram Finance, Pfizer and National Aluminium Company. On the other hand, the top losers were Glenmark Pharmaceuticals, Dr. Reddy's Laboratories and Alembic Pharmaceuticals. In the index option segment, maximum OI continues to be seen in the 15900 -16100 calls and 14900 -15,800 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 6.28% and reached 13.23. The 50 share Nifty down by 78.00 points or 0.49% to settle at 15,746.45.
Nifty July 2021 futures closed at 15733.90 (LTP) on Tuesday, at a discount of 12.55 points over spot closing of 15746.45, while Nifty August 2021 futures ended at 15770.00 (LTP), at a premium of 23.55 points over spot closing. Nifty July futures saw an addition of 7,662 units, taking the total open interest (Contracts) to 1,64,221 units. The near month derivatives contract will expire on July 29, 2021 (Provisional).
From the most active contracts, Reliance Industries July 2021 futures traded at a premium of 0.45 points at 2054.45 (LTP) compared with spot closing of 2054.00. The numbers of contracts traded were 52,199 (Provisional).
Dr. Reddy's Laboratories July 2021 futures traded at a premium of 3.85 points at 4857.05 (LTP) compared with spot closing of 4853.20. The numbers of contracts traded were 45,704 (Provisional).
Tata Steel July 2021 futures traded at a discount of 1.45 points at 1332.05 (LTP) compared with spot closing of 1333.50. The numbers of contracts traded were 29,365 (Provisional).
SBIN July 2021 futures traded at a discount of 0.50 points at 428.70 (LTP) compared with spot closing of 429.20. The numbers of contracts traded were 28,353 (Provisional).
ICICI Bank July 2021 futures traded at a discount of 2.00 points at 675.50 (LTP) compared with spot closing of 677.50. The numbers of contracts traded were 22,589 (Provisional).
Among, Nifty calls, 15800 SP from the July month expiry was the most active call with an addition of 45,721 units open interests. Among Nifty puts, 15700 SP from the July month expiry was the most active put with an addition of 11,664 units open interests. The maximum OI outstanding for Calls was at 15800 SP (1,44,015 units) and that for Puts was at 15700 SP (90,796 units). The respective Support and Resistance levels of Nifty are: Resistance 15,851.67 -- Pivot Point 15,776.33 -- Support -- 15,671.12.
The Nifty Put Call Ratio (PCR) finally stood at (0.72) for July month contract. The top five scrips with highest PCR on Bajaj Finserv (1.16), Jubilant FoodWorks (1.06), Manappuram Finance (1.04), Tata Steel (1.03) and ACC (0.98).
Among most active underlying, Tata Steel witnessed an addition of 1,066 units of Open Interest in the July month futures contract, Dr. Reddy's Laboratories witnessed an addition of 2,529 units of Open Interest in the July month futures contract, Reliance Industries witnessed an addition of 3,148 units of Open Interest in the July month futures contract, ICICI Bank witnessed an addition of 4,007 units of Open Interest in the July month futures contract and SBIN witnessed a contraction of 3,595 units of Open Interest in the July month futures contract (Provisional).
