Indian equity benchmark -- Nifty -- ended Wednesday’s session in positive terrain near day's high point. After making an optimistic start, soon index extended its gains, as sentiments got a boost with Commerce and Industry Minister Piyush Goyal’s statement that the country's merchandise and services exports are estimated to cross $760 billion in the current fiscal ending March 31. He said that at a time when the whole world is facing recession, high inflation and elevated interest rates, India is performing well.
However, in afternoon session, index trimmed most of its gains and traded flat, as traders remain concerned with a private report stating that the Reserve Bank of India will raise its main interest rate by 25 basis points on April 6 and then pause for the rest of the year. Depreciation in Indian rupee against dollar too weighed down sentiments. Rupee weakened by 19 paise to 82.35 against the dollar at the Inter-bank Foreign Exchange market on account of increased demand for the American currency from importers and banks. But, soon index made a recovery and ended near day’s high point, as some support also came with a private report that India and China will contribute to half of the world's growth this year, and it highlighted that Asia will remain a crucial growth engine with an estimated 4.5 per cent GDP expansion, making it a standout performer amidst the global economic slowdown.
Most of the sectorial indices ended in green except Oil & Gas. The top gainers from the F&O segment were Adani Enterprises, Adani Ports and Special Economic Zone and GMR Airports Infrastructure. On the other hand, the top losers were Whirlpool Of India, Honeywell Automation India and Marico. In the index option segment, maximum OI continues to be seen in the 17900 -18100 calls and 16900 -17050 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 9.75 % and reached 13.63. The 50 share Nifty up by 129.00 points or 0.76% to settle at 17,080.70.
Nifty April 2023 futures closed at 17235.00 (LTP) on Wednesday, at a premium of 154.30 points over spot closing of 17080.70, while Nifty May 2023 futures ended at 17295.00 (LTP), at a premium of 214.30 points over spot closing. Nifty April futures saw a contraction of 86,235 units, taking the total open interest (Contracts) to 2,58,222 units. The near month derivatives contract will expire on April 27, 2023. (Provisional)
From the most active contracts, Reliance Industries April 2023 futures traded at a premium of 18.75 points at 2260.95 (LTP) compared with spot closing of 2242.20. The numbers of contracts traded were 87,170. (Provisional)
ICICI Bank April 2023 futures traded at a premium of 7.35 points at 862.35 (LTP) compared with spot closing of 855.00. The numbers of contracts traded were 48,721. (Provisional)
HDFC Bank April 2023 futures traded at a premium of 13.50 points at 1606.50 (LTP) compared with spot closing of 1593.00. The numbers of contracts traded were 43,954. (Provisional)
Infosys April 2023 futures traded at a premium of 10.40 points at 1399.00 (LTP) compared with spot closing of 1388.60. The numbers of contracts traded were 39,803. (Provisional)
Adani Enterprises April 2023 futures traded at a premium of 9.45 points at 1758.95 (LTP) compared with spot closing of 1749.50. The numbers of contracts traded were 38,433. (Provisional)
Among, Nifty calls, 17500 SP from the April month expiry was the most active call with an addition of 7,352 units open interests. Among Nifty puts, 17000 SP from the April month expiry was the most active put with an addition of 24,227 units open interests. The maximum OI outstanding for Calls was at 18000 SP (66,286 units) and that for Puts was at 17000 SP (1,25,472 units). The respective Support and Resistance levels of Nifty are: Resistance 17157.70 -- Pivot Point 17049.15 -- Support -- 16972.15.
The Nifty Put Call Ratio (PCR) finally stood at (1.18) for April month contract. The top five scrips with highest PCR on Balkrishna Industries (6.00), Whirlpool of India (2.51), Astral (2.14), IPCA Laboratories (2.09) and United Breweries (1.86).
Among most active underlying, Reliance Industries witnessed an addition of 42,903 units of Open Interest in the April month futures, HDFC Bank witnessed an addition of 17,415 units of Open Interest in the April month futures, ICICI Bank witnessed an addition of 21,902 units of Open Interest in the April month futures, State Bank of India witnessed an addition of 14,986 units of Open Interest in the April month futures and Infosys witnessed an addition of 21,777 units of Open Interest in the April month futures. (Provisional)
