Indian equity benchmark -- Nifty -- finished Friday’s trading session with over a percent gains. Market made a decent start and traded above neutral line in morning session, as investors took support with Central Board of Indirect Taxes and Customs (CBIC) chief Vivek Johri’s statement that monthly GST collection is expected to average around Rs 1.50 lakh crore and it will be the new normal in FY24 in view of concerted efforts to check evasion and bring new businesses within the GST net. However, during the late morning session, index cut gains and altered between red and green terrain amid concerns over continued foreign fund outflows. Foreign institutional investors (FII) net-sold shares worth Rs 3,065.35 crore, as per provisional data available on the NSE.
However, in afternoon session, market extended its gains and started northward journey, as market participants took some support with the economic think tank, the Global Trade Research Initiative’s (GTRI) statement that customs duty changes for several products such as precious metals, small cars, bicycles, toys and telecommunication components in the Budget will help promote the Make in India initiative of the government. Sentiments remained upbeat as the US India Strategic and Partnership Forum (USISPF) said the innovative, bold and stellar budget presented by Union Finance Minister Nirmala Sitharaman will take India to a stronger growth trajectory. In the last leg of trade, market touched day’s high point and ended with over a percent gains as Adani Group companies’ stocks recovered from day’s lows.
Most of the sectorial indices ended in green except Healthcare Index, Pharma, Oil & Gas, Realty, Media and Metal. The top gainers from the F&O segment were Titan Company, Bank of Baroda and Adani Ports and Special Economic Zone. On the other hand, the top losers were Divi's Laboratories, Crompton Greaves Consumer Electricls and Hindustan Copper. In the index option segment, maximum OI continues to be seen in the 17900 -18100 calls and 17450 -17550 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 8.48% and reached 14.40. The 50 share Nifty up by 243.65 points or 1.38% to settle at 17,854.05.
Nifty February 2023 futures closed at 17877.00 (LTP) on Friday, at a premium of 22.95 points over spot closing of 17854.05, while Nifty March 2023 futures ended at 17974.00 (LTP), at a premium of 119.95 points over spot closing. Nifty February futures saw a contraction of 5,558 units, taking the total open interest (Contracts) to 2,08,668 units. The near month derivatives contract will expire on February 23, 2023. (Provisional)
From the most active contracts, Adani Enterprises February 2023 futures traded at a premium of 4.05 points at 1535.05 (LTP) compared with spot closing of 1531.00. The numbers of contracts traded were 1,97,632. (Provisional)
State Bank of India February 2023 futures traded at a premium of 1.80 points at 547.50 (LTP) compared with spot closing of 545.70. The numbers of contracts traded were 46,142. (Provisional)
Reliance Industries February 2023 futures traded at a premium of 13.00 points at 2343.00 (LTP) compared with spot closing of 2330.00. The numbers of contracts traded were 40,555. (Provisional)
ICICI Bank February 2023 futures traded at a premium of 3.00 points at 865.50 (LTP) compared with spot closing of 862.50. The numbers of contracts traded were 40,087. (Provisional)
Divi's Laboratories February 2023 futures traded at a premium of 6.35 points at 2881.35 (LTP) compared with spot closing of 2875.00. The numbers of contracts traded were 36,157. (Provisional)
Among, Nifty calls, 18000 SP from the February month expiry was the most active call with an addition of 825 units open interests. Among Nifty puts, 17500 SP from the February month expiry was the most active put with an addition of 4,516 units open interests. The maximum OI outstanding for Calls was at 18000 SP (58,921 units) and that for Puts was at 17500 SP (65,280 units). The respective Support and Resistance levels of Nifty are: Resistance 17954.83 -- Pivot Point 17769.51 -- Support -- 17668.73.
The Nifty Put Call Ratio (PCR) finally stood at (1.18) for February month contract. The top five scrips with highest PCR on IPCA Laboratories (2.06), ACC (1.53), Alkem Laboratories(1.45), Adani Ports and Special Economic Zone (1.29) and LIC Housing Finance (1.26).
Among most active underlying, Adani Enterprises witnessed an addition of 871 units of Open Interest in the February month futures, State Bank of India witnessed an addition of 1,007 units of Open Interest in the February month futures, HDFC Bank witnessed an addition of 396 units of Open Interest in the February month futures, ICICI Bank witnessed an addition of 5,968 units of Open Interest in the February month futures and Reliance Industries witnessed an addition of 11,060 units of Open Interest in the February month futures. (Provisional)
