Nifty started the trade on higher note as sentiment got boost after production of eight infrastructure industries that comprise the core sector recovered to grow at 7.9 per cent in September - a three-month high - owing to a favourable base and double-digit growth in output of fertilisers, cement, and electricity. Markets extended gains as sentiments remained up-beat as private survey showed that India's factory activity expanded at a stronger pace in October as demand and output remained solid, encouraging firms to hire workers at the fastest pace in nearly three years. The Manufacturing Purchasing Managers' Index, compiled by S&P Global, rose to 55.3 in October from September's 55.1, remaining above the 50-level separating growth from contraction for a sixteenth month.
However, traders booked some of their gains at higher levels during mid-day trade as the government data showed that retail inflation for industrial workers rose to 6.49 per cent in September from 5.85 per cent in August 2022 mainly due to higher prices of certain food items. Soon, market made recovery and ended on higher note as traders took support from Finance Ministry’s statement that the GST collections up 16.6 per cent to Rs 1.52 lakh crore in October. The revenue for October 2022 is second highest monthly collection, next only to the collection in April 2022 and it is for the second time the gross GST collection has crossed Rs 1.50 lakh crore mark.
Most of the sectoral indices ended in green except Bank, Media and PSU Bank. The top gainers from the F&O segment were Adani Enterprises, Divi's Laboratories and NTPC. On the other hand, the top losers were Ashok Leyland, Axis Bank and PNB. In the index option segment, maximum OI continues to be seen in the 18400 -18650 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 2.07% and reached 16.13. The 50 share Nifty up by 133.20 points or 0.74% to settle at 18,145.40.
Nifty November 2022 futures closed at 18215.00 (LTP) on Tuesday, at a premium of 69.60 points over spot closing of 18145.40, while Nifty December 2022 futures ended at 18277.20 (LTP), at a premium of 131.80 points over spot closing. Nifty November futures saw an addition of 18,461 units, taking the total open interest (Contracts) to 2,52,724 units. The near month derivatives contract will expire on November 24, 2022. (Provisional)
From the most active contracts, Reliance Industries November 2022 futures traded at a premium of 10.90 points at 2542.60 (LTP) compared with spot closing of 2531.70. The numbers of contracts traded were 35,459. (Provisional)
Axis Bank November 2022 futures traded at a premium of 5.50 points at 877.00 (LTP) compared with spot closing of 871.50. The numbers of contracts traded were 34,469. (Provisional)
Adani Enterprises November 2022 futures traded at a premium of 12.80 points at 3592.60 (LTP) compared with spot closing of 3579.80. The numbers of contracts traded were 31,800. (Provisional)
Infosys November 2022 futures traded at a premium of 9.55 points at 1581.55 (LTP) compared with spot closing of 1572.00. The numbers of contracts traded were 25,746. (Provisional)
HDFC Bank November 2022 futures traded at a premium of 7.50 points at 1521.00 (LTP) compared with spot closing of 1513.50. The numbers of contracts traded were 24,215. (Provisional)
Among, Nifty calls, 18200 SP from the November month expiry was the most active call with an addition of 10,470 units open interests. Among Nifty puts, 18000 SP from the November month expiry was the most active put with an addition of 13,245 units open interests. The maximum OI outstanding for Calls was at 18500 SP (41,709 units) and that for Puts was at 17000 SP (64,171 units). The respective Support and Resistance levels of Nifty are: Resistance 18,194.08 -- Pivot Point 18,127.12 -- Support -- 18,078.43.
The Nifty Put Call Ratio (PCR) finally stood at (1.39) for November month contract. The top five scrips with highest PCR on Whirlpool Of India (2.21), Icici Prudential Life Insurance (1.12), Power Grid (1.01), Canara Bank (1.01) and Petronet LNG (0.97).
Among most active underlying, Axis Bank witnessed an addition of 6,382 units of Open Interest in the November month futures, Adani Enterprises witnessed an addition of 591 units of Open Interest in the November month futures, Reliance Industries witnessed an addition of 1,791 units of Open Interest in the November month futures, HDFC Bank witnessed an addition of 1,649 units of Open Interest in the November month futures and ICICI Bank witnessed an addition of 2,103 units of Open Interest in the November month futures. (Provisional)
