Indian equity benchmark -- Nifty -- closed in negative terrain for sixth consecutive session on last trading day of week. Market made a strong start, as investors took some support with the finance ministry’s statement that the Indian economy is estimated to grow by 7 per cent year-on-year in the current fiscal despite the global economy operating under an extremely challenging macroeconomic environment. Traders also got some encouragement as Finance Minister Nirmala Sitharaman has pitched for a global framework to regulate cryptocurrencies, besides firming up ways to tackle global debt vulnerabilities and strengthening multilateral development banks during bilateral meetings with her counterparts, including from US and Japan, ahead of the G-20 meeting. However, in afternoon session, market unable to hold its position and started southward journey, as traders got cautious with External Affairs Minister S Jaishankar’s statement that the responsibility for the trade imbalance with China rests squarely on businesses as well, blaming Indian corporates for not developing the right sourcing arrangements. Finally, index settled below its 17500 mark.
Most of the sectoral indices ended in red except Oil & Gas, Consumer Durables, Pharma and Healthcare Index. The top gainers from the F&O segment were Gujarat Narmada Valley Fertilizers & Chemicals, GAIL (India) and Dixon Technologies (India). On the other hand, the top losers were Adani Enterprises, Hindalco Industries and National Aluminium Company. In the index option segment, maximum OI continues to be seen in the 17900 -18100 calls and 16900 -17100 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 5.90% and reached 14.19. The 50 share Nifty down by 45.45 points or 0.26% to settle at 17,465.80.
Nifty March 2023 futures closed at 17560.00 (LTP) on Friday, at a premium of 94.20 points over spot closing of 17465.80, while Nifty April 2023 futures ended at 17657.60 (LTP), at a premium of 191.80 points over spot closing. Nifty March futures saw an addition of 5,820 units, taking the total outstanding open interest (Contracts) to 2,14,968 units. The near month derivatives contract will expire on March 29, 2023. (Provisional)
From the most active contracts, Adani Enterprises March 2023 futures traded at a premium of 1.55 points at 1313.55 (LTP) compared with spot closing of 1312.00. The numbers of contracts traded were 38,689. (Provisional)
Reliance Industries March 2023 futures traded at a premium of 12.00 points at 2399.90 (LTP) compared with spot closing of 2387.90. The numbers of contracts traded were 23,158. (Provisional)
HDFC Bank March 2023 futures traded at a premium of 11.15 points at 1599.65 (LTP) compared with spot closing of 1588.50. The numbers of contracts traded were 22,797. (Provisional)
Zee Entertainment Enterprises March 2023 futures traded at a premium of 0.15 points at 195.60 (LTP) compared with spot closing of 195.45. The numbers of contracts traded were 16,138. (Provisional)
State Bank of India March 2023 futures traded at a premium of 2.30 points at 523.80 (LTP) compared with spot closing of 521.50. The numbers of contracts traded were 16,067. (Provisional)
Among, Nifty calls, 18000 SP from the March month expiry was the most active call with an addition of 7,817 units open interests. Among Nifty puts, 17000 SP from the March month expiry was the most active put with an addition of 8,470 units open interests. The maximum OI outstanding for Calls was at 18000 SP (53,432 units) and that for Puts was at 17000 SP (95,664 units). The respective Support and Resistance levels of Nifty are: Resistance 17569.76 -- Pivot Point 17495.78 -- Support 17391.81.
The Nifty Put Call Ratio (PCR) finally stood at (1.38) for March month contract. The top five scrips with highest PCR on Metropolis Healthcare (2.13), Atul (1.84), IPCA Laboratories (1.62), Torrent Pharmaceuticals (1.58) and Balrampur Chini Mills (0.95).
Among most active underlying, HDFC Bank witnessed an addition of 2,573 units of Open Interest in the March month futures, Reliance Industries witnessed a contraction of 314 units of Open Interest in the March month futures, Adani Enterprises witnessed an addition of 2,887 units of Open Interest in the March month futures and State Bank of India witnessed an addition of 1,319 units of Open Interest in the March month futures. (Provisional)
