Extending previous session's rally, Indian equity benchmark -- Nifty -- ended in positive terrain with over half a percent gain, as traders remained optimistic after China further relaxed its COVID-19 curbs, raising hopes of a recovery in the world’s second-largest economy. Soon after making a positive start, market entered into red terrain and traded cautiously around initial one hour. Afterwards, some recovery helped market to get back positive trajectory as trader got some support with reports that Gross direct tax collections for 2022-23 (up to November 30) are up by 29.66 per cent at Rs 10,93,385 crore, which was over Rs 8,43,301 crore collected during the corresponding period of last year. The growth has been achieved due to the performance of economy, administration and implementation of the provisions of the direct tax laws.
Market extended its gains in late trade as sentiments remained upbeat after Secretary in Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain’s stated that India has the third largest startup ecosystem in the world and the way startups are performing; soon the country will become a top ecosystem globally. He also said that the country's startups will attract significant foreign direct investments (FDI) in 2023 on account of steps being taken by the government to strengthen the ecosystem for budding entrepreneurs.
Most of the sectorial indices ended in green except FMCG. The top gainers from the F&O segment were Jindal Steel & Power, National Aluminium Company and Indiabulls Housing Finance. On the other hand, the top losers were Laurus Labs, Crompton Greaves Consumer Electricls and Amara Raja Batteries. In the index option segment, maximum OI continues to be seen in the 18400 -18600 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 4.03% and reached 15.29. The 50 share Nifty up by 117.70 points or 0.65% to settle at 18,132.30.
Nifty December 2022 futures closed at 18144.15 (LTP) on Tuesday, at a premium of 11.85 points over spot closing of 18132.30, while Nifty January 2023 futures ended at 18256.10 (LTP), at a premium of 123.80 points over spot closing. Nifty December futures saw a contraction of 1,305 units, taking the total open interest (Contracts) to 1,56,127 units. The near month derivatives contract will expire on December 29, 2022. (Provisional)
From the most active contracts, Adani Ports and Special Economic Zone December 2022 futures traded at a premium of 1.50 points at 818.00 (LTP) compared with spot closing of 816.50. The numbers of contracts traded were 50,987. (Provisional)
Reliance Industries December 2022 futures traded at a discount of 2.35 points at 2540.35 (LTP) compared with spot closing of 2542.70. The numbers of contracts traded were 39,055. (Provisional)
Infosys December 2022 futures traded at a premium of 1.70 points at 1518.10 (LTP) compared with spot closing of 1516.40. The numbers of contracts traded were 28,284. (Provisional)
HDFC Bank December 2022 futures traded at a discount of 2.40 points at 1628.50 (LTP) compared with spot closing of 1630.90. The numbers of contracts traded were 27,147. (Provisional)
Adani Enterprises December 2022 futures traded at a premium of 7.90 points at 3775.05 (LTP) compared with spot closing of 3767.15. The numbers of contracts traded were 24,742. (Provisional)
Among, Nifty calls, 18200 SP from the December month expiry was the most active call with an addition of 3,680 units open interests. Among Nifty puts, 18000 SP from the December month expiry was the most active put with an addition of 80,001 units open interests. The maximum OI outstanding for Calls was at 18500 SP (1,60,979 units) and that for Puts was at 18000 SP (2,09,620 units). The respective Support and Resistance levels of Nifty are: Resistance 18198.55 -- Pivot Point 18083.00 -- Support -- 18016.75.
The Nifty Put Call Ratio (PCR) finally stood at (1.03) for December month contract. The top five scrips with highest PCR on RBL Bank (1.01), Interglobe Aviation (1.00), JSW Steel (0.97), Jindal Steel & Power (0.96) and Apollo Tyres (0.92).
Among most active underlying, Adani Ports And Special Economic Zone witnessed a contraction of 1,550 units of Open Interest in the December month futures, Reliance Industries witnessed an addition of 5,235 units of Open Interest in the December month futures, HDFC Bank witnessed an addition of 1,774 units of Open Interest in the December month futures, Adani Enterprises witnessed an addition of 225 units of Open Interest in the December month futures and ICICI Bank witnessed an addition of 1,168 units of Open Interest in the December month futures. (Provisional)
