Indian equity benchmark -- Nifty -- finished in a positive terrain with over 1.5 percent gains on last trading session of financial year 2022-23. Market made a powerful start, as sentiments remained up-beat after Chief Economic Advisor (CEA) V Anantha Nageswaran expressed optimism over India’s economic growth and said that the country’s economy is likely to grow at the rate of 6.5 per cent in the coming decade on the back of the turnaround in financial and investment cycle. Besides, sentiments also got boost as private brokerage upgraded India to equal weight from under weight, citing economic resilience and valuation premiums.
In afternoon session, index continued its northward journey and traded near day’s high point, as sentiments remained positive after the World Bank said India’s potential growth could benefit from accelerated implementation of an already ambitious reform agenda. Investors took a note of Credit rating agency Crisil’s latest report stating that the domestic stainless steel demand is expected to grow at a compound annual growth rate (CAGR) of 9 per cent till 2024-25 financial year. The domestic demand for stainless steel was at 4 million tonnes (MT) in fiscal 2021-2022. Finally, index ended with gains of 279.05 points.
All the sectorial indices ended in green. The top gainers from the F&O segment were Bharat Electronics, Info Edge (India) and Granules India. On the other hand, the top losers were Vedanta, Indraprastha Gas and Gujarat Gas. 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 5.08% and reached 12.94. The 50 share Nifty up by 279.05 points or 1.63% to settle at 17,359.75.
Nifty April 2023 futures closed at 17442.25 (LTP) on Friday, at a premium of 82.50 points over spot closing of 17359.75, while Nifty May 2023 futures ended at 17499.00 (LTP), at a premium of 139.25 points over spot closing. Nifty April futures saw an addition of 3,583 units, taking the total open interest (Contracts) to 2,42,471 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 12.15 points at 2343.10 (LTP) compared with spot closing of 2330.95. The numbers of contracts traded were 65,519. (Provisional)
ICICI Bank April 2023 futures traded at a premium of 6.90 points at 883.80 (LTP) compared with spot closing of 876.90. The numbers of contracts traded were 33,937. (Provisional)
HDFC Bank April 2023 futures traded at a premium of 9.00 points at 1618.00 (LTP) compared with spot closing of 1609.00. The numbers of contracts traded were 29,445. (Provisional)
Infosys April 2023 futures traded at a premium of 6.80 points at 1432.50 (LTP) compared with spot closing of 1425.70. The numbers of contracts traded were 27,787. (Provisional)
Adani Enterprises April 2023 futures traded at a premium of 12.25 points at 1754.35 (LTP) compared with spot closing of 1742.10. The numbers of contracts traded were 17,424. (Provisional)
Among, Nifty calls, 18000 SP from the April month expiry was the most active call with a contraction of 446 units open interests. Among Nifty puts, 17000 SP from the April month expiry was the most active put with an addition of 5,705 units open interests. The maximum OI outstanding for Calls was at 18000 SP (65,926 units) and that for Puts was at 17000 SP (1,30,998 units). The respective Support and Resistance levels of Nifty are: Resistance 17426.01 -- Pivot Point 17315.33 -- Support -- 17249.06.
The Nifty Put Call Ratio (PCR) finally stood at (1.23) for April month contract. The top five scrips with highest PCR on Siemens (6.00), United Breweries (1.34), Balkrishna Industries (1.23), IPCA Laboratories (1.17) and Tata Consultancy Services (1.14).
Among most active underlying, Reliance Industries witnessed an addition of 2,911 units of Open Interest in the April month futures, HDFC Bank witnessed an addition of 3,227 units of Open Interest in the April month futures, ICICI Bank witnessed an addition of 1,835 units of Open Interest in the April month futures, Infosys witnessed an addition of 128 units of Open Interest in the April month futures and State Bank of India witnessed an addition of 384 units of Open Interest in the April month futures. (Provisional)
