The local benchmark -- Nifty-- ended on a strong note on Thursday. Market made an optimistic start, after Moody's Investors Service said it will upgrade India rating if there is an increase in growth potential and sustained decline in government debt. The US-based rating agency had on Tuesday raised India's sovereign rating outlook to stable, from negative, while affirming the Baa3 rating - which is the lowest investment grade, just a notch above junk status.
Market continued the gaining momentum, as RBI data showed that bank credit rose by 6.67 per cent to Rs 109.57 lakh crore and deposits by 9.34 per cent to Rs 155.95 lakh crore in the fortnight ended September 24, 2021. In afternoon session, market touched its intraday high point. Some support came after Chief Economic Adviser K V Subramanian said the impact of 'taper tantrum' or withdrawal of monetary stimulus by the US Federal Reserve on India may not be much given the strong fundamentals of the country's economy.
Most of the sectoral indices ended in green except Oil & Gas. The top gainers from the F&O segment were Tata Motors, Titan Company and Page Industries. On the other hand, the top losers were GAIL, Indus Tower and ONGC. In the index option segment, maximum OI continues to be seen in the 17900 -18200 calls and 16900 -17200 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 6.79% and reached 16.16. The 50 share Nifty up by 144.35 points or 0.82% to settle at 17,790.35.
Nifty October 2021 futures closed at 17820.00 (LTP) on Thursday, at a premium of 29.65 points over spot closing of 17790.35, while Nifty November 2021 futures ended at 17852.00 (LTP), at a premium of 61.65 points over spot closing. Nifty October futures saw a contraction of 7,056 units, taking the total open interest (Contracts) to 2,49,689 units. The near month derivatives contract will expire on October 28, 2021 (Provisional).
From the most active contracts, Tata Motors October 2021 futures traded at a premium of 1.70 points at 380.20 (LTP) compared with spot closing of 378.50. The numbers of contracts traded were 55,641 (Provisional).
Titan Company October 2021 futures traded at a premium of 7.00 points at 2381.00 (LTP) compared with spot closing of 2374.00. The numbers of contracts traded were 27,121 (Provisional).
Maruti Suzuki India October 2021 futures traded at a premium of 4.00 points at 7499.00 compared with spot closing of 7495.00. The numbers of contracts traded were 22,339 (Provisional).
Piramal Enterprises October 2021 futures traded at a premium of 12.00 points at 2911.00 (LTP) compared with spot closing of 2899.00. The numbers of contracts traded were 20,929 (Provisional).
IRCTC October 2021 futures traded at a premium of 14.40 points at 4777.40 (LTP) compared with spot closing of 4763.00. The numbers of contracts traded were 19,010 (Provisional).
Among, Nifty calls, 18000 SP from the October month expiry was the most active call with a contraction of 1,056 units open interests. Among Nifty puts, 17800 SP from the October month expiry was the most active put with an addition of 11,349 units open interests. The maximum OI outstanding for Calls was at 18000 SP (42,691 units) and that for Puts was at 17000 SP (67,602 units). The respective Support and Resistance levels of Nifty are: Resistance 17,844.00 -- Pivot Point 17,803.90 -- Support -- 17,750.25.
The Nifty Put Call Ratio (PCR) finally stood at (1.47) for October month contract. The top five scrips with highest PCR on Balkrishna Industries (1.02), Titan Company (0.98), Havells (0.93), ZEEL (0.87) and Bandhan Bank (0.78).
Among most active underlying, Tata Motors witnessed an addition of 5,480 units of Open Interest in the October month futures contract, IRCTC witnessed an addition of 220 units of Open Interest in the October month futures contract, Titan Company witnessed an addition of 1,258 units of Open Interest in the October month futures contract, TCS witnessed a contraction of 740 units of Open Interest in the October month futures contract and Piramal Enterprises witnessed an addition of 1,148 units of Open Interest in the October month futures contract (Provisional).
