Indian benchmark -- Nifty -- finished the session at fresh record closing high. Market made positive start with report that the United Nations Conference on Trade and Development (UNCTAD) has pegged India's economic growth rate to hit a four-year high of 7.2 per cent for 2021 against a contraction of 7 per cent in 2020. At this rate, India would be the fastest growing economy after China, which is projected to grow by 8.3 per cent. Calculations are based on GDP at constant dollars in 2015. Further, market maintained its gains, as Retailers Association of India (RAI) in its latest survey has said that retail sales improved in August and reached 88 percent of the pre-pandemic levels. In July, retail sales stood at 72 per cent of the pre-pandemic levels of July 2019.
In late afternoon session, market added more gains to continue upward rally, as Niti Aayog Vice Chairman Rajiv Kumar said that the global economic recovery is strengthening and this is the opportune moment for a change in the world order. He emphasised that a new world order will usher in if the global economy remains open. Some support also came after govt has approved a big-bang relief package for the stressed telecom sector that includes a four-year break for companies from paying statutory dues, permission to share scarce airwaves, change in the definition of revenue on which levies are paid and 100% foreign investment through the automatic route. Finally, Nifty ended the session above 17600 mark.
Most of the sectoral indices ended in green except IT, Media and Metal. The top gainers from the F&O segment were Vodafone Idea, Indus Towers and PNB. On the other hand, the top losers were REC, BPCL and ZEEL. In the index option segment, maximum OI continues to be seen in the 17900 -18200 calls and 16900 -17150 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 4.97% and reached 14.41. The 50 share Nifty up by 110.05 points or 0.63% to settle at 17,629.50.
Nifty September 2021 futures closed at 17611.00 (LTP) on Thursday, at a discount of 18.50 points over spot closing of 17629.50, while Nifty October 2021 futures ended at 17635.05 (LTP), at a premium of 5.55 points over spot closing. Nifty September futures saw an addition of 9,287 units, taking the total open interest (OI) to 3,12,985 units. The near month derivatives contract will expire on September 30, 2021 (Provisional).
From the most active contracts, ITC September 2021 futures traded at a premium of 0.95 points at 231.25 (LTP) compared with spot closing of 230.30. The numbers of contracts traded were 72,031 (Provisional).
Reliance Industries September 2021 futures traded at a premium of 1.00 points at 2425.00 (LTP) compared with spot closing of 2424.00. The numbers of contracts traded were 48,940 (Provisional).
SBIN September 2021 futures traded at a premium of 1.85 points at 466.85 (LTP) compared with spot closing of 465.00. The numbers of contracts traded were 43,380 (Provisional).
Indusind Bank September 2021 futures traded at a premium of 0.25 points at 1131.25 (LTP) compared with spot closing of 1131.00. The numbers of contracts traded were 33,216 (Provisional).
Bharti Airtel September 2021 futures traded at a premium of 2.30 points at 718.05 (LTP) compared with spot closing of 715.75. The numbers of contracts traded were 30,903 (Provisional).
Among, Nifty calls, 17700 SP from the September month expiry was the most active call with an addition of 2,247 units open interests. Among Nifty puts, 17500 SP from the September month expiry was the most active put with an addition of 7,914 units open interests. The maximum OI outstanding for Calls was at 18000 SP (28,804 units) and that for Puts was at 17000 SP (73,026 units). The respective Support and Resistance levels of Nifty are: Resistance 17,679.25 -- Pivot Point 17,594.85 -- Support -- 17,545.10.
The Nifty Put Call Ratio (PCR) finally stood at (1.58) for September month contract. The top five scrips with highest PCR on IRCTC (1.08), ZEEL (0.91), Voltas (0.88), Havells (0.90) and SRF (0.85).
Among most active underlying, ITC witnessed an addition of 4,674 units of Open Interest in the September month futures contract, Bharti Airtel witnessed an addition of 510 units of Open Interest in the September month futures contract, Indusind Bank witnessed an addition of 1,950 units of Open Interest in the September month futures contract, SBIN witnessed an addition of 3,434 units of Open Interest in the September month futures contract and Reliance Industries witnessed an addition of 3,832 units of Open Interest in the September month futures contract (Provisional).
