Indian equity benchmark -- Nifty -- finished the day’s trade with gains of over half a percent, as bulls emerged on first trading day of the week. India VIX was down by 3.67%. Market made a cautious start but soon entered into positive territory, as traders got support after gross direct tax collections have grown 26 per cent to over Rs 13.63 lakh crore so far this fiscal, aided by TDS deductions and healthy corporate advance tax mop-up. After adjusting for refunds, the net direct tax collection so far this fiscal stands at Rs 11.35 lakh crore, which is about 80 per cent of the full-year gross Budget target.
Further, index added more points, as some optimism came after report stated that foreign investors continued their positive momentum and have injected a net Rs 10,555 crore in Indian equities so far in December amid stabilisation in oil prices and moderating US inflation. Besides, data released by the Reserve Bank showed that India’s forex reserves rose by $2.908 billion to $564.06 billion for the week ended on December 9.
Market continued its firm trade in afternoon session, as sentiments were upbeat with Union Finance Minister Nirmala Sitharaman’s statement that the Centre is committed to improve trade facilitation for every stakeholder, including Customs Department personnel and those involved in the trading communities. She said beyond construction of a new building, these days emphasis is also given on how energy-efficient the buildings would be so that there is no pollution or disturbance to anyone. During the last leg of trade, index continued its upward rally to end the session near day’s high point.
Most of the sectorial indices ended in green except IT and PSU Bank. The top gainers from the F&O segment were Adani Ports, GMR Infra and BHEL. On the other hand, the top losers were Alkem Laboratories, Piramal Enterprises and Chambal Fertilisers & Chemicals. In the index option segment, maximum OI continues to be seen in the 18900 -19100 calls and 17900 -18100 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 3.67% and reached 13.55. The 50 share Nifty up by 151.45 points or 0.83% to settle at 18,420.45.
Nifty December 2022 futures closed at 18499.00 (LTP) on Monday, at a premium of 78.55 points over spot closing of 18420.45, while Nifty January 2023 futures ended at 18601.15 (LTP), at a premium of 180.70 points over spot closing. Nifty December futures saw a contraction of 2,199 units, taking the total open interest (Contracts) to 2,06,658 units. The near month derivatives contract will expire on December 29, 2022. (Provisional)
From the most active contracts, Infosys December 2022 futures traded at a premium of 1.65 points at 1511.65 (LTP) compared with spot closing of 1510.00. The numbers of contracts traded were 23,313. (Provisional)
Reliance Industries December 2022 futures traded at a premium of 11.40 points at 2614.40 (LTP) compared with spot closing of 2603.00. The numbers of contracts traded were 22,982. (Provisional)
Adani Enterprises December 2022 futures traded at a premium of 24.80 points at 4125.80 (LTP) compared with spot closing of 4101.00. The numbers of contracts traded were 16,042. (Provisional)
TCS December 2022 futures traded at a premium of 17.25 points at 3222.50 (LTP) compared with spot closing of 3205.25. The numbers of contracts traded were 15,863. (Provisional)
HDFC Bank December 2022 futures traded at a premium of 7.80 points at 1653.70 (LTP) compared with spot closing of 1645.90. The numbers of contracts traded were 15,183. (Provisional)
Among, Nifty calls, 18500 SP from the December month expiry was the most active call with an addition of 4,125 units open interests. Among Nifty puts, 18000 SP from the December month expiry was the most active put with an addition of 6,237 units open interests. The maximum OI outstanding for Calls was at 19000 SP (77,001 units) and that for Puts was at 18000 SP (94,529 units). The respective Support and Resistance levels of Nifty are: Resistance 18,486.55 -- Pivot Point 18,365.55 -- Support -- 18,299.45.
The Nifty Put Call Ratio (PCR) finally stood at (1.21) for December month contract. The top five scrips with highest PCR on Britannia Industries (1.04), Axis Bank (0.97), Power Finance Corporation (0.97), Aditya Birla Capital (0.96) and Apollo Tyres (0.95).
Among most active underlying, Adani Enterprises witnessed an addition of 323 units of Open Interest in the December month futures, Reliance Industries witnessed an addition of 920 units of Open Interest in the December month futures, HDFC Bank witnessed an addition of 215 units of Open Interest in the December month futures, ICICI Bank witnessed an addition of 1,284 units of Open Interest in the December month futures and Infosys witnessed an addition of 4,424 units of Open Interest in the December month futures. (Provisional)
