Indian equity benchmark -- Nifty -- finished Monday’s trading day in positive terrain. Index made a good start, as sentiments were positive with Commerce and Industry Minister Piyush Goyal’s statement that the country’s goods and services exports are expected to cross $750 billion this fiscal despite the global economic uncertainties. In 2021-22, the country's goods and services exports touched an all-time high of $422 billion and $254 billion respectively, taking the total shipments to $676 billion. Some support also came with Union minister of state for micro, small and medium enterprises (MSMEs) -- Bhanu Pratap Singh Verma’s statement that the central government will increase the number of technology centres to provide tools, trained personnel and consultancy to MSMEs for stimulating growth of industries. Verma highlighted the crucial role played by the sector during the COVID-19 crisis.
In afternoon session, index continued to trade on a higher note, as traders were positive with a report from the National Statistical Office (NSO) showing that the annual per capita (net national income) at current prices is estimated at Rs 1,72,000 in 2022-23, up from Rs 86,647 in 2014-15, suggesting an increase of about 99 per cent. In last leg of hours, market trimmed some of its gains but continued to trade in positive terrain. Investors took a note of Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania’s statement that automobile retail sales in India witnessed a double-digit year-on-year growth in February 2022 driven by robust sales across segments including passenger vehicles and two-wheelers.
Most of the sectorial indices in green Realty and PSU Bank. The top gainers from the F&O segment were Mahanagar Gas, Firstsource Solutions and Adani Enterprises. On the other hand, the top losers were Zee Entertainment Enterprises, Britannia Industries and Dalmia Bharat. In the index option segment, maximum OI continues to be seen in the 17900 -18100 calls and 16950 -17150 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 0.71% and reached 12.27. The 50 share Nifty up by 117.10 points or 0.67% to settle at 17,711.45.
Nifty March 2023 futures closed at 17777.30 (LTP) on Monday, at a premium of 65.85 points over spot closing of 17711.45, while Nifty April 2023 futures ended at 17872.70 (LTP), at a premium of 161.25 points over spot closing. Nifty March futures saw a contraction of 10,806 units, taking the total open interest (Contracts) to 2,06,040 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 4.30 points at 1986.30 (LTP) compared with spot closing of 1982.00. The numbers of contracts traded were 96,277. (Provisional)
Adani Ports and Special Economic Zone March 2023 futures traded at a premium of 3.50 points at 691.50 (LTP) compared with spot closing of 688.00. The numbers of contracts traded were 42,072. (Provisional)
Reliance Industries March 2023 futures traded at a premium of 5.80 points at 2415.50 (LTP) compared with spot closing of 2409.70. The numbers of contracts traded were 26,906. (Provisional)
Tata Steel March 2023 futures traded at a premium of 0.60 points at 106.45 (LTP) compared with spot closing of 105.85. The numbers of contracts traded were 19,548. (Provisional)
ICICI Bank March 2023 futures traded at a premium of 2.60 points at 871.20 (LTP) compared with spot closing of 868.60. The numbers of contracts traded were 17,830. (Provisional)
Among, Nifty calls, 18000 SP from the March month expiry was the most active call with a a contraction of 6,309 units open interests. Among Nifty puts, 17300 SP from the March month expiry was the most active put with an addition of 3,083 units open interests. The maximum OI outstanding for Calls was at 18000 SP (63,009 units) and that for Puts was at 17000 SP (95,067 units). The respective Support and Resistance levels of Nifty are: Resistance 17783.61 -- Pivot Point 17727.78 -- Support -- 17655.61.
The Nifty Put Call Ratio (PCR) finally stood at (1.31) for March month contract. The top five scrips with highest PCR on Bank of Baroda (1.07), Power Grid Corporation of India (1.05), Canara Bank (0.98), Vedanta (0.96) and Metropolis Healthcare (0.87).
Among most active underlying, Adani Enterprises witnessed an addition of 179 units of Open Interest in the March month futures, Adani Ports and Special Economic Zone witnessed an addition of 1,186 units of Open Interest in the March month futures, Reliance Industries witnessed a contraction of 1,502 units of Open Interest in the March month futures, HDFC Bank witnessed an addition of 74 units of Open Interest in the March month futures and State Bank of India witnessed an addition of 145 units of Open Interest in the March month futures. (Provisional)
