After making positive start, local benchmark – Nifty closed the day’s trade with the cut of above half a percent. Index started session 0.44% higher from previous session, as retail inflation dropped marginally to 7.01 per cent in June mainly due to slight easing in prices of vegetables and pulses. Market extended its gains, as data by the National Statistical Office (NSO) showed that India’s industrial production rose 19.6 per cent in May 2022. As per the Index of Industrial Production (IIP), the manufacturing sector’s output grew 20.6 per cent in May 2022. Further, market trimmed some gains, as global crude oil prices have fallen further to touch the three-month low due to a weak demand outlook over growing concerns of a recession. However, in afternoon session, index slipped into red zone after private report stating that the country's current account deficit is likely to touch $105 billion or 3 per cent of the GDP this fiscal, mainly due to continuously widening trade deficit. Market added more losses to touch intraday low point and ended the session below 16000 mark.
Traders were seen piling positions in FMCG, Media and Metal sector while selling was witnessed in Bank, Auto and IT sector stocks. The top gainers from the F&O segment were Aurobindo Pharma, Laurus Labs and Syngene International. On the other hand, the top losers were HDFC, Indusind Bank and Dr. Lal PathLabs. In the index option segment, maximum OI continues to be seen in the 16400 -16700 calls and 15400 -15600 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 0.14% and reached 18.52. The 50 share Nifty down by 91.65 points or 0.57% to settle at 15,966.65.
Nifty July 2022 futures closed at 15990.90 (LTP) on Wednesday, at a premium of 24.25 points over spot closing of 15966.65, while Nifty August 2022 futures ended at 16008.20 (LTP), at a premium of 41.55 points over spot closing. Nifty July futures saw an addition of 14,474 units, taking the total outstanding open interest (OI) to 2,56,570 units. The near month derivatives contract will expire on July 28, 2022 (Provisional).
From the most active contracts, IndusInd Bank July 2022 futures traded at a discount of 0.90 points at 819.60 (LTP) compared with spot closing of 820.50. The numbers of contracts traded were 34,134 (Provisional).
Reliance Industries July 2022 futures traded at a premium of 7.85 points at 2386.85 (LTP) compared with spot closing of 2379.00. The numbers of contracts traded were 32,427 (Provisional).
TCS July 2022 futures traded at a premium of 6.50 points at 3047.00 (LTP) compared with spot closing of 3040.50. The numbers of contracts traded were 26,488 (Provisional).
HDFC Bank July 2022 futures traded at a premium of 5.45 points at 1365.00 (LTP) compared with spot closing of 1359.55. The numbers of contracts traded were 25,775 (Provisional).
Infosys July 2022 futures traded at a premium of 5.10 points at 1453.00 (LTP) compared with spot closing of 1447.90. The numbers of contracts traded were 23,985 (Provisional).
Among, Nifty calls, 16000 SP from the June month expiry was the most active call with an addition of 8,064 units open interests. Among Nifty puts, 15500 SP from the June month expiry was the most active put with a contraction of 45 units open interests. The maximum OI outstanding for Calls was at 16500 SP (46,347 units) and that for Puts was at 15500 SP (57,375 units). The respective Support and Resistance levels of Nifty are: Resistance 16,087.72 -- Pivot Point 16,018.93 -- Support -- 15,897.87.
The Nifty Put Call Ratio (PCR) finally stood at (1.16) for June month contract. The top five scrips with highest PCR on ACC (1.57), RBL Bank (1.21), Canara Bank (1.08), MRF (1.04) and Kotak Mahindra Bank (1.04).
Among most active underlying, IndusInd Bank witnessed an addition of 4,050 units of Open Interest in the June month futures, HDFC Bank witnessed an addition of 4,796 units of Open Interest in the June month futures, Reliance Industries witnessed an addition of 6,064 units of Open Interest in the June month futures, HCL Tech witnessed an addition of 2,417 units of Open Interest in the June month futures and TCS witnessed an addition of 4,728 units of Open Interest in the June month futures contract (Provisional).
