Nifty ended the Thursday’s trade with a cut of around three fourth of a percent as traders remained sidelines ahead of US inflation data. Market made negative opening as traders were cautious after private report stated that India's GDP growth will slow down to 5.5 per cent in FY24 from the 6.9 per cent expected in the current fiscal 2022-23. The slowdown was attributed to slowing global growth and tightening of monetary policies. It said India will be among the lesser affected economies in the world, but made it clear that the world's fifth largest economy is not immune from global headwinds.
Index lost some more ground in second half of the trade as traders took note of private report stating that Indian consumer price inflation is likely to slow in October to 6.73% on weaker food price rises and a strong base one year ago but remained stubbornly well above the 6% upper limit of the Reserve Bank of India's tolerance band. Traders shrugged off private report stating that with an average gross domestic product growth of 5.5 per cent in the past decade, India is already the fastest-growing economy in the world. It added that India is expected to overtake Japan and Germany to become the world’s third-largest economy by 2027. However, minor recovery in dying hour of trade helped Nifty to pare some of its losses to end above its crucial 18,100 level.
Most of the sectorial indices ended in red. The top gainers from the F&O segment were Godrej Properties, Samvardhana Motherson International and Lupin. On the other hand, the top losers were Piramal Enterprises, Deepak Nitrite and Aurobindo Pharma. In the index option segment, maximum OI continues to be seen in the 19400 -19600 calls and 17950 -18050 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 2.18% and reached 15.57. The 50 share Nifty down by 128.80 points or 0.71% to settle at 18,028.20.
Nifty November 2022 futures closed at 18098.65 (LTP) on Thursday, at a premium of 70.45 points over spot closing of 18028.20, while Nifty December 2022 futures ended at 18182.75 (LTP), at a premium of 154.55 points over spot closing. Nifty November futures saw an addition of 4,161 units, taking the total open interest (Contracts) to 2,45,343 units. The near month derivatives contract will expire on November 24, 2022. (Provisional)
From the most active contracts, Tata Motors November 2022 futures traded at a premium of 1.45 points at 414.65 (LTP) compared with spot closing of 413.20. The numbers of contracts traded were 30,366. (Provisional)
Aurobindo Pharma November 2022 futures traded at a premium of 0.10 points at 478.90 (LTP) compared with spot closing of 478.80. The numbers of contracts traded were 27,596. (Provisional)
Axis Bank November 2022 futures traded at a premium of 5.35 points at 846.75 (LTP) compared with spot closing of 841.40. The numbers of contracts traded were 20,699. (Provisional)
Adani Ports and Special Economic Zone November 2022 futures traded at a premium of 2.20 points at 896.20 (LTP) compared with spot closing of 894.00. The numbers of contracts traded were 19,996. (Provisional)
Lupin November 2022 futures traded at a premium of 1.50 points at 724.50 (LTP) compared with spot closing of 723.00. The numbers of contracts traded were 18,879. (Provisional)
Among, Nifty calls, 18500 SP from the November month expiry was the most active call with an addition of 2,669 units open interests. Among Nifty puts, 18000 SP from the November month expiry was the most active put with an addition of 16,782 units open interests. The maximum OI outstanding for Calls was at 19500 SP (47,910 units) and that for Puts was at 18000 SP (71,610 units). The respective Support and Resistance levels of Nifty are: Resistance 18097.73 -- Pivot Point 18033.56 -- Support -- 17964.03.
The Nifty Put Call Ratio (PCR) finally stood at (1.26) for November month contract. The top five scrips with highest PCR on Canara Bank (1.27), Mahindra & Mahindra Fin. Services (1.16), Amara Raja Batteries (1.10), Bank of Baroda (1.09) and Adani Enterprises (0.97)
Among most active underlying, Axis Bank witnessed an addition of 5,907 units of Open Interest in the November month futures, Tata Motor witnessed an addition of 7,794 units of Open Interest in the November month futures, HDFC Bank witnessed an addition of 1,726 units of Open Interest in the November month futures, State Bank of India witnessed an addition of 1,076 units of Open Interest in the November month futures and Aurobindo Pharma witnessed an addition of 3,531 units of Open Interest in the November month futures. (Provisional)
