Indian equity benchmark -- Nifty -- finished Friday’s trading session on a higher note. Market made a powerful start, as traders got support with the rating agency Crisil’s statement that the India’s economy is likely to log in 6 per cent growth next fiscal, in line with consensus estimates, driven by an increased capex by the private sector. It added the private sector capex is expected to deliver double-digit revenue growth for the second year on the trot. The economy is projected to grow 7 per cent this fiscal. Crisil further said it expects the corporate revenue to log in double-digit rise again next fiscal.
However, in afternoon session, index slipped into red terrain, amid continued foreign fund outflows. According to the provisional data available on the NSE, foreign institutional investors (FII) net sold shares worth Rs 282.06 crore on March 17. But, index made a recovery in last hours of trade and ended higher. Traders took a note of rating agency ICRA’s latest report stating that domestic pharmaceutical industry is expected to witness a revenue growth of 6-8 per cent in the next fiscal (FY24). Despite several disruptive events, the Indian pharmaceutical market (IPM) witnessed a healthy CAGR of 10.9 per cent between FY2012 and FY2022.
Most of the sectorial indices in green except Media, Pharma, Healthcare Index, Auto and FMCG. The top gainers from the F&O segment were DLF, Steel Authority of India and Intellect Design Arena. On the other hand, the top losers were Biocon, Mahindra & Mahindra Financial Services and Petronet LNG. 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 8.94% and reached 14.77. The 50 share Nifty up by 114.45 points or 0.67% to settle at 17,100.05.
Nifty March 2023 futures closed at 17189.00 (LTP) on Friday, at a premium of 88.95 points over spot closing of 17100.05, while Nifty April 2023 futures ended at 17278.00 (LTP), at a premium of 177.95 points over spot closing.
Nifty March futures saw a contraction of 3,554 units, taking the total open interest (Contracts) to 2,42,463 units. The near month derivatives contract will expire on March 29, 2023. (Provisional)
From the most active contracts, Reliance Industries March 2023 futures traded at a premium of 10.90 points at 2235.30 (LTP) compared with spot closing of 2224.40. The numbers of contracts traded were 48,123. (Provisional)
Tata Consultancy Services March 2023 futures traded at a premium of 16.95 points at 3191.95 (LTP) compared with spot closing of 3175.00. The numbers of contracts traded were 32,593. (Provisional)
HDFC Bank March 2023 futures traded at a premium of 3.75 points at 1582.40 (LTP) compared with spot closing of 1578.65. The numbers of contracts traded were 32,241. (Provisional)
ICICI Bank March 2023 futures traded at a premium of 2.45 points at 840.45 (LTP) compared with spot closing of 838.00. The numbers of contracts traded were 25,910. (Provisional)
Infosys March 2023 futures traded at a premium of 8.30 points at 1431.95 (LTP) compared with spot closing of 1423.65. The numbers of contracts traded were 24,737. (Provisional)
Among, Nifty calls, 17500 SP from the March month expiry was the most active call with an addition of 12,469 units open interests. Among Nifty puts, 17000 SP from the March month expiry was the most active put with a contraction of 6,333 units open interests. The maximum OI outstanding for Calls was at 18000 SP (72,862 units) and that for Puts was at 17000 SP (1,16,718 units). The respective Support and Resistance levels of Nifty are: Resistance 17177.85 -- Pivot Point 17068.00 -- Support -- 16990.20.
The Nifty Put Call Ratio (PCR) finally stood at (1.05) for March month contract. The top five scrips with highest PCR on Bharat Petroleum Corporation (1.03), Titan Company (1.03), Hindustan Petroleum Corporation (1.03), Kotak Mahindra Bank (0.89) and Bajaj Auto (0.84).
Among most active underlying, HDFC Bank witnessed an addition of 1,283 units of Open Interest in the March month futures, Reliance Industries witnessed an addition of 10,986 units of Open Interest in the March month futures and Tata Consultancy Services witnessed an addition of 6,768 units of Open Interest in the March month futures.
